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Authority vide Circular No. IRDA/F&I/CIR/012/01/2010 dated 28.01.2010, has introduced Public Disclosures by Insurers, which is comprehensive and covers all the important aspects of an insurer.
The present policy of Government of India permits 100% Foreign Direct Investment (FDI) under Government route Le. with prior approval of Foreign Investment Promotion Board (FIPB) in the manufacture of Cigars & Cigarettes, subject to obtaining industrial license under the Industries (Development & Regulation) Act, 1951.
The government plans to tweak laws to facilitate seizure of assets from defaulting borrowers to help banks reduce non-performing assets, which are on the rise after the recent economic downturn.The finance ministry is expected to move a proposal before the cabinet suggesting changes in the Securitisation and Reconstruction Of Financial Assets and Enforcement of Security Interest (SARFAESI) Act.
The government plans to create a mechanism to facilitate coordination among various regulatory authorities and courts to speed up liquidation of sick companies. The ministry of corporate affairs looks to set up a special purpose vehicle (SPV) that will allow all authorities involved in the liquidation process to pool in data to a central repository, reducing procedural delays. It is already working on a simple exit scheme for sick firms that will be ready in less than a year.
Instruction No. 56, dated 7-5-2010. I am directed to say that pursuant to Notification dated 13th January, 2010 operationalising Section 20, 21 and 22 of the SEZ Act, 2005, Instruction No. 45 dated 30th November, 2009 stands withdrawn w.e.f. 13-1-10.
The Parliament today passed the Employees’ State Insurance (Amendment) Bill, 2009. The Employees’ State Insurance Scheme is a welfare scheme framed for workers covered under the Employees’ State Insurance Act, 1948 providing for medical benefits for the employees and their families and payment of benefits to the employees in cases of sickness, maternity and employment injury. The Scheme is applicable to power-using factories employing 10 or more persons and non-power using factories and certain other establishments employing 20 or more persons.
Foreign travellers can carry 50% more foreign exchange in cash than they could earlier. In a move towards further liberalisation of its foreign exchange policy, the Reserve Bank of India said it has increased the cash limit for foreign travel from $2,000 to $3,000 with immediate effect.
The Government has clarified vide Department of Personnel and Training OM No. 1/20/2009-IR dated 23rd June, 2009 that file notings, except file notings containing information exempt from disclosure under section 8 of the Act, can be disclosed. No decision has been taken to amend the Act to exclude file notings from disclosure.
I am directed to say that references have been received from various stake holders seeking clarification regarding whether employees of units in IT SEZ can work on need base basis from home or from a place outside the SEZ.
The Government is considering increasing the number of benches in BIFR, the quasi-judicial body that looks at revival of financially sick companies, Finance Minister Pranab Mukherjee said yesterday. Board of Industrial and Financial Reconstruction (BIFR) currently has only three benches, which is one of the reasons why revival or winding up cases get dragged for years.
