Section 69(2) of the Indian Partnership Act bars an unregistered firm only when it seeks to enforce a contractual right against a third party under a contract entered into in the course of its business dealings. It does not prevent claims based on statutory or common-law rights, or claims where a contract merely forms the source of title. A declaration and injunction claim seeking avoidance of a sale deed for fraud, misrepresentation, and non-payment of consideration falls outside the bar where the property sale was independent of the firm's business. Such a plaint remains maintainable and is not liable to rejection under Order VII Rule 11(d) CPC.

The amended pre-deposit requirement for GST appeals raises an unresolved question of temporal application where the show-cause notice predates the amendment. The issue concerns whether the vested right of appeal preserves the earlier pre-deposit position; a subsequent precedent on appellate stay may also bear on that question. Pending affidavits and final adjudication, interim protection permitted a timely appeal to be entertained without the 10% pre-deposit.

Recognised market infrastructure institutions must constitute a Nomination and Remuneration Committee to determine key management personnel compensation under a governing board-approved compensation policy. The policy must include malus and clawback arrangements. Compensation payable to the managing director, and each change to it, must be intimated to the Authority.

Outbound Hajj/Umrah package-tour services performed in Saudi Arabia fall outside the domestic service-tax levy because the place of provision for performance-based services and event-related activities is where they are actually carried out. Service tax is destination-based and has no extra-territorial operation, so services provided and consumed outside India are not taxable. Religious-ceremony exemption and treatment of Hajj pilgrimage tours as export of service independently support non-taxability. Where non-registration and non-payment result from a bona fide belief in this position, reasonable-cause relief prevents penalties.

Regulation 10A requires each recognised market infrastructure institution to abide by the Code of Conduct specified in Part A of Schedule I to the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021. Inserted with effect from 1 November 2024, it makes adherence to that Schedule-based Code of Conduct mandatory for recognised market infrastructure institutions within the regulatory framework.

The Central Identities Data Repository, its facilities, information assets, logistics infrastructure and dependencies are declared a Protected System under the Information Technology Act, 2000. Role-based access is authorised for designated officers and support staff, approved managed service provider personnel, authorised third-party vendors and their partners, and authorised business partners.

The First Schedule to the Information Technology Act, 2000 is amended to revise exclusions concerning negotiable instruments and powers of attorney. Negotiable instruments remain excluded except for cheques and specified demand promissory notes or bills of exchange issued in favour of or endorsed by regulated financial entities. Powers of attorney authorising such regulated entities to act for, on behalf of, and in the name of the executing person are also excluded from the relevant Schedule entry. Serial number 5 and its related entry are omitted.

Protected-system status is declared for computer resources relating to South Indian Bank's Core Banking Solution, Unified Payments Interface Switch, and associated dependencies. South Indian Bank may identify authorised persons through written orders, including designated employees, need-based managed-service-provider personnel and third-party vendors, and consultants, regulators, government officials, auditors and stakeholders on a case-by-case basis. The designation takes effect upon publication in the Official Gazette.

Look Out Circulars restricting a guarantor's foreign travel engage the constitutional protection of personal liberty. Such coercive action ordinarily relates to cognizable offences; the exceptional power to restrain departure for detriment to India's economic interests requires higher gravity and a significant national economic impact. It cannot be used routinely for business loan defaults or ordinary recovery claims. A guarantor who lacked prior knowledge of the alleged fraud and was not accused in the related criminal proceedings did not meet that threshold. The Look Out Circular was therefore unsustainable and quashed.

Under section 69B of the Information Technology Act, 2000, the Central Government authorises CERT-In to monitor and collect traffic data or information relating to any computer resource, including information generated, transmitted, received or stored therein. The authority supports cyber security through identification, analysis and prevention of intrusions and the spread of computer contaminants.

Within International Financial Services Centres, the prior 2022 registration frameworks for assignments of receivables and factors cease to apply, and guidelines on factoring and forfaiting of receivables are repealed from commencement. Actions taken or purportedly taken before commencement under those earlier instruments are deemed to have been taken under the corresponding provisions of the 2024 regulations, preserving legal continuity.

Trade receivables assignments financed through a Trade Receivables Discounting System require the concerned TReDS, acting for the Factor, to file assignment and satisfaction particulars with the Central Registry within ten days. Delayed filing may be permitted for an additional period not exceeding ten days on an application stating reasons for delay and payment of the prescribed fee. Registration forms for assignments or satisfaction upon realisation must be accompanied by the applicable fee.

Factors may undertake factoring business directly with an assignor or through an ITFS, subject to applicable law and regulatory directions. Entities other than Factors may undertake factoring only through an ITFS if they meet prescribed eligibility criteria. Both Factors and eligible non-Factor entities must furnish operational information to the Authority in the manner, intervals, and form specified by it.

Factoring business in an International Financial Services Centre requires a Factor, unless statutorily exempt, to apply for a certificate of registration. Eligibility requires Finance Company registration, relevant factoring experience, adequate or proposed infrastructure and manpower, fit and proper status, financial soundness, and no judicial proceedings for breach of law. Earlier factoring certificates are deemed granted under these regulations, and registered Factors must commence business within six months of registration.

Regulation 3 defines terms governing registration of Factors and assignments of receivables, including Factor, Finance Company, Central Registrar, Central Registry, International Financial Services Centre, International Trade Financing Services platform and Trade Receivables Discounting System. Key managerial personnel follows the Companies Act meaning, subject to additional persons designated by a Factor. Relevant Person includes key managerial personnel and persons exercising control over the Factor. Undefined expressions adopt their meanings under the specified governing enactments and related rules or regulations.

Factor registration and assignment-of-receivables filing cover the grant of certificates of registration to Factors and filing of transaction particulars with the Central Registry. A Trade Receivable Discounting System (TReDS) files such particulars on behalf of Factors under the prescribed statutory mechanism.

Registration of factors and assignments of receivables within the International Financial Services Centres Authority regime is addressed through the International Financial Services Centres Authority (Registration of Factors and Registration of Assignment of Receivables) Regulations, 2024. Statutory authority derives from the International Financial Services Centres Authority Act, 2019, and the Factoring Regulation Act, 2011. Commencement is fixed as the date of publication in the Official Gazette.

KRAs must protect Client interests, maintain integrity and due diligence, provide timely grievance redressal, and preserve confidential Client information except where disclosure is legally required. They must maintain internal controls and operational capability to protect Clients against fraud and misconduct, ensure effective compliance and corporate governance, and use automated validation mechanisms to ensure data accuracy. KRAs must not engage in false-market creation, price rigging, market manipulation, sharing unpublished price-sensitive information, or fraudulent manipulation of Client KYC processes.

Implementation of KYC Registration Agency regulations may be supported by norms, procedures, processes and additional requirements specified by the Authority through circulars, guidelines or directions, including matters incidental to implementation.

The Authority may relax strict enforcement of KYC Registration Agency requirements to support development of the IFSC financial services market, provided written reasons are recorded. Applicants must provide details and grounds for relaxation and pay the prescribed non-refundable fee. Complete applications, including responses to clarifications, must be processed within thirty days, with reasons recorded for acceptance or refusal.