<s>[INST] Whether ICDS are applicable to banks, NBFCs, insurance companies, etc? [/INST] The CBDT, vide Circular No. 10/2017, dated 23-3-2017, has clarified that the general provisions of ICDS shall apply to all persons, including banks, NBFCs, insurance companies, etc., unless there are sector specific provisions contained in the ICDS or the Act. For example, ICDS-VIII (Securities) contains specific provisions for banks and certain financial institutions and Schedule I of the Act contains specific provisions for the Insurance business.​ </s>