INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 2nd April, 2024 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (PAYMENT SERVICES) (AMENDMENT) REGULATIONS, 2024 IFSCA/GN/2024/002.- In exercise of the powers conferred by sub-section (1) of Section 12 read with sub-section 1 of section 28 of the International Financial Services Centres Authority Act, 2019 (50 of 2019), the International Financial Services Centres Authority hereby makes the following ... ... ...

GOVERNMENT OF GOA Department of Finance Office of the Commissioner of Commercial Taxes No. CCT/26-2/Instructions/2022-23/916 Sub .: Instructions [Issued u/s. 168 of the Goa Goods and Services Tax Act, 2017 (Goa Act 4 of 2017)] In exercise of the powers conferred under Section 168 of the Goa Goods and Services Tax Act, 2017 (Goa Act 4 of 2017), (hereinafter referred to as "Act") and for the purpose of uniformity in the implementation of the Act, I, the undersigned Commiss... ... ...

Principals and auctioneers must declare warehouses used to store tea, coffee, rubber and similar auction goods as additional places of business. Books for each place are ordinarily maintained there, but may be kept at the principal place of business where difficulties arise, after written intimation to the jurisdictional proper officer. Input tax credit remains subject to other applicable conditions and applies where the auctioneer claims credit on supplies from the principal and the goods are supplied only through auction.

Faceless Assessment assigns selected Bills of Entry electronically to designated assessment officers, while the Port Assessment Group retains examination, inspection, enforcement-related and other non-assessment functions. Importers file Bills of Entry and supporting documents through ICEGATE and e-Sanchit. The Faceless Assessment Group may accept self-assessment, seek information electronically, order examination or testing, or re-assess the Bill of Entry. A reassessment not accepted by the importer requires a speaking order after an opportunity of hearing. Exceptional cases may be transferred to the port of import, which also handles demands, adjudication, audit objections and finalisation of provisional assessments after testing.

Payment Service Providers must provide clear authorisation and insolvency-risk disclosures to customers and potential customers, ensure regulatory representations and customer materials are accurate and not misleading, and include prescribed information in advertisements and promotions. Before transaction approval, they must disclose beneficiary details, amount, charges, execution time limits, finality and irrevocability, and applicable exchange rates. They must also issue free transaction confirmations containing specified transaction details and dispute-resolution contact information.

Payment Service Providers must safeguard Payment Service User funds through a safeguarding-institution undertaking or guarantee, a trust account, or another specified method. Funds must also be held in separate escrow accounts with an IBU for each relevant payment service. E-money issuers must maintain an end-of-day escrow balance covering outstanding e-money and payments due to users. Escrow transactions are restricted to permitted credits and debits, while e-money cannot be issued at a premium or discount, used for lending, linked to illegal activity, or withdrawn as cash.

Minimum net-worth requirements apply in phases to payment service providers. Regular Payment Service Providers must meet prescribed thresholds at commencement and by the end of the third financial year. Significant Payment Service Providers must meet higher thresholds within ninety days of designation and by the end of the third financial year from designation. Net worth includes specified equity-linked capital and reserves, subject to deductions for losses, intangible assets, and deferred revenue expenditure.

Authorisation exemptions apply to IFSC Banking Companies and IFSC Banking Units licensed or permissioned under the Banking Regulation Act, 1949, and to persons licensed to issue credit cards in an IFSC. Other persons or classes of persons specified by the Authority may also be excluded from authorisation requirements.

An operating Payment Service Provider seeking surrender of authorisation must provide a Board-approved written request, a Chartered Accountant's certificate of customer accounts, escrow balances and liabilities, a liability-extinguishment plan, and an undertaking not to incur fresh liabilities. The Authority may require customer public notices and monthly progress reports. Following extinguishment of liabilities, a no-liability certificate and the original Certificate of Authorisation must be submitted for cancellation. Non-operational providers must establish non-commencement through a Chartered Accountant's certificate and provide their latest audited balance sheet.

Payment Service Providers must maintain systems and controls to ensure that Relevant Persons meet fit and proper requirements and must assess them at appointment and at reasonable intervals thereafter. Eligibility depends on competence, integrity, honesty, reputation, and sound financial standing, without specified disqualifications such as relevant convictions, pending regulatory recovery proceedings, insolvency, wilful default, regulatory restraint orders, or fugitive economic-offender status. The prescribed evaluation requires disclosures concerning regulatory history, defaults, investigations, associated entities, and other financial or legal matters.

Payment services include account issuance, e-money issuance, escrow, cross-border money transfer and merchant acquisition, subject to specified exclusions. Significant Payment Service Provider designation applies where a Regular Payment Service Provider exceeds annualised transaction-value thresholds for non-e-money-account services, or prescribed average daily e-money thresholds for e-money account issuance or e-money issuance.

Payment Service Providers must preserve designated financial, compliance, client and capital-market records in a format suitable for electronic retrieval for a minimum ten-year period commencing from the date operations begin. Required records include periodic financial statements, auditors' reports, quarterly net-worth statements, anti-money-laundering and know-your-customer compliance material, client account-opening documents, powers of attorney, signature-authority forms, and any further records specified from time to time.

GST refund reapplication may be made where a registered person inadvertently filed a NIL claim in FORM GST RFD-01A/RFD-01 for a particular period and category despite having a genuine refund entitlement. Eligible persons must file the renewed claim under the "Any Other" category for the same period and provide required supporting documents. For specified unutilized input tax credit refund categories, no subsequent-period claim under the same category may have been filed. The proper officer must scrutinise eligibility, determine the admissible amount, and may require debit from the electronic credit ledger before issuing refund and payment orders.

Payment Service Providers must furnish audited financial statements, including the balance sheet, profit and loss statement, cash or fund flow statement, and auditor's report, within three months after finalisation. Auditor remarks or observations on business conduct or accounts must be accompanied by a suitable explanation. The filing period may be extended by up to one month on application.

Every Payment Service Provider must submit requisite documents and information in the format and manner specified by the Authority. This mandatory reporting obligation establishes an Authority-directed framework for collecting returns, documentation and other information from Payment Service Providers.

Payment Service Providers must maintain their place of business and registered office in an IFSC. Activities relating to payment services from a business location outside the IFSC require prior approval from the Authority. An IFSC-based business presence and registered office are mandatory, subject to approved externally located activities.

Regulation 30 establishes an enforcement mechanism for defaults by Payment Service Providers. Where a provider contravenes applicable regulatory provisions, or any direction or order issued under the payment services framework, the Authority may initiate appropriate enforcement action. The provision links non-compliance with regulatory requirements, directions, and orders to potential enforcement proceedings.

Payment Service Providers in IFSC must maintain adequate staff to address Payment Service User queries, complaints and grievances within thirty days of receipt. Users must have one or more accessible channels for raising queries and lodging complaints. Disputes unresolved through internal grievance redressal must be addressed through online conciliation and/or online arbitration as specified by the Authority. Providers must retain records of queries, complaints, grievances and their redressal.

Payment Service Providers must secure information technology systems and other infrastructure used for payment services against unauthorised access and manipulation. They must prepare and maintain written security policies and procedures. The Authority may issue directions on security procedures and may require certificates from independent professionals confirming compliance with system-security obligations, documentation requirements, and applicable directions.

Payment Service Providers must protect Payment Service Users by communicating relevant information clearly and fairly so as to minimise the possibility of users being misled. They must also comply with the disclosure requirements prescribed in Schedule VII, alongside their obligation to safeguard user interests through clear, fair communication of relevant information.