Renewal of recognition for a bullion exchange or bullion clearing corporation is subject to the provisions applicable to the initial grant of recognition. The recognised entity must continuously comply with the applicable recognition conditions prescribed under regulation 4(2) and regulation 4(3), as relevant.

Recognition of bullion exchanges follows the period prescribed under rule 6 of the applicable rules. Recognition of a bullion clearing corporation, unless granted permanently, must be for a period specified by the Authority and cannot be less than one year.

Recognition as a bullion exchange or bullion clearing corporation may be granted after consideration of an application where the applicant has complied with the applicable recognition conditions and is eligible for recognition. Recognition may be made subject to additional conditions considered appropriate. Refusal of recognition may occur only after the applicant is given an opportunity of being heard under the prescribed statutory procedure.

Recognition as a bullion exchange or bullion clearing corporation requires incorporation as a company limited by shares, demutualisation, fit and proper ownership and management, prescribed governance and net-worth compliance, and adequate financial capacity, expertise and infrastructure. Exchanges require online trading and real-time surveillance, member regulation, connectivity, dispute-resolution, information dissemination, system resilience and qualified personnel. Clearing corporations require timely settlement infrastructure, risk management, netting, novation, settlement guarantee, a guarantee fund, connectivity, resilience, dispute-resolution arrangements and agreements with the bullion depository and exchange.

Recognition of a bullion exchange or bullion clearing corporation requires an application with the applicable fee in the form and manner specified by the Authority. The application must include specified particulars and constitutional, governance and contractual-regulation documents. These materials must cover the governing board's constitution and management powers, office bearers' powers and duties, and membership classes, qualifications, admission, exclusion, suspension, expulsion and re-admission, together with other matters specified by the Authority.

Bullion market terms define regulated exchanges, clearing corporations, depositories, vaults, trading and clearing members, participants, depositors and vault managers in an International Financial Services Centre. Bullion depository receipts are created by depositories, listed on exchanges and backed by underlying bullion. Netting determines net settlement obligations through set-off of claims, while novation makes the clearing corporation the legal counterparty to trades. Governance definitions address control, associates, public interest directors and key management personnel. Foreign jurisdictions must meet regulatory-cooperation and anti-money-laundering eligibility conditions.

International Financial Services Centres Authority (Bullion Market) Regulations, 2025 establish a framework for recognition of bullion exchanges and bullion clearing corporations, and registration of bullion depositories and vault managers in international financial services centres. The Regulations take effect upon notification in the Official Gazette and cover connected and incidental matters.

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.

The Supreme Court condoned delay, issued notice in a criminal special leave petition, and stayed operation of the High Court's impugned judgment and order until further orders. The stay preserves the position pending further consideration of the petition; no substantive GST issue or final legal determination is recorded.

Cotton-quotation betting constitutes wagering rather than gaming where parties stake money on uncertain market quotations without any interest beyond the stake. Gaming under the Calcutta Police Act requires stakes on a game, sport, pastime or contest, and a common gaming house requires gaming instruments kept or used for the keeper's profit. Boards, vouchers, books, price lists and cash boxes that merely record or evidence cotton bets are not gaming instruments. The specific statutory treatment of rain-gambling records as gaming instruments does not extend to cotton betting. Such premises therefore do not constitute a common gaming house, and the penal provision does not apply.

Power to grant, suspend, revoke or rescind a mineral procurement and transport licence rests with the Deputy Director of Mines having territorial jurisdiction. That statutory authority must exercise its own discretion and cannot suspend a licence solely on directions from the Director of Mines, who lacks the prescribed power. Suspension issued pursuant to such an instruction is invalid in law.