New Delhi, Sep 22 (PTI) Markets regulator Sebi on Tuesday settled adjudication proceedings against five Adani group companies over alleged violations related to the disclosure of related-party transactions and audit as well as limited review reports, with the firms collectively paying Rs 1.5 crore as a settlement amount. The proceedings stemmed from Sebi's examination into allegations and corporate governance issues highlighted in a January 2023 report of now-closed US short-selling firm Hin... ... ...

This is a neutral professional article. The judgment is analysed in the context of its factual background, issues framed, and conclusions reached by the Court. 2026 (7) TMI 1153 - ITAT DELHI Air Transport Profits under Article 8 of the India-UK DTAA: Scope of Treaty Protection for Ground Handling and Engineering Receipts 1. At a Glance • Article 8 of the India-UK DTAA allocates taxing rights over profits derived from the operation of aircraft in international traffic, and ex... ... ...

The Reserve Bank of India's Payment and Settlement Systems Regulations, 2008 cease to apply in an International Financial Service Centre from commencement. Earlier actions, including guidelines, circulars and directions, are preserved and deemed taken under corresponding provisions. Applicable existing instructions are deemed issued under the current framework until superseded or modified by the Authority.

Regulation 13 confers implementation and clarification powers to prescribe norms, procedures, processes and additional requirements through circulars, guidelines or directions. Directions may also be issued through guidance notes or circulars to remove difficulties in interpreting or applying regulatory provisions. These mechanisms permit administrative specification of operational requirements and interpretive guidance.

CHAPTER VI MISCELLANEOUS 12. (1) The Authority, for reasons to be recorded in writing, may in the interest of development of financial market in International Financial Services Centre, relax the strict enforcement of any requirements of these regulations. (2) For seeking relaxation under sub-regulation (1), an application giving details and the grounds on which such relaxation has been sought, shall be filed with the Authority along with a non-refundable fee as may be specified by ... ... ...

System Providers must submit an audited annual balance sheet, profit and loss account, and Auditor's report within three months after annual accounts close. The filing period may be extended, on application, by up to a further three months. The same financial statements and Auditor's report submitted to the Authority must be published on the System Provider's website.

CHAPTER V RETURNS, DOCUMENTS AND OTHER INFORMATION 10. - Every System Provider shall submit to the Authority such returns, documents and other information as may be required by the Authority from time to time and in such form as specified by the Authority. =============... ... ...

System participants must comply with regulations, guidelines, instructions and directions issued by the Authority concerning payment-instruction formats and other matters within specified statutory categories. The Authority's issued requirements govern applicable payment-system standards and obligations for every system participant.

CHAPTER III COMPLIANCE WITH THE STANDARDS 8. . - Every System Provider shall comply, on an ongoing basis and to the extent applicable, with the Principles for Financial Market Infrastructure issued by Committee on Payments and Market Infrastructures (CPMI) and International Organization of Securities Commissions (IOSCO) and such other norms as may be specified by the Authority from time to time. =============... ... ...

Applications for exemption from authorisation must state the rationale supporting the request. After considering the application and other available information, the Authority may accept the request with or without conditions, or reject it. The decision must be communicated to the applicant within ninety days from the application date.

6. . - (1) On examination of the application, if the Authority is satisfied that the conditions under sub-section (1) of Section 7 of the Act are fulfilled, it may issue an authorisation certificate in such form as may be specified by the Authority, to the applicant to commence a Payment System and specify the date on which the authorisation shall take effect. (2) The authorisation certificate shall be issued upon receipt of a non-refundable fees as may be specified by the Authority from t... ... ...

In-principle approval for payment-system authorisation may be issued following consideration of an authorisation application. Such approval requires the applicant to satisfy the statutory conditions for authorisation prescribed by the governing Act and any further conditions stipulated by the Authority. It remains preliminary in character and does not, by itself, confer an entitlement to authorisation.

CHAPTER II AUTHORISATION OF PAYMENT SYSTEMS 4. . - (1) Every person desirous of commencing or carrying on a Payment System in an International Financial Services Centre (hereinafter referred to as 'applicant') shall submit an application under sub-section (1) of Section 5 of the Act to the Authority for grant of authorisation under sub-section (1) of section 7 of the Act. (2) The application under sub-regulation (1) shall be made in such form and manner as may be specified by... ... ...

Definitions for payment and settlement systems identify the governing Act, Authorisation Certificate, regulatory Authority, supervisory Board, and International Financial Service Centre. Terms not expressly defined are assigned meanings under relevant payment systems, reserve banking, banking regulation and international financial services centre laws, including subordinate legislation and statutory modifications or re-enactments.

2. . - These regulations lay down the process of authorisation and operations of Payment Systems in International Financial Services Centres. =============... ... ...

Payment and settlement systems in International Financial Services Centres are governed by the International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024, made under enabling powers in the International Financial Services Centres Authority Act, 2019 and the Payments and Settlement Systems Act, 2007. Legal operation begins upon publication in the Official Gazette.

PART-III GOVERNMENT OF PUNJAB DEPARTMENT OF EXCISE AND TAXATION (EXCISE AND TAXATION-II BRANCH) NOTIFICATION The 3rd September, 2024 No. S.O.44/P.A.5/2017/S.148/2024.- In exercise of the powers conferred by section 148 of the Punjab Goods and Services Tax Act, 2017 (Punjab Act 5 of 2017), and all other powers enabling him in this behalf, the Governor of Punjab, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, is ple... ... ...

GST registration may be cancelled for continuous non-filing of returns, but cancellation does not discharge pre-cancellation tax liabilities. Before cancellation, Rule 22(4) requires proceedings to be dropped where the taxpayer files all pending returns and pays tax, interest and late fee. Post-cancellation revocation under Rule 23 is a separate mechanism requiring complete filing and payment compliance within the applicable time limits. Conditional restoration may be appropriate where liabilities are fully regularised, while absence of fraud does not excuse default or replace statutory compliance.

FAST-DS 2026 eligibility is queried for disclosure of a foreign bank account where historical statements before October 2018 are unavailable under the bank's retention policy. The bank has confirmed the unavailability by email, while statements from October 2018 through closure in 2022 are available. Salary slips and W-2 records cover the full period, and all deposits are asserted to be fully taxed employment salary earned during the non-resident period. The issue is whether missing historical statements prevent filing despite alternative evidence.

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