Pension Funds may provide active-choice options allowing subscribers to select asset allocation within specified limits, and auto-choice life cycle funds that automatically shift investments from aggressive to conservative as retirement approaches. Every scheme must clearly define and disclose its investment objective, strategy and risk profile in the Scheme Information Document.

Pension Fund subscribers may determine the frequency and amount of their contributions. A Pension Fund may prescribe a minimum contribution amount only with the Authority's prior approval.

Pension Funds must maintain a fully functional office within the International Financial Service Centre, supported by secure technology, communications and data-storage infrastructure for investment management, risk management, compliance and administration. They must implement and regularly update internal policies on investment decisions, risk management, compliance and grievance redressal; comply with AML/CFT/KYC requirements; maintain defined roles and reporting lines ensuring segregation of duties; and continually comply with applicable legal and regulatory requirements.

Registration as a Pension Fund may be granted by the Authority after it is satisfied that the applicant meets the applicable eligibility criteria and requirements and has paid the applicable fee. Where deficiencies prevent registration, they must be communicated and the applicant allowed thirty days to rectify them. Failure permits disposal of the application with reasons. A certificate remains valid unless suspended, cancelled, or surrendered with Authority acceptance.

Furnishing of information for pension fund registration permits the Authority to require an applicant to provide additional information or clarification necessary for considering its application. The Authority may require personal appearance for representation or clarification and may inspect the applicant's office before granting a certificate of registration.

A Pension Fund must ensure at all times that its directors, Key Managerial Personnel and controlling shareholders satisfy the fit and proper criteria in the First Schedule. A person declared not fit and proper by a regulatory authority cannot seek registration or serve in those positions until the person satisfies that authority's fit and proper criteria.

Applicants must appoint at least two Key Managerial Personnel for Pension Fund functions, including fund and risk management, and a Compliance Officer reporting directly to the Board. These personnel must possess prescribed postgraduate or equivalent professional qualifications and relevant experience in pension, fund management, fund operations, investment banking, or asset management. A relevant bachelor's degree is accepted for individuals with more than ten years' relevant work experience.

Pension Fund registration requires an applicant to be a company incorporated in an International Financial Services Centre or, subject to prior comparable registration or regulation, a branch of an overseas company. The board must have at least four directors, including at least one-half independent directors, and the applicant and promoters must not be from specified high-risk jurisdictions. Applicants or their parent or associate entities require ten years' relevant financial-sector experience and must maintain minimum net worth of USD 1 million, at the parent level where applicable.

Pension fund registration requires prior receipt of a certificate of registration before any person may act as a Pension Fund. An entity seeking certification must file its application through SWIT, with prescribed fees and supporting documents. Applications must disclose corporate structure, audited financial standing, business plans, organisational setup, key personnel, and risk-management arrangements. Incomplete applications are not processed.

Regulation 3 defines the operational framework for pension funds, including contributions, Pension Accounts, trustees, units, custodians, Key Managerial Personnel and net worth. A Pension Fund is a registered entity that receives and accumulates subscriber contributions and makes payments to subscribers. Schemes must be voluntary, approved, and structured around distinct investment objectives, strategies and risk profiles. Scheme Information Documents must disclose material Scheme information. Subscribers must be individuals above 18 years who voluntarily join a Scheme and hold a Pension Account. Undefined terms adopt meanings under applicable governing enactments and regulations.

Regulation 2 establishes a framework for registration, regulation and supervision of Pension Funds in India's International Financial Services Centre. The framework supports long-term retirement savings, promotes a secure and transparent environment for subscribers, protects subscriber interests, and maintains the integrity of the pension ecosystem in IFSC.

International Financial Services Centres Authority (Pension Fund) Regulations, 2026 are made under the International Financial Services Centres Authority Act, 2019 and the Pension Fund Regulatory and Development Authority Act, 2013. The prescribed short title identifies the pension fund regulations, and commencement occurs from the date of publication in the Official Gazette. Gazette publication is the specified trigger for legal operation.

Employee service conditions govern appointments, recruitment, probation, pay, leave, promotion, conduct, discipline, retirement and benefits for whole-time, deputed and contractual employees. Recruitment is generally through competitive selection, while contract and deputation appointments may be used for work exigencies. The framework imposes confidentiality, conflict-of-interest and financial-dealing restrictions, and establishes suspension, penalties, inquiry procedures, appeals, revision and review.

Cancellation of LUT Bond/BG under EPCG authorisations requires compliance with verification and documentation conditions. Specified EPCG licence holders are subject to verification before cancellation of the corresponding security. In listed cases not requiring verification, importers must submit the original EPCG licence, the EODC issued by DGFT, and an installation certificate accepted by the department to the EPCG Monitoring Cell for processing cancellation.

Conviction for murder on circumstantial evidence requires each incriminating circumstance to be conclusively established and the combined chain to exclude every reasonable hypothesis of innocence. Inconsistencies and omissions in prior witness statements undermined allegations concerning the accused's presence, the movement of the child into the house, and a warning during a search. Discovery of the deceased in the house did not by itself prove participation in the killing, while absconding alone did not conclusively establish guilt or guilty conscience. The prosecution evidence therefore failed to prove guilt beyond reasonable doubt, attracting the benefit of doubt.

The NAC Portal is a common digital platform under the Faceless Assessment framework that provides public access to Customs assessment information and reference material. Searchable and downloadable content includes audit objections, rulings, legal decisions, classification and valuation matters, NAC deliberations, advisories, alerts, and trade-facilitation information. Its use is encouraged to support informed compliance, reduce divergent practices, and improve transparency, predictability and consistency in Customs assessment.

Scheduled hearing opportunities must be preserved; disposal of a first appeal before the fixed hearing dates expire deprives the taxpayer of the arranged opportunity to present its case and requires corrective intervention. In a scrutiny assessment, a second disallowance of a gratuity provision where the corresponding amount was already disallowed under section 43B, and an unexplained reduction of a Chapter VI-A deduction, require fresh, reasoned adjudication. Reconsideration is confined to those two computation adjustments, without determining their substantive merits at that stage.

Permission for M/s. All Cargo Terminals Limited, CFS, to handle international transshipment of less-than-container-load containers and shipments, including related operations, is extended for a further two-year period up to 10 September 2028. Operations must comply with prescribed customs transshipment and cargo-handling conditions, the Customs Act, 1962, and applicable public notices. Any lapse may result in withdrawal of the permission without further notice.

Import clearance for cosmetics, drugs and medical devices requires verification of mandatory compliance documents before Out-of-Charge is granted. Proper officers must check applicable licences, permissions, registration certificates and prescribed particulars against the relevant compliance checklist. Importers, Customs Brokers and other stakeholders must upload mandatory records through e-SANCHIT to facilitate expedited clearance.

GST treats free samples and gifts supplied without consideration as outside supply unless Schedule I applies, while input tax credit is generally blocked for related inputs, input services, and capital goods. Buy-one-get-one-free offers are bundled supplies for a single price, taxable as composite or mixed supplies, with input tax credit available. Invoice discounts and pre-agreed volume discounts may reduce value of supply when applicable conditions, including recipient reversal of attributable credit, are met. Secondary post-supply discounts may be documented through commercial credit notes but do not reduce value of supply or affect supplier credit availability.