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Showing posts from November 16, 2016

IRDA may Allow Insurers to Raise Stake in Cos Beyond 15%

New Delhi: The Insurance Regulatory & Development Authority of India is open to insurers surpassing the 15% limit on equity holdings in a company under some conditions.

“In certain circumstances, certain companies will like to have higher exposure,” IRDAI chairman TS Vijayan told ET. “If someone wants higher exposure in a particular company, they will have to take specific permission of the authority.”

Vijayan added that such a provision is fair and follows the principles of good risk management. The move may allow Life Insurance Corporation of India (LIC), the country’s largest insurer, to participate in the government’s sale of shares in blue chip companies held by the Specified Undertaking of the Unit Trust of India (SUUTI).

Earlier this month, the government sold a 1.63% stake in Larsen & Toubro for ? 2,100 crore. LIC didn’t take part in the stake sale.

At present, LIC holds 16.04% stake in L&T,14.34% stake in ITC and 14.47% in Axis Bank.

“If the regulator permits, the insu…

Demonetisation: Banks say queues are getting shorter, but still a long wait for some

MUMBAI: A week on from Prime Minister Narendra Modi’s move to scrap Rs 500 and Rs 1000 notes to counter black money, counterfeiting and corruption, bank chiefs said the situation was easing although their optimism seemed to be belied by reports from around the country about long queues, shortages of Rs 100 notes and cash dispensers that worked sporadically, if at all. A bank holiday on Monday in the north and east exacerbated the situation on Tuesday.

Meanwhile, the Supreme Court declined to stay the measure but asked the government what it was doing to alleviate the misery of people stuck in lines or those who don’t have enough cash on hand for everyday expenses.

For its part, the government said those exchanging old notes for new would now be marked by indelible ink to prevent money laundering. Also, a high-powered group has been set up under the cabinet secretary to monitor the supply of essential goods in the wake of trade disruptions due to the shortage of currency notes.

Besides, a…

PM asks Opposition to support black money drive

Cracks surface in Opposition unity over demonetisation protests

Prime Minister Narendra Modi on Tuesday appealed to Opposition parties to support his drive against black money, like they had backed the goods and services tax (GST) Bill. 

The PM’s remarks came at an all-party meeting chaired by him a day ahead of Parliament’s winter session starting Wednesday, where the Opposition plans to corner the Centre over the hardships people are facing due to the demonetisation of ~500 and ~1,000 notes. 

“The PM also wanted Parliament to debate funding of political parties and holding simultaneous polls for state Assemblies and the Lok Sabha besides discussing all relevant issues,” parliamentary affairs minister Ananth Kumar said after the meeting. 

Differences between the Congress and Mamata Banerjee’s Trinamool Congress (TMC) showed up when the West Bengal Chief Minister said her party would lead a protest march from Parliament to  Rashtrapati Bhavan on Day 1 of the session itself. 

“There was a u…

UNION BUDGET TO BE PRESENTED ON FEB 1

The Union Budget 2017-18 will be presented on February 1. The inter-ministerial discussions for finalising the Revised Budget Estimates have been completed, said a government source,adding it would not be impacted by the government decision to demonetise Rs 500 and Rs 1,000 notes. The government has decided to advance the Budget process by a month to ensure it is completed before the start of the new financial year on April 1.

16TH NOVEMBER, 2016, THE BUSINESS STANDARD, NEW DELHI