Foreign Portfolio Investor onboarding permits acceptance of a Power of Attorney digitally signed in accordance with the Information Technology Act, 2000. A digitally signed Power of Attorney issued to a custodian and specifying the FPI's address is admissible as address proof alongside a notarised, apostilled or consularised Power of Attorney. The revised KYC framework removes notarisation, apostillisation and consularisation requirements for digitally executed Powers of Attorney, supporting streamlined digital registration and onboarding from August 20, 2026.

International Financial Services Centres Authority-regulated entities may access the systems of SEBI-registered KYC Registration Agencies for client KYC, enabling interoperability and information sharing. Such entities are subject to the applicable KRA regulatory framework and must comply with prescribed securities-market KYC norms. For clients registered as Foreign Portfolio Investors, they must also follow applicable data-security guidelines. The framework takes effect immediately.

Bihar Goods and Services Tax (Second Amendment) Act, 2020 revises composition levy, registration cancellation, revocation, tax-invoice and tax-deduction certificate provisions. It extends penalty and prosecution exposure to persons causing specified transactions and retaining their benefits, including transactions involving wrongful input tax credit. Transitional credit provisions are retrospectively made subject to prescribed time and manner requirements. Schedule II is retrospectively revised by removing references to activities undertaken whether or not for consideration. Retrospective State tax treatment is prescribed for specified supplies, with no refund of tax already collected.

Investor, for specified TDS/TCS purposes under the Income-tax Act, 2025, means a holder of securitised debt instruments, securities, or security receipts issued by a securitisation trust. Under the Income-tax Act, 1961, the same meaning applies to a person holding these instruments or receipts, including for income from securitisation trusts and related tax deduction provisions.

Portal-only uploading of a show-cause notice or order, without acknowledgement or assessee participation, does not constitute sufficient service. Where no other effective service occurred, affected persons may seek restoration of proceedings or appeals, as applicable, and must receive an opportunity to respond or pursue available appellate remedies. The applicable remedial framework protects access to statutory remedies where electronic portal publication alone failed to provide effective notice.

GST notices and contested adjudication orders uploaded solely on the Common Portal, without acknowledgement of receipt or a reply, do not constitute sufficient service for the stated purposes. Portal-only upload of a show-cause notice is insufficient service, and portal-only communication of a contested order-in-original does not commence the limitation period for filing an appeal. Relief is available to affected taxpayers through the remedies recognised for defective service where notices or orders were communicated only through the Common Portal.

Foreign Trade Policy 2023 provisions are amended to permit export contracts and invoices, except those involving Asian Clearing Union member countries, in foreign currency or Indian Rupees, with proceeds realised in either form. Exports to countries other than Nepal and Bhutan, where proceeds are realised in Indian Rupees through prescribed banking channels and qualifying Indian Rupee accounts of persons resident outside India, are eligible for export benefits, incentives and fulfilment of export obligations at par with foreign-currency realisations.

State-level anti-profiteering screening mechanism for Telangana is constituted under the Telangana Goods and Services Tax Rules, 2017, replacing the earlier committee-constitution order. The Committee comprises nominated central GST and State Tax officers. It must perform the functions and duties assigned under the anti-profiteering framework, including those prescribed by rule 128(2), while the Commissioner of State Tax must take necessary consequential action for implementation.

Books of account prepared from accepted primary records cannot be rejected without identified defects or deficiencies. Share investments recorded in the books and supported by brokerage ledgers, contract notes, affidavits and confirmations were explained through brokerage credit and were not unexplained investments. Bank deposits already recorded as taxable income, dividends, interest or share-application refunds cannot be added again, while an unsubstantiated suspense entry remains taxable. Interest on borrowings used for investments and business is deductible. Interest for default in payment of tax is mandatory, but must be recomputed after giving credit for tax deductible at source on assessed income.

Responsible AI in banking must promote inclusion, resilience and customer trust while preserving human judgement, governance accountability and clear responsibility. AI and alternative data may widen access to credit where data is obtained with consent, tested for reliability and bias, and used prudently. Banks must maintain capacity to challenge models, oversee providers, test systems under adverse conditions and intervene when automation fails. Material customer decisions must be explainable, clearly communicated and subject to review by an authorised person. Fair conduct, meaningful disclosure, impartial complaint review and transparent communication remain essential throughout the customer relationship.

Telangana amended the composition levy notification under section 10(1) of the Telangana Goods and Services Tax Act, 2017. Serial number 4 now requires tax to be calculated at the rate specified in rule 7 of the Telangana Goods and Services Tax Rules, 2017, replacing the earlier turnover-based rate wording. The amendment takes effect from 1 February 2019.

Designated person for TDS/TCS purposes includes governments, local authorities, statutory corporations, companies, co-operative societies, specified authorities, registered societies, trusts, universities, foreign entities and firms. It also covers otherwise excluded individuals, Hindu undivided families, associations of persons and bodies of individuals whose business turnover or professional receipts exceeded the prescribed threshold in the preceding tax year.

The time limit for filing FORM GSTR-7 for January 2019 was extended until 28 February 2019 for registered persons required to deduct tax at source under the Telangana Goods and Services Tax framework.

FORM GSTR-3B returns for April, May and June 2019 must be filed electronically through the common portal by the twentieth day of the succeeding month. Registered persons must discharge tax, interest, penalty, fees and other amounts payable by debiting the electronic cash ledger or electronic credit ledger, subject to the statutory payment rules, no later than the applicable return-filing due date.

Telangana State Tax extends the deadline for furnishing FORM GSTR-1 details of outward supplies for registered persons whose aggregate turnover exceeds 1.5 crore rupees in the preceding or current financial year. For each month from April 2019 through June 2019, the return may be furnished by the eleventh day of the succeeding month. Due dates for inward-supply details and periodic returns for July 2017 to June 2019 are to be subsequently notified.

The amendments operationalise quarterly GST return filing, the Invoice Furnishing Facility, and the monthly auto-drafted input tax credit statement in FORM GSTR-2B. Quarterly filers may report specified business-to-business supplies and related debit or credit notes for the first two months through the IFF, without repeating them in quarterly FORM GSTR-1. FORM GSTR-2B classifies credit as available, requiring reversal, or unavailable, and recipients must reconcile it with their records, avoid duplicate claims, reverse credit where necessary, and pay reverse-charge tax. Eligible quarterly filers must make monthly tax deposits for the first two months through FORM GST PMT-06.

Persons exclusively supplying goods are exempt from registration where aggregate annual turnover does not exceed forty lakh rupees. The exemption does not apply to compulsory registrants; suppliers of ice cream and other edible ice, pan masala, tobacco or manufactured tobacco substitutes; persons making intra-State supplies in Telangana and other specified States; voluntary registrants; or registered persons intending to continue registration.

Bihar GST compliance is revised through HSN-reporting flexibility, SMS filing of Nil GSTR-3B, GSTR-1 and CMP-08 filings with OTP verification, and modified annual audit and reconciliation-statement requirements. FORM GSTR-2A is replaced with a dynamic auto-drafted inward-supply statement covering invoices, amendments, reverse-charge supplies, ISD credit, TDS/TCS credit and import data. GSTR-5, GSTR-5A, GSTR-9 and GSTR-9C reporting instructions are updated, while assessment, demand, recovery and arrears forms receive structured liability-reporting tables.

Multi-Currency EEFC Account settlements enable exporters and international businesses to receive payment settlements directly into Exchange Earners' Foreign Currency accounts in the original transaction currency without immediate conversion into Indian rupees. Retention of foreign currency earnings permits businesses to choose when conversion is required, reducing repeated foreign-exchange conversion cycles and supporting management of foreign-currency cash flows and overseas obligations.

Composition levy may be elected by eligible registered persons whose preceding financial year aggregate turnover does not exceed one crore and fifty lakh rupees, subject to a lower ceiling of seventy-five lakh rupees for specified States. Manufacturers of ice cream and other edible ice, pan masala, and tobacco or manufactured tobacco substitutes cannot opt for the levy. The excluded goods are identified through Customs Tariff classifications, interpreted using the applicable tariff interpretative rules and notes. The arrangement supersedes the earlier specification while preserving prior acts and omissions.