IIOs must submit prescribed statements on admissible assets, liabilities, and solvency margin in the applicable forms and schedules, at intervals specified by the Authority. They must also furnish an Annual Actuarial Report, actuarially certified valuation of assets and liabilities, and computation of solvency margin, together with any further reports directed by the Authority. The requirements apply even where capital is maintained under home country regulations.

Claim reserves comprise outstanding claim reserves and incurred-but-not-reported claim reserves. Outstanding claim reserves cover reported claims outstanding at the accounting date, including allocated loss adjustment expenses. Incurred-but-not-reported claim reserves include reopened, unreported and in-transit claims, allocated loss adjustment expenses, and reserves for expected changes in reported-claim estimates. Unexpired risk reserves comprise unearned premium reserves and premium deficiency reserves for unexpired policy risks and expected deficiencies in meeting claims and related expenses.

Regulation 3 specifies that capital and solvency requirements govern IIOs undertaking general, health, or re-insurance business. Its objective is to prescribe requirements related to capital and solvency for IIOs carrying on these business categories under the International Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of General, Health and Re-Insurance Business) Regulations, 2023.

International Financial Service Centre Insurance Offices undertaking general, health or re-insurance business are subject to the framework governing assets, liabilities and solvency margin. Unincorporated Insurance Offices are not subject to solvency margin and related requirements, but must comply with the related registration-framework requirement. Prescribed reporting formats continue to apply to unincorporated Insurance Offices despite that exclusion.

Assets, liabilities and solvency margin matters for general, health and re-insurance business in International Financial Services Centres are governed by the 2023 framework. Statutory authority derives from the International Financial Services Centres Authority Act, 2019 and the Insurance Act, 1938. The framework takes effect for the specified business categories upon publication in the Official Gazette.

Classification as a re-insurance contract requires risk transfer for the relevant accounting year and protection for the ceding insurer or retrocessionaire against negative financial effects of underlying business. In alternative risk transfer arrangements combining re-insurance and financing, separable elements are accounted for individually under the IIO's accounting standards; inseparable arrangements are treated as financial transactions, with accounting determined by substance over form. Each IIO must adopt a Board-approved segment-wise retention policy, maximise retention according to financial strength and risk quality, avoid fronting, and meet any specified minimum retention.

Temporary lending of securities under the Securities Lending Scheme, 1997 is a taxable service rather than a transaction involving disposal of securities. The lending fee is consideration, while intermediary facilitation for commission or fee is separately taxable. The service is classified under heading 997119 and taxed at 18%. For the earlier period, the lender bears IGST under forward charge, without further IGST where CGST, SGST, or UTGST was already paid. From 1 October 2019, the borrower bears IGST under reverse charge mechanism.

Monthly wages of Rs. 25,000 are prescribed as the wage ceiling for Chapter III of the Code on Social Security, 2020, governing the Provident Fund Scheme and EPF contributions. The ceiling takes effect upon publication in the Official Gazette. It supersedes the earlier wage-ceiling notification while preserving actions taken or omitted before the supersession.

Authorised officers for food-import controls are designated under the Food Safety and Standards Act and the FSS (Import) Regulations at notified points of entry. ICD Dhanakya, Jaipur is added as a food-import point of entry, with a Superintendent, Appraiser, Inspector or Examiner designated as authorised officer. The updated schedule identifies 172 points of entry across airports, inland container depots and SEZs, land customs stations and seaports. The earlier customs instruction is modified to reflect this addition.

Rupee appreciation against the US dollar followed lower crude oil prices, improved global risk sentiment, positive domestic equity markets, and softer US Treasury yields. Dollar index strength, geopolitical developments, and possible increases in oil supplies remained relevant to currency movements. Market commentary anticipated a slight positive rupee bias if crude oil prices continued to ease, while renewed geopolitical tensions could weaken risk sentiment. Net foreign institutional investment and a decline in foreign exchange reserves also formed part of the market context.

Special Economic Zone de-notification removes 10.23 hectares from the IT/ITES Special Economic Zone established for M/s GOCL Corporation Limited at Kattigenahalli and Venkatala Villages. The SEZ, originally notified over 12.14 hectares, consequently retains a total notified area of 1.91 hectares. The action follows the developer's proposal, State approval, Development Commissioner recommendation, and satisfaction of statutory and related requirements.

International Financial Service Centre Insurance Offices undertaking life insurance business must submit prescribed statements of admissible assets, liabilities and solvency margin, together with an annual actuarial report, an asset-and-liability valuation certified by the Appointed Actuary, and a certified solvency computation. Mathematical reserves must ordinarily be determined policy by policy through Gross Premium Valuation using prudent assumptions and an appropriate Margin for Adverse Deviations. Available Solvency Margin is measured against reserve-and-sum-at-risk and investment-risk required margins, and the control level requires a minimum solvency ratio of 150%.

Goods sent or taken out of India for exhibition or export-promotion consignments are not supplies, and therefore not zero-rated supplies, at the time of removal where no consideration is received. They must move under a delivery challan and be recorded by the registered person. Goods must be sold abroad or returned within six months; supply arises on the date of sale for goods sold, or is deemed to arise on expiry of that period for goods neither sold nor returned. Tax invoices and eligible input tax credit refunds follow only after supply arises.

Revisionary jurisdiction under Section 263 applies where an assessment is both erroneous and prejudicial to Revenue interests. A deduction claimed under Section 80G requires verification against the statutory conditions for allowability when the assessment record does not show that the Assessing Officer examined the claim in the original assessment. The Section 80G deduction was therefore restored to the Assessing Officer solely for verification in accordance with law.

International Financial Service Centre Insurance Offices conducting general, health or re-insurance business must file prescribed statements of admissible assets, liabilities and solvency margin, together with an annual actuarial report and certified valuations. Technical reserves must comprise premium and claims reserves, including UPR, PDR, OCR and IBNR components. Available Solvency Margin is determined from adjusted assets and liabilities, while Required Solvency Margin is the higher of premium-based and incurred-claims-based measures. The control level requires a minimum solvency ratio of 150%.

Customs demand relating to fulfilment of export obligations must be determined by reference to the Export Obligation Discharge Certificate issued by DGFT. Where a licence holder has applied for redemption with supporting documents but the certificate remains pending, Circular No. 16/2017-Cus. requires the demand to await and be decided based on the certificate when issued. The pending non-issuance of the certificate does not itself provide the stated basis for final determination of the customs demand.

US sanctions legislation authorises the President to impose tariffs, including up to 100 per cent, on countries purchasing Russian oil and gas. China rejects tariffs directed at its Russian energy purchases and opposes unilateral sanctions and long-arm jurisdiction absent an international-law basis or a UN Security Council mandate. Washington and Beijing are also negotiating a reciprocal tariff-reduction framework covering products from both sides.

Organised gold recycling, responsible sourcing, gold loans and financialised gold products are identified as ways to reduce reliance on fresh gold imports. Exchanging old jewellery can meet retail demand from existing domestic holdings, while gold loans unlock credit without requiring households to sell their gold. Gold ETFs and digital gold permit exposure to gold's value without physical possession and may reduce physical import demand. Transparency, trust and supporting infrastructure are necessary to integrate household gold into an organised formal economy.

Next Generation GST rate reductions effective from 22 September 2025 require trade and industry to ensure that reduced-tax benefits and savings are passed on to consumers, buyers and recipients. Tax authorities are to assist taxpayers with implementation, monitor retail outlets for transmission of GST savings, and initiate action under applicable legal provisions for non-compliance with GST law and rules.

Penalty for under-reporting or misreporting under section 270A was not attracted merely because an education-cess deduction, claimed on a bona fide belief as business expenditure, was voluntarily withdrawn during assessment before an addition. The penalty on that claim was deleted. For donations claimed as deductions, evidence reportedly submitted before the faceless appellate authority required consideration for the unresolved portion; the related penalty issue was remitted for fresh determination. Voluntary withdrawal of a bona fide expenditure claim, without further circumstances, does not establish penal under-reporting or misreporting.