Author: inavatiq

Press Release: 2025-2026/2105, Dated: 13.02.2026

The Reserve Bank of India (RBI) has invited public comments on a draft circular proposing revised guidelines for the Lead Bank Scheme (LBS).
The proposed revisions aim to strengthen the effectiveness of the Scheme and improve coordination among stakeholders involved in financial inclusion and credit planning.

1. Objective of the Proposed Revisions

The draft circular seeks to:

• Refine and update the objectives of the Lead Bank Scheme
• Enhance clarity in institutional structure and functioning
• Strengthen coordination between banks, State Governments, and other stakeholders
• Improve monitoring and implementation of financial inclusion initiatives

2. Clarification of Structure and Institutional Framework

The draft guidelines propose clearer articulation of:

• Structure and composition of various committees and forums under the LBS
• Membership norms and participation of stakeholders
• Standardised agenda and meeting processes for effective functioning

This is intended to ensure uniformity and efficiency in implementation across states and districts.

3. Defined Roles and Responsibilities

The draft circular clearly delineates the roles and responsibilities of key functionaries under the Scheme, including:

• Lead Banks
• State Level Bankers’ Committees (SLBCs)
• Lead District Managers (LDMs)
• Participating banks and financial institutions

This clarity is expected to enhance accountability and coordination in credit planning and financial inclusion efforts.

4. Strengthening SLBCs and Lead District Manager Offices

The draft proposes specific measures to improve the functioning of:

4.1 State Level Bankers’ Committees (SLBCs)

• Strengthened coordination mechanisms
• More focused review of credit deployment and financial inclusion targets
• Improved monitoring and follow-up processes

4.2 Lead District Manager (LDM) Offices

• Enhanced operational support
• Clearer functional responsibilities
• Improved monitoring of district-level banking activities

5. Public Consultation

RBI has invited comments and suggestions from stakeholders and the public on the draft guidelines.

• Last date for submission of comments – 6 March 2026

Feedback received will be considered before finalisation of the revised framework.

6. Key Takeaway

The proposed revision of the Lead Bank Scheme guidelines seeks to modernise and strengthen institutional coordination for credit planning and financial inclusion by clarifying roles, improving governance structures, and enhancing the functioning of SLBCs and LDM offices.

Click Here To Read The Full Press Release

The post RBI Seeks Comments on Revised Lead Bank Scheme Guidelines appeared first on Taxmann Blog.

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Consultation Paper; Dated: 13.02.2026

The Securities and Exchange Board of India (SEBI) has released a consultation paper to review provisions relating to the base price and price bands for Exchange-Traded Funds (ETFs) on T-Day.

Stakeholders have been invited to provide comments on the proposed changes.

1. Background – Exchange-Traded Funds (ETFs)

An Exchange-Traded Fund (ETF) is a mutual fund scheme that:

• Invests in securities in the same proportion as an underlying index
• Has its units mandatorily listed and traded on stock exchanges
• Allows investors to buy and sell units on the exchange platform like equity shares

The pricing framework for ETFs plays a critical role in ensuring market efficiency and investor protection.

2. Proposal to Review Base Price Determination on T-Day

SEBI has proposed revising the mechanism for determining the base price on T-Day (trading day).

The base price may be determined using any of the following methods:

1. Closing price of ETF on T-1 day – Based on the weighted average traded price of the last 30 minutes
2. Average iNAV of the last 30 minutes on T-1 day – iNAV refers to the indicative Net Asset Value of the ETF
3. Closing NAV of the ETF on T-1 day

These alternatives aim to provide flexibility and ensure more accurate price discovery.

3. Objective of the Proposed Changes

The review seeks to:

• Improve price discovery mechanisms for ETFs
• Align trading price with underlying asset value
• Reduce volatility and pricing anomalies
• Enhance investor protection and market efficiency

4. Public Consultation Timeline

SEBI has invited comments and suggestions from stakeholders on the consultation paper.

• Last date to submit comments – 6 March 2026

Feedback received will be considered before finalising the revised framework.

5. Key Takeaway

SEBI’s consultation proposes flexible methods for determining the base price of ETFs on T-Day to improve pricing accuracy and market stability, with stakeholder feedback invited before implementation.

Click Here To Read The Full Update

The post SEBI Issues Consultation Paper to Revamp ETF Base Price Calculation Norms appeared first on Taxmann Blog.

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Editorial Team – [2026] 183 taxmann.com 378 (Article)

World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week:

1. Brazil is Considering the Introduction of a New ‘Tax on Large Fortunes’

Brazil’s Chamber of Deputies is currently examining a draft bill proposing the introduction of a Tax on Large Fortunes (Imposto sobre Grandes Fortunas – IGF). As stated in the bill’s explanatory memorandum, although such a tax is already contemplated under the Federal Constitution, it has not yet been implemented through legislation.

Under the proposal, the tax would apply to individuals whose total net wealth exceeds BRL 10 million, determined as of 1 January each year, subject to specified valuation rules and permitted adjustments. Liability would extend to individuals domiciled in Brazil, individuals residing abroad who hold assets in Brazil, and the estates of individuals falling within the scope of the tax.

The proposed tax would be levied on a progressive basis at the following rates:

• 1% on net assets between BRL 10,000,000 and BRL 99,999,999.99
• 2% on net assets between BRL 100,000,000 and BRL 199,999,999.99
• 3% on net assets exceeding BRL 200,000,000

The proposal further provides that certain taxes paid in the preceding year on assets subject to the IGF may be credited against the tax liability, including rural property tax, urban property tax, and vehicle tax.

Any IGF liability would be payable by the last business day of April each year. As currently drafted, the legislation would take effect on 1 January of the year following its enactment and publication in the Official Gazette.

Source – Draft Bill

2. IRS expands ‘Tax Pro Account’ to Strengthen Support for Tax Professional Businesses

The U.S. Internal Revenue Service (IRS) has announced a further expansion of the Tax Pro Account platform to strengthen support for tax professional businesses. The latest release advances the IRS’s ongoing initiatives to enhance digital services, reduce reliance on paper-based processes, and improve service delivery for taxpayers and tax professionals.

“Tax Pro account” is an IRS online account for tax professionals (such as CPAs, Enrolled Agents, and tax preparers) to manage client-related tax work online.

Tax Pro Account has expanded by introducing business-level digital capabilities for tax professionals operating within tax-preparation firms, accounting practices, and other professional organisations.

The latest enhancements provide tax professional businesses with improved visibility and administrative control over their Centralised Authorisation File (CAF) relationships. These upgrades help organisations serving large taxpayer bases manage authorisations more efficiently and reduce reliance on paper-based processes. The update also lays the groundwork for future digital expansions to support tax professionals. Sole proprietorships and businesses that do not utilise CAF systems remain unaffected by this change.

IRS CEO Frank J. Bisignano stated,

“This taxpayer-friendly enhancement improves how tax professional businesses serve their clients. It reflects the IRS’s continued investment in technology that reduces paper submissions, streamlines taxpayer interactions, and expands access to self-service digital tools.”

Key Features Introduced in This Release

Under the latest update, designated business representatives can now:

• Manage business CAF access, including determining which employees are authorised to act under the business CAF.
• Link the business CAF number to the company’s Employer Identification Number (EIN) through the Tax Pro Account.
• Access taxpayer information associated with the business CAF within the scope of valid authorisations.
• View and withdraw active authorisations on behalf of the tax professional business.

Building on enhancements introduced in 2023 and 2024, which expanded digital authorisation management and enabled professionals to act on behalf of individual clients, the current release extends Tax Pro Account functionality beyond sole practitioners to include tax professionals operating within business entities that use business CAF numbers.

About Tax Pro Account

Launched in July 2021, the Tax Pro Account offers individual tax professionals a secure and user-friendly digital platform enabling them to:

• Manage authorisation relationships with taxpayers.
• Request or link individual CAF numbers.
• View taxpayer information, including outstanding balances, payment history, and audit status.
• Make payments or establish payment plans on behalf of individual taxpayers.

Source – IRS.Gov

Click Here To Read The Full Article

The post [World Tax News] Brazil is Considering the Introduction of a New Tax on Large Fortunes and More appeared first on Taxmann Blog.

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Case Details: Vivek Verma vs. State of Gujarat - [2026] 182 taxmann.com 884 (Gujarat)

Judiciary and Counsel Details

• A.S. Supehia & Pranav Trivedi, JJ.
• Ms Vaibhavi K Parikh for the Petitioner.
• Ms Pooja Ashar, AGP for the Respondent.

Facts of the Case

The petitioner, a cotton yarn trader, arranged transportation of goods but the vehicle was diverted due to traffic and intercepted by authorities, the driver produced the invoice, e-invoice, transport receipt, and e-way bills, and detention proceedings were initiated by issuing MOV-1 and MOV-2, with verification confirming that the documents tallied with the invoices, yet the proper officer issued MOV-4 and MOV-6 and, without determining penalty during detention, proceeded directly to confiscation by issuing MOV-10 and MOV-11, prompting the petitioner to challenge the action by writ. The matter was accordingly placed before the High Court.

High Court Held

The High Court held that when a statutory appellate remedy is available under Section 107 of the CGST Act, the writ petition ought not to be entertained in the absence of exceptional circumstances. The Court observed that the grievance raised pertained to the propriety of invoking confiscation proceedings under Section 130 and the alleged non-compliance with procedural requirements. It was held that the determination of whether issuance of MOV-10 and MOV-11 without prior penalty determination was justified. Accordingly, without expressing any view on the merits of the controversy, the petition was disposed, with all contentions kept open for consideration and decision on merits by the appellate authority.

The post Assessee Must File Appeal Against Direct GST Confiscation | HC appeared first on Taxmann Blog.

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Press Release no. 2025-2026/2099; Dated: 12.02.2026

The Reserve Bank of India (RBI) has issued draft amendment directions on the Conduct of Regulated Entities (REs) in Recovery of Loans and Engagement of Recovery Agents.

The draft seeks to strengthen governance, transparency, and customer protection in loan recovery practices adopted by banks.

1. Mandatory Board-Approved Policy on Recovery and Engagement of Recovery Agents

Under the draft directions, banks must put in place a comprehensive policy covering:

• Recovery of loans
• Engagement of recovery agents
• Taking possession of security

The policy must be structured, documented, and aligned with RBI’s regulatory expectations.

2. Coverage of Policy Framework

The policy is required to address the following key aspects:

2.1 Eligibility and Due Diligence of Recovery Agents

• Criteria for selection and engagement
• Due diligence requirements prior to empanelment
• Verification of antecedents of recovery agents and their employees
• Ongoing verification at defined periodic intervals

2.2 Scope of Activities and Code of Conduct

• Clearly defined permitted activities of recovery agents
• A formal Code of Conduct for recovery agents and their employees
• Behavioural and ethical standards to prevent harassment or misconduct

2.3 Performance Monitoring and Control Mechanisms

• Performance evaluation standards for recovery agents
• Inspection and audit mechanisms
• Internal control systems to ensure compliance with statutory and regulatory requirements

2.4 Non-Compliance and Penal Measures

• Procedures to be followed in case of violations
• Penal actions against non-compliant recovery agents
• Suspension or termination protocols

3. Recovery in Case of Death of Borrower or Guarantor

The draft directions specifically address procedures for:

• Recovery of dues upon the death of borrowers or guarantors
• Appropriate and sensitive handling of such cases
• Compliance with legal and regulatory provisions

This aims to ensure fair and respectful treatment of legal heirs and stakeholders.

4. Due Diligence and Verification Requirements

Banks engaging recovery agents must:

• Establish a robust due diligence process in line with RBI instructions
• Ensure recovery agencies verify antecedents of:

1. 1. Their representatives
   2. Employees involved in recovery

Verification must be conducted:

• At the pre-engagement stage, and
• On an ongoing periodic basis

5. Borrower Engagement and Early Identification of Stress

Banks are also required to:

• Establish mechanisms to identify borrowers facing repayment difficulties
• Engage proactively with such borrowers
• Provide guidance on available resolution or recourse options

This reflects a shift toward customer-centric and resolution-oriented recovery practices.

6. Regulatory Objective

The draft directions aim to:

• Ensure ethical and compliant recovery practices
• Strengthen oversight over recovery agents
• Prevent coercive or unfair recovery methods
• Promote early borrower engagement and resolution
• Enhance consumer protection and trust in the banking system

7. Key Takeaway

The proposed framework will require banks to adopt a structured, policy-driven approach to loan recovery and engagement of recovery agents, with strong due diligence, monitoring, borrower protection measures, and clearly defined conduct standards.

Click Here To Read The Full Press Release

The post RBI Proposes Stricter Norms for Loan Recovery and Recovery Agents appeared first on Taxmann Blog.

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Cir No.IRDAI/F&I/CIR/INV/28/2/2026; Dated: 12.02.2026

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a clarification regarding investments by insurers in Alternative Investment Funds (AIFs) to ensure compliance with statutory restrictions on overseas investments.

The clarification outlines specific documentation and compliance requirements to prevent indirect overseas exposure through AIF structures.

1. Declaration by Insurers Citing Section 27E of the Insurance Act

Insurers investing in AIFs must provide a formal declaration stating:

• Their inability to participate in overseas investments of the AIF
• Such restriction arises under Section 27E of the Insurance Act, 1938

This declaration formally records the regulatory limitation applicable to insurers’ investment portfolios.

2. Mandatory Clause in Private Placement Memorandum (PPM)

The AIF’s Private Placement Memorandum (PPM) must include a specific clause stating that:

• Capital received from the insurer (including proceeds)
• Shall not be drawn down, utilised, or pledged
• For any investment outside India

This clause ensures ring-fencing of insurer funds within domestic investments.

3. Certification by Statutory Auditors of AIF

The statutory auditors of the AIF are required to confirm that:

• Capital contributed by the insurer
• Has not been invested outside India

This certification strengthens independent verification of compliance.

4. Compliance Certificate from AIF

Insurers must obtain a compliance certificate from the AIF confirming that:

• All overseas investments of the AIF have been disclosed to the insurer
• Excusal rights relating to overseas investments were validly invoked for the insurer
• No costs or expenses related to overseas assets were charged to the insurer

This ensures transparency and protects insurers from indirect exposure to overseas investments.

5. Regulatory Objective

The clarification aims to:

• Ensure compliance with statutory investment restrictions applicable to insurers
• Prevent indirect overseas exposure through pooled investment vehicles
• Strengthen transparency and accountability in AIF structures
• Enhance monitoring of insurer investments

6. Key Takeaway

Insurers investing in AIFs must ensure strict segregation of their funds from overseas investments through formal declarations, PPM safeguards, auditor confirmations, and compliance certificates, in line with IRDAI’s clarified regulatory framework

Click Here To Read The Full Circular

The post IRDAI Clarifies Norms for Insurer Investments in AIFs appeared first on Taxmann Blog.

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Case Details: Deputy Commissioner of Income-tax vs. Corteva Agriscience Services India (P.) Ltd. – [2026] 183 taxmann.com 134 (Hyderabad-Trib.)

Judiciary and Counsel Details

• Vijay Pal Rao, Vice President & Manjunatha G., Accountant Member
• Dr Sachin Kumar, Sr. AR for the Appellant.
• Rohit Mittal & Sandeep Bansal, CAs for the Respondent.

Facts of the Case

The assessee-company, engaged in providing administrative support services to ”Corteva Group”, pursuant to its business transfer agreement, transferred one of its business undertakings along with certain employees on a slump sale basis to ”P” and filed its return of income claiming deduction towards leave encashment and bonus payment under section 43B on the ground that the liability arising out of provisions made for the financial year 2018-19 had been paid on 1-4-2019, which was on or before the due date for filing the return of income under section 139(1).

The Assessing Officer (AO) disallowed the claim because the assessee had not proved the actual payment of said liabilities on or before the due date prescribed under section 139(1). The CIT(A) deleted the additions made by the AO towards the disallowance of liabilities under Section 43B. Aggrieved by the order, the AO filed an appeal before the Tribunal.

ITAT Held

The Tribunal held that there is no concept of deemed payment of liability referred to under section 43B for claiming a deduction towards said liability while computing the income from business or profession. A person cannot, by contract, transfer or shift his statutory obligations to another and claim a deduction under section 43B. In order to claim a deduction under Section 43B, there should be actual payment of liability as stipulated thereon, and such payment, if made on or before the due date for filing the return of income under Section 139(1) in terms of the proviso to Section 43B, is allowable as a deduction.

In the present case, the assessee transferred the liability related to leave encashment, bonus payment of employees to the transferee undertaking and claimed that, upon transfer of said liability, the liability payable to the employees has been discharged by invoking a deeming fiction even though there is no provision under the Act, including section 43B of the Act, for deeming payment.

Whether the transferee entity has paid the employees and claimed deduction towards the said liability while computing income from business or profession is not relevant to decide whether the assessee can claim deduction for the said liability under Section 43B of the Act. The assessee cannot claim a deduction towards the said liability under section 43B of the Act while computing income from business and profession.

List of Cases Reviewed

• Union of India v. Exide Industries Limited [2020] 116 taxmann.com 378 (SC)/[2020] 273 Taxman 189/[2020] 425 ITR 1 (SC)
• Pembril Engineering Private Limited v. DCIT [2015] 61 taxmann.com 222 (Mumbai)/[2015] 155 ITD 72 (Mumbai) (para 15) followed
• M.M. Aqua Technologies Ltd. v. CIT [2021] 129 taxmann.com 145 (SC)/[2021] 282 Taxman 281 (SC)/[2021] 436 ITR 582 (SC)
• Frontier Information Tech Limited v. DCIT [2024] 169 taxmann.com 729/[2025] 303 Taxman 378/[2024] 478 ITR 637 (TELANGANA) (para 18) distinguished

List of Cases Referred to

• Collector, Land Acquisition v. MST. Katiji [1987] 167 ITR 471 (SC) (para 5)
• CIT v. ISRO Satellite Centre [2013] 35 taxmann.com 352/263 CTR 549/218 Taxman 74 (Karnataka) (para 5)
• Srimaan Industries Private Limited Vs. ITO [2022] 217 TTJ (Hyd) 120 (para 5)
• W.T. Suren & Co. Ltd. v. CIT [1998] 97 Taxman 126 (SC)/[1998] 230 ITR 643 (SC) (para 10)
• J.R. Diamonds Ltd. v. Asstt. CIT [1999] 70 ITD 42 (Mumbai) (para 10)
• M.M. Aqua Technologies Ltd. v. CIT [2021] 129 taxmann.com 145 (SC)/[2021] 282 Taxman 281 (SC)/[2021] 436 ITR 582 (SC) (para 10)
• Frontier Information Tech Ltd. v. Dy. CIT [2024] 169 taxmann.com 729 (TELANGANA)/[2025] 303 Taxman 378 (TELANGANA)/[2024] 478 ITR 637 (TELANGANA) (para 10)
• Sree Akilandeswari Mills (P.) Ltd. v. Dy. CIT [2006] 200 CTR 315/[2005] 274 ITR 1/145 Taxman 474 (Madras) (para 10)
• Peter Vaz v. CIT Central Circle, Bangalore [2021] 128 taxmann.com 180 (Bombay)/[2021] 281 Taxman 171 (Bombay)/[2021] 436 ITR 616 (Bombay) (para 11)
• Incredible India Projects (P.). Ltd. v. CIT [IT Appeal Nos. 604 and 605 (Hyd) of 2022, dated 14-11-2024] (para 11)
• Itek Packz v. ITO [IT Appeal No. 995 (Bang) of 2022, dated 28-12-2022] (para 12)
• Kalpesh Synthetics (P.) Ltd. v. Dy. CIT [2022] 137 taxmann.com 475/195 ITD 142/96 ITR(T) 690 (Mumbai – Trib.) (para 12)
• Vikas Goyal v. DCIT [IT Appeal No. 501 (Bang) of 2025,dated 6-12-2025] (para 12)
• Sanjay Kumar Sharma v. ITO [2025] 174 taxmann.com 592 (Chhattisgarh) (para 12)
• CIT v. GVK Industries Ltd. [2023] 147 taxmann.com 281 (Telangana) (para 12)
• Union of India v. Exide Industries Ltd. [2020] 116 taxmann.com 378 (SC)/[2020] 273 Taxman 189 (SC)/[2020] 425 ITR 1 (SC) (para 14)
• Pembril Engineering (P.) Ltd. v. Dy. CIT [2015] 61 taxmann.com 222 (Mumbai)/[2015] 155 ITD 72 (Mumbai) (para 14).

The post Section 43B Deduction Denied on Transferred Leave Encashment Liability | ITAT appeared first on Taxmann Blog.

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Press Release; Dated: 12.02.2026

The International Financial Services Centres Authority (IFSCA) has approved the draft IFSCA (Pension Fund) Regulations, 2026, proposing a comprehensive regulatory framework for long-term retirement savings and pension solutions within the IFSC ecosystem.

The draft framework aims to position IFSC as a competitive global hub for retirement and long-term savings products.

1. Introduction of Voluntary Pension Schemes

The proposed regulations enable:

• Voluntary pension schemes for individuals
• Eligibility for subscribers aged 18 years or above

The framework is designed to provide flexible, globally aligned retirement savings options for both domestic and international participants.

2. Flexible Investment and Lifecycle-Based Allocation

Subscribers will be allowed to:

• Choose their asset allocation based on risk appetite and financial goals
• Opt for lifecycle-based investment options where asset allocation:

1. 1. Adjusts automatically with age
   2. Gradually shifts toward lower-risk assets over time

This flexibility supports personalised retirement planning.

3. Dedicated Healthcare Benefit Option

A key innovation in the draft regulations is the introduction of a Healthcare Benefit Option.

3.1 Contribution Allocation

• Subscribers may allocate up to 10% of their contributions
• Into a separate healthcare sub-account

3.2 Key Features

• Investment in low-risk and highly liquid instruments
• Access to funds for:

1. 1. Medical emergencies
   2. Planned healthcare expenses

• At retirement, option to:

1. 1. Use the balance for health insurance purchase, or
   2. Roll over the balance into the main pension corpus

This feature integrates retirement and healthcare planning within a single framework.

4. Investment Framework for Pension Funds

Pension Fund Managers (PFMs) will be permitted to invest across diversified asset classes, including:

• Equities (domestic and foreign)
• Fixed income instruments
• Alternative assets
• Other permissible investment instruments

These investments will be subject to:

• Defined exposure limits
• Concentration norms
• Prudential risk management safeguards

5. Regulatory Objective

The proposed pension regulations aim to:

• Promote long-term retirement savings in IFSC
• Provide globally competitive pension products
• Encourage financial planning and healthcare preparedness
• Strengthen IFSC’s position as an international financial hub
• Ensure robust risk management and investor protection

6. Key Takeaway

The draft IFSCA (Pension Fund) Regulations, 2026 introduce a comprehensive and flexible retirement savings framework in IFSC, featuring voluntary participation, diversified investment options, lifecycle allocation, and an innovative healthcare benefit component to support holistic long-term financial security.

Click Here To Read The Full Press Release

The post IFSCA Draft Pension Fund Regulations 2026 for IFSC Retirement Framework appeared first on Taxmann Blog.

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Circular No. IRDAI/F&I/GDL/MISC/27/02/2026, Dated: 12.02.2026

The Insurance Regulatory and Development Authority of India (IRDAI) has issued revised guidelines governing the establishment and closure of liaison offices in India by insurance companies registered outside India.

The revised guidelines supersede earlier instructions and provide a comprehensive framework for regulatory oversight and compliance.

1. Eligibility and Application Requirements

The guidelines prescribe:

• Eligibility criteria for foreign insurance companies seeking to establish liaison offices in India
• Detailed application and approval process
• Documentation and disclosures required for obtaining regulatory approval

Approval from IRDAI is mandatory prior to commencing liaison office operations.

2. Permitted Activities of Liaison Offices

Liaison offices are permitted to undertake only limited and non-commercial activities, including:

• Representational and coordination functions
• Market research and information exchange
• Liaison with group entities and regulators

Such offices are not permitted to:

• Undertake insurance business
• Earn income in India
• Enter into underwriting or risk-bearing activities

3. Operational and Compliance Conditions

The revised framework specifies:

• Operational conditions governing the functioning of liaison offices
• Compliance requirements with applicable Indian laws and regulations
• Restrictions on activities beyond the approved scope

Liaison offices must operate strictly within the permitted framework.

4. Reporting and Record-Keeping Requirements

Foreign insurers operating liaison offices must:

• Maintain proper books of accounts and records in India
• Submit periodic reports to IRDAI
• Provide an annual activity certificate confirming compliance with permitted activities and conditions

These requirements strengthen regulatory monitoring and transparency.

5. Closure of Liaison Offices

The guidelines also prescribe procedures for:

• Voluntary closure of liaison offices
• Submission of closure application and documentation
• Settlement of all liabilities prior to closure
• Regulatory confirmation from IRDAI

6. Regulatory Objective

The revised guidelines aim to:

• Ensure clear regulatory oversight over foreign insurers’ presence in India
• Standardise approval and compliance processes
• Prevent unauthorised insurance activities
• Enhance transparency and accountability

7. Key Takeaway

Foreign insurance companies intending to establish liaison offices in India must comply with IRDAI’s revised comprehensive framework covering eligibility, permitted activities, reporting, compliance, and closure procedures, reinforcing regulatory supervision of cross-border insurance presence.

Click Here To Read The Full Circular

The post IRDAI Revises Guidelines for Liaison Offices of Overseas Insurers appeared first on Taxmann Blog.

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Notification no. G.S.R 119(E); Dated: 09.02.2026

Section 136 of the Occupational Safety, Health and Working Conditions Code, 2020 (OSH&WC Code), empowers the Central Government to make regulations relating to mines and dock work. Accordingly, the Central Government has notified the draft Occupational Safety, Health and Working Conditions (Dock Work) Central Regulations, 2026, prescribed under the OSH&WC Code. The draft regulations apply to all the major ports in India as defined in the Indian Port Act, 2025.

Objections and Suggestions can be submitted within 45 days from the date of publication in the Official Gazette. The key highlights of the draft Regulations are as follows:

• Qualifications of Chief Inspector-cum-Facilitator or Inspectors-cum-Facilitators – As per the draft regulations, the central government may, by notification in the official gazette, appoint persons as it thinks fit and possessing a degree in any branch of engineering or science from a recognised university or institute to be Chief inspector-cum-facilitator or inspector-cum-facilitator.
• Filing of Annual Returns by Establishments – As per the draft regulations, every employer of an establishment must send annually a return relating to such establishment in Form IX to the Inspector-cum-facilitator having jurisdiction by 31st January following the end of each calendar year.
• General Requirements Relating to Construction, Equipping and Maintenance for Safety of Working Places – The general requirements relating to construction, equipping and maintenance for the safety of working places on shore, ship, dock, structure and other places at which any dock work is carried on are as follows:

1. 1. The port authority, in the case of shore, and the master, in the case of a ship, must ensure that the maximum loads are not exceeded.
   2. Staircases in a warehouse or storage must be provided with a substantial handrail of 1 metre height and maintained. The protective handrail must be provided on the open sides of the staircase.
   3. Safe access to the deck cargo, hold ladders and any place of work must be ensured by securely installed steps or ladders.
   4. All areas of a dock must be kept properly drained and graded in order to facilitate safe access to sheds, warehouses and store places and safe handling of cargo and equipment.
   5. Cargo platforms must be made of sound material, substantially and firmly constructed, adequately supported and maintained in good working condition.
   6. Cargo platforms must not be overloaded.

• Efficient Lighting Requirements – The draft regulations require the port authority in case of a dock, wharf and master in case of ship to ensure that all areas on a dock and a ship where the dock work is carried out and all approaches to such areas and locations to which dockworkers are required to go during their employment, must be safely and efficiently lighted in an appropriate way.
• Providing and Maintaining Adequate Ventilation and Suitable Temperature in Every Building – As per the draft regulations, the port authority, in case of a dock, wharf, and master in case of ship, must ensure that all areas and buildings where goods are kept must be designed and constructed ensuring effective and suitable arrangements for securing and maintaining adequate ventilation through the circulation of fresh air and comfortable temperature.
• Fire and Explosion Prevention Measures – As per the draft regulations, the port authority must ensure that every place where dock workers are employed must be provided with sufficient and suitable fire-extinguishing equipment and an adequate water supply at ample pressure as per national standards. Further, fire-extinguishing equipment must be properly maintained and inspected at regular intervals, and a record must be maintained to that effect.
• Safety Measures for Dock Workers Onboard – Every employer of the dock worker must ensure the following safety measures for the dock workers working onboard:

1. 1. Weather forecasts must be regularly checked and monitored.
   2. Individuals with compromised health conditions must be forbidden from engaging in work aboard vessels.
   3. The master must ensure that preventive measures are in place to reduce the risk of persons falling overboard and systems are in place to raise the alarm and to begin recovery procedures immediately.
   4. Provision for the rescue from drowning of dock workers must be made and maintained. It must include the supply of life-saving appliances or other suitable rescue equipment, which must be kept in readiness and must be reasonably adequate for all circumstances.

• Measures Providing for the Handling of Dangerous Substances – The draft regulations require that before the unloading of any dangerous goods from any ship commences, the master or officer-in-charge and the agent of ship, intending to handle such goods, must furnish the employer of the dock workers, the Port authority, and the inspector-cum-facilitator with a declaration of dangerous goods at least 48 hours prior to the ship’s arrival.

Click Here To Read The Full Notification

The post Draft Dock Work Safety Regulations 2026 Issued Under OSH Code appeared first on Taxmann Blog.

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