"29 November 2009" Archive

Life insurance policy and Protection to policyholders

The prospectus of any insurance product should state the scope of benefits, the extent of insurance cover and in an explicit manner explain the warranties, exceptions and conditions of the insurance cover and, whether the product is participating (with-profits) or non-participating (without-profits). The allowable rider or riders on the p...

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Posted Under: Finance |

Need for Life Insurance

Life Insurance provides risk cover which no other investment option offers. Following are the advantages of Life Insurance: It provides full protection against risk of death. Encourages and forces compulsory savings as the saved money cannot be withdrawn and premium has to be paid regularly. Provides loan to tie over a temporary difficult...

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Posted Under: Finance |

History of General Insurance, Reform in the sector, General Insurance Products, Non –Life Insurance companies and IRDA

Insurance probably made a beginning in the ancient land of Babylonia In the 18th century B.C., Babylonian king Hammurabi developed a code of law, known as the Code of Hammurabi, which codified many specific rules governing the practices of early risk-sharing activities. For instance, the code dictated that traders had to repay merchants w...

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Posted Under: Finance |

Mere Expression of Regret Cannot Be Interpreted As Admission Of Guilt

Justice KK Sasidharan, directing the reinstatement of three industrial workers dismissed from service 17 years ago, said: Admission (of guilt), to be used against the maker, should be clear, unambiguous, unequivocal and without any scope for two interpretations. It should lead to a clear conclusion of admission....

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Posted Under: Finance |

Compliance to be insured by ICAI election candidates , their authorised representatives and by members of ICAI

Compliance to be ensured by candidates, their authorised representatives/supporters/volunteers, in particular, and members of the institute, in general, within as well as outside the zero tolerance zone in relation to polling booths set up....

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Posted Under: Finance |

Whether the ITAT was correct in law in deleting the addition of interest income from FDRs amounting to Rs.6,85,624/- under the head “Income from Other Sources” by treating it as business income

CIT, Delhi Vs M/s. Mereena Creations (Delhi High Court)

In the present case the assessee had taken loans from the bank on which the interest was paid and as a security for those loans, FDRs in question were kept with the bank and, therefore, the assessee was entitled to the netting of interest for the interest income and expenses thereto. This is also categorically answered in Shri Ram Honda (...

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Procedure for seeking clarification on policy issues relating to SEZ Act and Rules from Department of Commerce

SEZ: Instruction No. 43 23/11/2009

Meetings of all Zonal Development Commissioners under the chairmanship of AS(SEZ) would be held after BOA meeting in the Department of Commerce to discuss and clarify policy matters which required further discussion. Therefore, if Zonal DCs need any clarifications on SEZ Policy issues, they may bring up such matters along with full detail...

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Guidelines for consideration of proposals for authorized operations by the BoA

SEZ: Instruction No. 42 18/11/2009

It has been noted that developers/co-developers have been seeking permission of the BoA for carrying out such authorized operations, which are already covered in the default list of authorized operations, the powers for which have already been delegated to the DC’s/UAC’s. This results in the waste of precious time of the BoA....

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Practical guide to documentation for audit ,peer review, Financial Review and other assurance services

The word “document” is used to refer to a written or printed paper that bears the original, official, or legal form of something and can be used to furnish decisive evidence or information. “Documentation” refers to the act or an instance of the supplying of documents or supporting references or records....

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Posted Under: Finance |

Internal Audit of treasury

A treasury can be : the part of a government which manages all money and revenue.the funds of a government or institution or individual.the government department responsible for collecting and managing and spending public revenues . depository (a room or building) where wealth and precious objects can be kept.he center of financial operat...

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Posted Under: Finance |

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