Refund sanctioning powers under section 54 of the Delhi Goods and Services Tax Act, 2017 are allocated by claim value. Claims up to Rs. 10 lakhs are sanctioned by the Assistant Commissioner or GSTO of the concerned ward, while higher-value claims are assigned to zonal senior officers, with separate allocation for Zone-08. Refund applications must be filed in the concerned ward and placed before the competent sanctioning authority. Designated appellate authorities hear section 107 appeals, while previously filed appeals remain with the existing appellate authority.

Regulation 13(8) is corrected to provide for functioning as a trading member for interest rate or currency derivatives and/or as a clearing member for clearing and settlement in any derivative segment. The correction removes the qualification restricting clearing membership to a professional clearing member.

IFSC Banking Units must be capitalised by their Parent Banks at the prescribed minimum level and comply with Home Regulator directions unless otherwise specified. Leverage ratio and exposure ceiling requirements are subject to applicable norms and guidelines. Banking Unit liabilities are generally exempt from reserve requirements, except deposits raised from individuals resident in India or outside India. Banking Units may maintain freely convertible foreign currency accounts for eligible persons and undertake permitted financial-services and banking activities, subject to prescribed conditions, including design, execution and risk-management requirements.

Banking activities in International Financial Services Centres are expanded to permit banking units to offer Portfolio Management services and Investment Advisory services to persons resident in India and persons resident outside India. These activities are inserted into the permitted activities framework under the International Financial Services Centres Authority (Banking) Regulations, 2020, with effect upon publication in the Official Gazette.

Computation of the deduction under section 80IC requires verification where the prescribed Rule 18BBB report and complete particulars for allocating common expenses between eligible and non-eligible units are not furnished. Coordinate-bench rulings may be distinguishable where the evidentiary record lacks the information needed to test the deduction calculation. Fresh examination by the Assessing Officer, after providing the assessee a reasonable opportunity, is required on the basis of complete particulars.

Regulation 22 supersedes the specified Reserve Bank circular from commencement of the International Financial Services Centres Authority (Banking) Regulations, 2020. Actions taken or purportedly taken under that circular are preserved and deemed taken under corresponding provisions of these regulations. Banking Units already operating in an International Financial Services Centre must meet any additional requirements within three months of notification, subject to an extension specified by the Authority.

GST administration for entertainment and luxury services is centralised through creation of Ward No. 209 (Entertainment), with jurisdiction extending across the National Capital Territory of Delhi. Registered dealers engaged in entertainment and luxury services are to be transferred to the specialised ward, and future registrations for entertainment activities are to be dealt with there. Officers appointed under the Delhi GST framework may exercise their statutory powers in relation to the ward.

Failure by a Parent Bank applicant or Banking Unit to comply with conditions attached to a banking licence may result in withdrawal of that licence. Before withdrawal, the Banking Unit must be given thirty days to make submissions. The Authority may additionally take any other action considered appropriate under the Act.

Power to specify procedures and issue clarifications enables the Authority to prescribe norms, procedures, processes and manners through guidelines or circulars for implementing the banking regulations and incidental matters. The Authority may also grant relaxations to facilitate and regulate financial services relating to banking and investment activities in an International Financial Services Centre.

Regulation 19 permits a Banking Unit to exchange margins with a counterparty Banking Unit or overseas regulated entity under a legally enforceable netting arrangement for non-centrally cleared over-the-counter currency, interest-rate, credit and commodity derivative contracts. The exchange reflects mark-to-market exposure and may involve specified foreign currencies, permissible listed debt securities and sovereigns. Effective 7 July 2023, "freely convertible currency" was replaced with "specified foreign currencies" as the eligible currency description.

Deposit insurance is not provided through any centralised scheme for deposits held with a Banking Unit under the International Financial Services Centres Authority (Banking) Regulations, 2020.

A Banking Unit may maintain an INR account out of specified foreign currencies to meet administrative and statutory expenses and other purposes specified by the Authority. It must also maintain separate nostro accounts with correspondent banks, distinct from nostro accounts maintained by other branches of its parent bank in India.

Banking Units must maintain books of accounts, records and documents in the freely convertible foreign currency declared at the time of making their application. This requirement governs the currency in which core accounting records and related documentation are maintained.

Banking Units must furnish the Authority with operational information at such times and in such manner and form as specified by the Authority. Reports are required to be submitted in US Dollar unless otherwise specified. The reporting framework permits the Authority to determine applicable timing, format and currency requirements.

Banking Units must comply with Know Your Customer norms, counter-terrorism financing measures, anti-money laundering requirements and related reporting obligations issued by the Reserve Bank, except where the Authority specifies otherwise.

Regulation 13 permits Banking Units to undertake activities allowed under section 3(1)(e) of the Act or section 6 of the Banking Regulation Act, 1949, unless expressly prohibited. Such activities remain subject to applicable terms, conditions and guidelines, including product design, execution and risk management requirements. The substituted provision adopts a statutory cross-reference model in place of an earlier activity-specific framework covering lending, investments, trade finance, derivatives, Foreign Portfolio Investor operations, clearing, portfolio management and investment advisory services.

Cash transactions in foreign currency accounts are prohibited. Accounts in specified foreign currencies may be opened, held and maintained with a Banking Unit. Individual account holders may maintain current, savings or term-deposit accounts, whereas other account holders may maintain only current or term-deposit accounts. Such accounts are subject to conditions specified by the Authority. The provision replaced the earlier reference to freely convertible foreign currency with specified foreign currencies.

Foreign currency accounts may be opened by Banking Units in specified foreign currencies for individuals and corporate or institutional entities, whether resident in India or outside India, subject to conditions specified by the Authority. Individuals who are persons resident in India may open, hold and maintain such accounts with a Banking Unit for transactions connected with, or arising from, permissible current account transactions, capital account transactions, or both, under the Liberalised Remittance Scheme.

Banking Units must conduct permitted business in specified foreign currencies with resident or non-resident persons identified by the Authority. INR business may be permitted with specified persons, subject to settlement of the related financial transaction in specified foreign currencies. The applicable currency standard replaces the former reference to freely convertible foreign currencies.

Lender of Last Resort support is unavailable to a Banking Unit under Regulation 9 of the International Financial Services Centres Authority (Banking) Regulations, 2020.