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Modification Guidelines on Product Filing in Health Insurance Business

September 27, 2019 1326 Views 0 comment Print

Every Health Insurance product shall cover all Pre Existing Diseases disclosed by the persons to be insured immediately after the expiry of the forty-eight months waiting period or such lower period as stipulated in the product.

Conduct of assessment proceedings through ‘E-Proceeding’ facility

September 26, 2019 5199 Views 0 comment Print

In all cases (other than the cases covered under the `e-Assessment scheme, 2019′ notified by the Board), where assessment is to be framed under section 143(3) of the Act during the financial year 2019-20, it is hereby directed that such assessment proceedings shall be conducted electronically subject to exceptions in para below.

Time of supply when license for renting of immovable property expires but licensee continues to be in Possession of property

September 26, 2019 4923 Views 0 comment Print

In the scenario of the license for renting of immovable property has expired and not in force but the licensee continues to be in Possession and occupation of the immovable properties , in cases where there is a provision in contract for continued supply of service after expiry or termination of the contract, the Rent Claim Advice is issued by the applicant with the period prescribed in Section 31(5) and the Time of supply as determined by Section 13(2)(a), as the earliest of the date of issue of Rent Claim Advice by the supplier and the date of receipt of payment.

Client not bound by concession in law contrary to statutory rules made by his lawyer before a judicial authority

September 26, 2019 2895 Views 0 comment Print

Director of Elementary Education, Odisha & Ors. Vs Pramod Kumar Sahoo (Supreme Court) We have heard learned counsel for the parties and find that the distinction between Trained Matric Teacher and Untrained Matric Teacher has not been appreciated by the Tribunal and the same error was committed by the High Court as well. The concession […]

Circular on Group Life Insurance Products and other operational matters

September 26, 2019 8025 Views 0 comment Print

Though entry into or exit from the group may go on continuously, entry into the group insurance policy for individual members will be either from a well defined date such as the next anniversary of the policy or from the first of the following month or from a clearly identifiable event other than merely joining the group, subject to receipt of premium in time.

IRDA Circular on Benefit Illustration and other market conduct aspects

September 26, 2019 10635 Views 0 comment Print

Every Insurer carrying on life insurance business shall provide customised benefit illustrations to proposers or policyholders at the point of sale for all products, except those issued under IRDAI (Micro Insurance) Regulations, 2015, Guidelines on Point of Sales(POS) – Life Insurance Products, 2016 and IRDAI (Insurance services by Common Service Centres) Regulations, 2019 as amended from time to time.

Position Limits in Interest Rate Derivatives (IRD)

September 26, 2019 495 Views 0 comment Print

Based on the consultations held with stock exchanges, it has been decided to review the extant position limits in Interest Rate Derivatives as under: (i) Banks and Primary Dealers dealing as clients shall have same position limits as are applicable to Trading Members.

PMCB Bank Crisis: RBI increases cash withdrawal limit

September 26, 2019 936 Views 0 comment Print

Vide modified Directive dated September 26, 2019, it has been decided to allow the depositors to withdraw a sum not exceeding ₹10,000/- (Rupees Ten Thousand Only) (including ₹1,000/- wherever already withdrawn) of the total balance held in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI Directive dated September 23, 2019.

Roll out of facility to access e-assessment records

September 26, 2019 948 Views 0 comment Print

A new column named Assessment Proceedings is provided in List of Assigned Internal Audit Cases grid. Clicking on View hyperlink will open the closed Assessment Proceedings (that is the work item) screen in read-only mode (similar to Assessment Work item being opened from Assessment module Status Monitor screen).

Notification No. 49/2019-Customs (N.T./CAA/DRI), Dated : 26.09.2019

September 26, 2019 792 Views 0 comment Print

Appointment of CAA by DGRI | Corrigendum to Notification No. 48/2019-Customs (N.T./CAA/DRI) dated 23.09.2019 | Notification No. 51/2019-Customs (N.T./CAA/DRI) Dated 27th September, 2019. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Corrigendum Notification No. 49/2019-Customs (N.T./CAA/DRI) New Delhi, dated the 26th September, 2019 […]

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