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Showing posts from October 7, 2016

Ensure safety of policies with e-account

Raj Kumar Kohli, 61, a Delhibased government servant, has purchased multiple insurance policies over his lifetime. For some of his policies he still gets communications from the insurer, and he has managed to keep track of those. But, he suspects that he could have lost track of a few policies that he had purchased decades ago, and whose policy documents he has misplaced. Help is now at hand for policyholders like Kohli. From October 1, opening an e-insurance account has become compulsory for buyers of new policies. The insurer whom you are buying the policy from will facilitate the process of opening this account. Existing policyholders will have to initiate the process themselves. One advantage of opening this account will be convenience. After fulfilling KYC (know your customer) requirements, you will be able to store multiple insurance policies across segments at one place. Retrieving the policy at the time of lodging a claim will become easier. “Today, more than ~5,000 crore of matu…

FIIs face challenges in shifting to new regime

Foreign investors are facing compliance difficulties in moving from the foreign institutional investor (FII) to foreign portfolio investor (FPI) regime. The deadline to obtain an FPI licence ends in March 2017.

Existing FIIs are required to submit documents and undertakings to obtain the licence. Also, there are issues regarding taxation under the new regime, say industry experts. These are forcing certain FPIs to rethink about remaining invested in India, experts add.

“There are many inconsistencies yet and they (government) haven’t clarified issues that need to be addressed,” said Shardul Shroff, executive chairman, Shardul Amarchand Mangaldas.

Foreign investors are finding it difficult to complete the paperwork, which includes submitting constitutional documents, identity proofs, among others. The lengthy process of certification of original papers and the frequency of accepting documents by the Indian authorities is said to be asource of discomfort for foreign investors.

Legal experts… a fraudulent website: DIPP

The commerce ministry on Thursday said the website does not represent the copyright registration office of India. It was inviting applications for protection of various worksliterary, artistic, dramatic, musical, sound recordings - the ministry said. Business Standard New Delhi,07th October 2016

Fin Min to vet revised pay of govt staff

The Controller General of Accounts has instructed its officials to examine if revised salaries of government employees are in line with the award of the Seventh Pay Commission and recover any excess amount paid. The government has paid about Rs.56,000 crore as wage arrears. Business Standard New Delhi,07th October 2016

Siam seeks same GST rate for small cars,MUVs

The automobile industry’s apex body,Society of Indian Automobile Manufacturers (Siam), has sought a standard tax rate for small car sand multiutility vehicles(MUVs)incoming national goods and services tax(GST),while pressing for an additional eight percent tax on other cars. It has also suggested a minimumre laxation of eight per cent in taxes on electric/hybridoral ternatefuel cars.And,a standard rate on two-wheelers,three-wheelers and commercial vehicles.“For along time,there were only two rates of excise duties on passenger cars. In recent years,the bigger car rates have got fragmented and, today, we have four rates for passenger cars, excluding electric vehicles and hybrid electrics,for which lower rates are applicable. There is a need to look at the GST rate for automobiles sensitively,”Siamsaid. Currently, a small car attracts 12.5 percent excise duty. This should have a length of less than four metres and an engine capacity of less than 1,200cc for petrolorless than1,500ccforadies…