Limitation periods are modified for tax recovery and refund-related proceedings. The period for issuing an order concerning tax not paid or short paid, or input tax credit wrongly availed or utilised, for the financial year 2017-18 is extended until 30 September 2023. The period from 1 March 2020 to 28 February 2022 is excluded for calculating limitation relating to recovery of erroneous refunds and filing of refund applications.

India and Canada have accelerated negotiations for a Comprehensive Economic Partnership Agreement to establish a bilateral trade framework for goods and services. A United States law concerning sanctions on Russia and Iran authorises tariffs of up to 100 per cent on imports from leading purchasers of Russian crude oil or natural gas, creating potential tariff exposure for Indian exports. The India-European Union trade pact contemplates immediate duty elimination on 90 per cent of Indian goods and phased elimination on a further three per cent over seven years, subject to ratification.

State GST amendments revise registration, electronic ledgers, interest and refund procedures. Registration suspension for specified grounds is deemed revoked when pending returns are filed if cancellation has not already occurred. Erroneous refunds repaid through the electronic cash ledger may be re-credited to the electronic credit ledger. UPI and IMPS are added as payment modes, and cash-ledger balances may be transferred to a distinct person under the same PAN where no unpaid liability exists. Interest rules distinguish delayed return filing, unpaid tax and wrongly availed and utilised input tax credit. Export refund procedures address electricity exports, export-value determination, return mismatches and risk-based withholding.

Re-insurance contracts must meet risk-transfer requirements and protect the ceding insurer or retrocessionaire from negative financial effects arising from ceded insurance business. In alternative risk transfer arrangements combining re-insurance and financing, separable components must be accounted for individually. Where they are inseparable, the entire arrangement must be treated as a financial transaction. Accounting must follow substance over form and applicable accounting standards.

Every IIO must develop and document an RSRP as part of its underwriting strategy and risk management philosophy. It must address re-insurance selection and monitoring, management controls, risk concentrations, and cession or retrocession limits aligned with risk appetite. Senior management or the Parent Entity must implement relevant procedures, evaluate retention, re-insurer diversification, concentration, broker involvement, and credit, liquidity and legal risks, supported by internal controls and reporting. The Board must approve the accounting-year-wise RSRP, which must be submitted to the Authority when directed.

Regulation 3 defines the participants, risk-transfer mechanisms and contractual records used in re-insurance business conducted by International Financial Services Centre Insurance Offices. It covers cession, retention, retrocession, fronting, Alternate Risk Transfer and insurance pools, and defines re-insurance contracts, treaties, re-insurance slips and cover notes. Insurance business is classified into specified segments, including life, health, marine, engineering, aviation, liability and miscellaneous business. Undefined expressions adopt meanings assigned under applicable legislation and related instruments.

Regulation 2 identifies the objective of providing a framework for oversight and control of inward and outward re-insurance arrangements conducted by International Financial Service Centre Insurance Offices (IIOs). The framework concerns arrangements for re-insurance business entering and leaving the International Financial Services Centre, encompassing both directions of re-insurance activity undertaken by those insurance offices.

International Financial Services Centres Authority (Re-insurance) Regulations, 2023 establish the regulatory framework for re-insurance in International Financial Services Centres. Commencement occurs on publication in the Official Gazette, and the regulations apply to all International Financial Services Centres Insurance Offices unless otherwise specified.

IIOs must notify proposals capable of changing control, obtain prior approval before issuing or allotting capital, and ensure that ownership, portfolio or management changes do not affect the priority of policyholder and creditor claims. Mergers, amalgamations and transfers require prior approval, adequate solvency, legal compliance and protection of policyholders' interests. IIOs must also maintain Board-approved policies for expenses of management, commissions, places of business, outsourcing and policyholder protection. Outsourcing requires risk oversight, due diligence, data privacy and contractual confidentiality safeguards. Advertising must be truthful, clear, substantiated and consistent with issued insurance policies.

Semiconductor ecosystem development in India is centred on converting expanding domestic demand into local manufacturing, innovation and supply-chain resilience. A predictable fiscal and regulatory environment, alignment of central and state semiconductor policies, integrated manufacturing clusters and talent-certification programmes are important to project viability and commercialisation. Advanced packaging, compound semiconductors, photonics and chip-to-system integration offer high-potential areas, requiring policy certainty, streamlined approvals and long-term support for research, talent and supplier development.

Felicitation of Advocate V. K. Dubey recognised his stated work in women's employment, public welfare, banking, NPA resolution, legal awareness, and social service. His profile encompasses civil, criminal, non-performing asset, banking, corporate, and settlement matters; leadership of bodies engaged in financial-dispute resolution; and legal assistance and public awareness intended to improve access to justice for marginalised persons. Associated initiatives include education and support for disadvantaged communities and wider social empowerment.

Offshore data-processing receipts generated through an automated standard facility, with no transfer or right to use technology, process, equipment, or intellectual property, do not constitute royalty or fees for technical services under the Income-tax Act. Provider-controlled infrastructure and the absence of constant human intervention or specialised, exclusive technical services support that treatment. Alternative examination as business income falls within the original assessment's scope. Because no DTAA with Hong Kong applied for the relevant year, domestic-law taxability depends on adequately established business connection, source, and Indian nexus; deficient findings on those matters require fresh determination.

The amendment is confined to the entry in column (3) against serial number 4 and operates by substitution. The substituted goods entry expressly covers fly ash bricks, fly ash aggregates and fly ash blocks. This revised entry takes effect on 18 July 2022, replacing the previously applicable column (3) entry for that serial number.

Available Solvency Margin is the excess of assets over life insurance liabilities and other liabilities in policyholders' and shareholders' funds. The Solvency Ratio is ASM divided by Required Solvency Margin, with a minimum control-level ratio of 150%. Required Solvency Margin combines RSM1 for reserve and sum-at-risk exposure with RSM2 for investment risk on admissible assets. The solvency ratio reconciles admissible assets, mathematical reserves and other liabilities, and requires certification by specified financial, actuarial, audit and principal officers.

Life insurance mathematical reserves must be determined policy-by-policy through prospective valuation using prudent assumptions and an appropriate Margin for Adverse Deviations. Gross Premium Valuation is the prescribed method, subject to specified exceptions and alternative methods that produce no lower reserve. Valuation must capture future premiums, benefits, bonuses, expenses, tax, options, guarantees and relevant shareholder-profit allocations. Unit-linked, variable linked and variable non-linked business require separate account-based and general-fund reserve components. Reinsurance credit is restricted where borrowing-like arrangements lack prior approval, and aggregate provisions are required where policy-level reserves cannot be calculated.

IIOs must value specified unrealisable, overdue and prescribed assets at zero for solvency purposes, while valuing remaining assets under applicable regulations and instructions. Form ALSM-L-A requires separate reporting of policyholders' and shareholders' assets, investments, fixed and current assets, policy loans, inadmissible assets, liabilities and provisions. Total inadmissible assets are deducted from total assets, followed by current liabilities and provisions, to determine total admissible assets for solvency.

Regulation 9 disapplies, in International Financial Services Centres, the 2016 life insurance requirements on assets, liabilities, solvency margins, actuarial reports and abstracts, together with circulars and guidelines issued under them. Prior actions taken or purportedly taken under those instruments are deemed taken under corresponding applicable provisions. IIOs operating at commencement must meet any additional requirements within six months, subject to an Authority-specified extension.

The Authority may issue clarifications through guidance notes or circulars to address difficulties in applying or interpreting the regulations. Strict enforcement of any regulatory provision may be relaxed on an application accompanied by specified non-refundable processing fees, provided the reasons are recorded in writing.

Implementation of life-insurance asset, liability, solvency-margin and actuarial-report requirements may be supported by norms, procedures, processes and compliance methods specified by the Authority for Insurance Intermediary Offices (IIOs), including matters incidental to implementation of the regulatory framework.

Regulation 6 establishes inspection, investigation, information-gathering and disclosure powers for life insurance business carried on by an IIO. The Authority may inspect or investigate an IIO's affairs and call for information from the IIO or its parent entity. It may specify activity-related disclosures an IIO must make to the Authority about its activities.