Regulation 5 requires an IIO to endeavour to prevent any entity from exercising direct or indirect control through significant ownership or interest. The requirement also covers portfolio transfers causing a change in the IIO's shareholding pattern, thereby addressing control effected through ownership-related changes.

Unincorporated IIOs are excluded from the Chapter II requirements governing changes in shareholding pattern and management control. Their Parent Entities must immediately notify the Authority of any such changes and ensure that undertakings concerning assigned capital or solvency margin and insurance or re-insurance liabilities remain valid after the change.

Regulation 3 defines benefits, commission, control, capital, expenses of management, confidential information, domestic and foreign entities, regulated entities, and subordinated debt for insurance business in an International Financial Services Centre. Control extends to direct or indirect rights to appoint directors or influence management or policy decisions. Expenses of management include operating and commission-related costs but exclude specified taxes. Confidential information is subject to foreign secrecy requests or agreements and applicable domestic law. Undefined expressions retain meanings assigned under the Act and related legislation.

Management control, administrative control and market conduct of insurance business carried out by IIOs and IIIOs are brought within a regulatory framework applicable in International Financial Services Centres. Its objective is to establish a framework for these operational domains and their regulatory treatment in relation to insurance business undertaken by IIOs and IIIOs.

Legal effect begins on publication in the Official Gazette. Applicability extends to all International Financial Services Centres Insurance Offices and, to the extent specifically provided, International Insurance Intermediary Offices. Application to intermediary offices is confined to provisions that expressly specify that reach.

Escrow service is redefined as a service supplied by a payment service provider under an agreement, through which money is held in an escrow account maintained with an IFSC Banking Unit or an IFSC Banking Company for one or more parties completing a transaction. The definition links the provider's holding of money to the transaction-completion process and confines the escrow account to specified IFSC banking arrangements.

Proper officers must scrutinize GST registration applications and supporting documents for completeness, authenticity and consistency, with particular attention to business-address proof. Risk ratings, prior PAN-linked registrations, cancellations, suspensions, rejected applications and suspicious premises must inform verification. Deficiencies require electronic clarification, while failure or refusal to undergo Aadhaar authentication requires immediate physical verification. Applications must be accepted, rejected or queried within prescribed time limits to prevent deemed approval through officer inaction. High-risk and deemed-approved registrations may require post-registration physical verification and compliance monitoring.

Principals and auctioneers must declare warehouses used to store tea, coffee, rubber and similar auction goods as additional places of business. Books for each place are ordinarily maintained there, but may be kept at the principal place of business where difficulties arise, after written intimation to the jurisdictional proper officer. Input tax credit remains subject to other applicable conditions and applies where the auctioneer claims credit on supplies from the principal and the goods are supplied only through auction.

Faceless Assessment assigns selected Bills of Entry electronically to designated assessment officers, while the Port Assessment Group retains examination, inspection, enforcement-related and other non-assessment functions. Importers file Bills of Entry and supporting documents through ICEGATE and e-Sanchit. The Faceless Assessment Group may accept self-assessment, seek information electronically, order examination or testing, or re-assess the Bill of Entry. A reassessment not accepted by the importer requires a speaking order after an opportunity of hearing. Exceptional cases may be transferred to the port of import, which also handles demands, adjudication, audit objections and finalisation of provisional assessments after testing.

Payment Service Providers must provide clear authorisation and insolvency-risk disclosures to customers and potential customers, ensure regulatory representations and customer materials are accurate and not misleading, and include prescribed information in advertisements and promotions. Before transaction approval, they must disclose beneficiary details, amount, charges, execution time limits, finality and irrevocability, and applicable exchange rates. They must also issue free transaction confirmations containing specified transaction details and dispute-resolution contact information.

Payment Service Providers must safeguard Payment Service User funds through a safeguarding-institution undertaking or guarantee, a trust account, or another specified method. Funds must also be held in separate escrow accounts with an IBU for each relevant payment service. E-money issuers must maintain an end-of-day escrow balance covering outstanding e-money and payments due to users. Escrow transactions are restricted to permitted credits and debits, while e-money cannot be issued at a premium or discount, used for lending, linked to illegal activity, or withdrawn as cash.

Minimum net-worth requirements apply in phases to payment service providers. Regular Payment Service Providers must meet prescribed thresholds at commencement and by the end of the third financial year. Significant Payment Service Providers must meet higher thresholds within ninety days of designation and by the end of the third financial year from designation. Net worth includes specified equity-linked capital and reserves, subject to deductions for losses, intangible assets, and deferred revenue expenditure.

Authorisation exemptions apply to IFSC Banking Companies and IFSC Banking Units licensed or permissioned under the Banking Regulation Act, 1949, and to persons licensed to issue credit cards in an IFSC. Other persons or classes of persons specified by the Authority may also be excluded from authorisation requirements.

An operating Payment Service Provider seeking surrender of authorisation must provide a Board-approved written request, a Chartered Accountant's certificate of customer accounts, escrow balances and liabilities, a liability-extinguishment plan, and an undertaking not to incur fresh liabilities. The Authority may require customer public notices and monthly progress reports. Following extinguishment of liabilities, a no-liability certificate and the original Certificate of Authorisation must be submitted for cancellation. Non-operational providers must establish non-commencement through a Chartered Accountant's certificate and provide their latest audited balance sheet.

Payment Service Providers must maintain systems and controls to ensure that Relevant Persons meet fit and proper requirements and must assess them at appointment and at reasonable intervals thereafter. Eligibility depends on competence, integrity, honesty, reputation, and sound financial standing, without specified disqualifications such as relevant convictions, pending regulatory recovery proceedings, insolvency, wilful default, regulatory restraint orders, or fugitive economic-offender status. The prescribed evaluation requires disclosures concerning regulatory history, defaults, investigations, associated entities, and other financial or legal matters.

Payment Services include account issuance, e-money issuance, escrow, cross-border money transfer, and merchant acquisition, subject to specified exclusions. Exclusions cover authorised-agent transactions, paper payment instruments, settlement-system transactions, securities asset servicing, own-account and intra-group transfers, currency transportation, technical services without possession of funds, and qualifying limited-use instruments. Significant Payment Service Provider designation conditions depend on transaction-value thresholds for non-e-money-account services and average daily e-money values for e-money account issuance or e-money issuance.

Payment Service Providers must preserve designated financial, compliance, client and capital-market records in a format suitable for electronic retrieval for a minimum ten-year period commencing from the date operations begin. Required records include periodic financial statements, auditors' reports, quarterly net-worth statements, anti-money-laundering and know-your-customer compliance material, client account-opening documents, powers of attorney, signature-authority forms, and any further records specified from time to time.

GST refund reapplication may be made where a registered person inadvertently filed a NIL claim in FORM GST RFD-01A/RFD-01 for a particular period and category despite having a genuine refund entitlement. Eligible persons must file the renewed claim under the "Any Other" category for the same period and provide required supporting documents. For specified unutilized input tax credit refund categories, no subsequent-period claim under the same category may have been filed. The proper officer must scrutinise eligibility, determine the admissible amount, and may require debit from the electronic credit ledger before issuing refund and payment orders.

Payment Service Providers must furnish audited financial statements, including the balance sheet, profit and loss statement, cash or fund flow statement, and auditor's report, within three months after finalisation. Auditor remarks or observations on business conduct or accounts must be accompanied by a suitable explanation. The filing period may be extended by up to one month on application.

Every Payment Service Provider must submit requisite documents and information in the format and manner specified by the Authority. This mandatory reporting obligation establishes an Authority-directed framework for collecting returns, documentation and other information from Payment Service Providers.