Clearing and settlement of bullion exchange trades must be conducted through the services of a bullion clearing corporation from the commencement of the bullion exchange's operations. This establishes mandatory use of a designated clearing mechanism for all trades executed on a bullion exchange.

Bullion exchanges and bullion clearing corporations must comply with the Code of Conduct prescribed in Part A of Schedule I under the International Financial Services Centres Authority (Bullion Market) Regulations, 2025. This compliance obligation governs their conduct within the recognised bullion market framework.

Withdrawal of recognition of a bullion exchange or bullion clearing corporation may be undertaken by the Authority only after affording the recognised entity an opportunity of being heard. The process must follow the manner prescribed under the Securities Contracts (Regulation) Act, 1956.

Renewal of recognition for bullion exchanges and bullion clearing corporations is subject to the provisions applicable to the original grant of recognition. Recognised entities must continuously satisfy the applicable conditions prescribed for their respective category in connection with renewal.

Recognition of a bullion exchange follows the period prescribed under rule 6 of the applicable rules. Recognition of a bullion clearing corporation may be permanent or, if granted for a specified term, must be for not less than one year as determined by the Authority.

Recognition of a bullion exchange or bullion clearing corporation may be granted after the Authority considers the application, verifies compliance with prescribed conditions, and is satisfied of the applicant's eligibility. Recognition may be subject to additional conditions considered appropriate. Refusal of recognition requires that the applicant be given an opportunity of being heard in accordance with the prescribed procedure.

Recognition requires a company limited by shares, a demutualised structure, fit-and-proper directors and shareholders, compliant ownership and governance, prescribed net worth, and adequate financial, functional and infrastructure capability. Bullion exchanges require orderly trading, real-time surveillance, member connectivity, consumer redressal, information dissemination, resilient systems and qualified personnel. Bullion clearing corporations require timely clearing and settlement infrastructure, risk management, netting, novation, settlement guarantees, connectivity, dispute resolution and agreements with a bullion depository and bullion exchange. In-principle approval is valid for one year and may be extended upon sufficient cause.

Recognition as a bullion exchange or bullion clearing corporation requires an application to the Authority in the specified form and manner with the applicable fee. The application must include specified particulars and governing instruments for bullion contracts, including constitutional documents and bye-laws. It must address the governing board's constitution and management powers, office bearers' duties, membership classes and qualifications, and procedures for exclusion, suspension, expulsion and re-admission of members. Additional matters specified by the Authority must also be included.

Regulation 2 defines the institutional, participant, governance and operational terms for the bullion market framework, including bullion exchanges, clearing corporations, depositories, vault managers, bullion contracts and bullion depository receipts. It defines associate and control, identifies key management and public-interest roles, and sets concepts of good delivery, netting, novation and net worth. Foreign jurisdictions must meet securities-regulatory cooperation requirements and avoid specified Financial Action Task Force deficiencies. Undefined expressions take their meanings from applicable parent legislation, company law and related subordinate law.

Recognition of bullion exchanges and bullion clearing corporations, together with registration of bullion depositories and vault managers, forms the regulatory framework for the bullion market in International Financial Services Centres. The framework covers matters connected with or incidental to these recognition and registration mechanisms and takes effect from publication in the Official Gazette.

DGST reimbursement for admission services relating to film "83" is available only where multiplexes and cinema halls retain prevailing ticket prices and seating capacity, do not charge SGST from viewers, and separately deposit the applicable tax through prescribed challans with returns. Claims must be filed with the Proper Officer in the prescribed form with challan copies and are subject to verification. Tickets must state that SGST has not been charged. Tax already collected from viewers is excluded, and reimbursement remains subject to the six-month availability period and budgetary funds.

Sale proceeds from shares cannot be treated as unexplained cash credit merely on the basis of a general penny-stock investigation report where the taxpayer substantiates acquisition, holding and sale through allotment records, banking payments, demat statements, contract notes, broker ledgers and securities transaction tax evidence. Transactions conducted through a registered broker and stock exchange require contrary material specifically linking the taxpayer to accommodation entries, cash payments or price manipulation. Generic material concerning alleged entry operators does not displace the evidentiary burden already met. On these facts, the addition under Section 68 was directed to be deleted.

Insolvency Professionals must examine potential misuse of insolvency proceedings for purposes unrelated to resolution or liquidation. Warning indicators include creditor dominance following a recent debt assignment, connected debtors with overlapping creditor committees, inadequate competition in resolution, unsupported disproportionate creditor realisations, fraud-related regulatory or enforcement links, and unjustified related-party transactions. Indicators are not conclusive and require a holistic assessment. Where reasonable grounds indicate a fraudulent or malicious purpose, the Insolvency Professional must apply to the Adjudicating Authority with the relevant indicators, material and reasons.

Physical verification of an applicant's place of business is compulsory before registration is granted under the DGST Act, 2017. Proper Officers must complete verification within seven days of receiving the application. Under Rule 25, verification may be conducted in the presence of the concerned person, and the report, supporting documents and photographs must be uploaded in Form GST REG-30 within 15 working days following verification. The measure addresses non-existing registrants and concerns regarding registration-based tax evasion.

Section 14A disallowance requires the Assessing Officer to record cogent dissatisfaction with the correctness of the taxpayer's expenditure claim before applying the statutory disallowance mechanism. Without that recorded satisfaction, the disallowance cannot be sustained. Consequently, an unsupported disallowance cannot reduce profits eligible for the Section 80IA deduction or be added back in computing book profit under Section 115JB. The absence of a valid foundational disallowance therefore defeats both consequential adjustments.

GST refund applications received through the GST portal must be processed on a first-in-first-out basis. Proper Officers must update refund case status in the zonal Google Sheet under KPI 14, and all refund-related communications must be made through the GSTN Portal using prescribed statutory forms. Nodal officers must compile ward-level data weekly, reconcile consolidated information with GSTN MIS reports, and submit it to the Competent Authority.

BRICS finance ministers and central bank governors seek reform of global financial governance to increase emerging-market and developing-economy representation in the International Monetary Fund and World Bank. The agenda includes quota realignment, transparent leadership selection and correction of developing-country underrepresentation. Cooperation also supports expanded New Development Bank financing, local-currency lending, a multilateral guarantees mechanism, and a more flexible Contingent Reserve Arrangement for liquidity support during balance-of-payments pressures.

Constitutional review jurisdiction is distinct from appellate jurisdiction and requires a manifest error apparent on the face of the record that undermines the decision or causes a miscarriage of justice. Allegations of inadequate legal representation raised belatedly do not meet that threshold without a compelling circumstance, glaring omission, or patent mistake. A death-sentence review petition already dismissed may nevertheless be reopened for a limited oral hearing where the sentence remains unexecuted and the reopening request is made within the stipulated period. This procedural safeguard does not relax the substantive standard for review.

India-China trade reflects a widening deficit driven by imports of industrial raw materials, intermediate goods and capital goods used in manufacturing. Dependence is concentrated in electronics, machinery, computers, organic chemicals, electronic components, batteries, solar modules, active pharmaceutical ingredients and specialty chemicals. Foreign direct investment norms are relaxed for certain companies outside land-border countries where beneficial ownership from such countries remains below the specified threshold and non-controlling. Entities registered in China, Hong Kong and other land-border countries remain excluded from that relaxation.

Ward 210 (Fake Firm Cell) centralises enforcement concerning non-existent taxpayers or firms involved in tax evasion or wrongful or fraudulent availment of input tax credit exceeding Rs. 5 crore during a financial year. Its jurisdiction extends throughout the National Capital Territory of Delhi. Designated officers may exercise statutory powers for the Ward, and firms found non-existent during field verification must be transferred to it through the State Admin for further action.