The Insurance Regulatory and Development Authority (IRDA) has reported that every life insurance company registered under the IRDA (Registration of Indian Insurance Companies) Regulations, 2000, can transact life insurance business which includes ‘linked business’. After clearance from IRDA, the insurance companies must launch the products within three months from the date of clearance. The number of new products cleared by the IRDA during the financial year 2009-10 in respect of private insurance companies was 236.
32 banks have been given approval to provide mobile banking facility in the country by the Reserve Bank of India. 21 banks have started providing these services. Mobile banking is a secure application, which takes care of end-to-end encryption of data in transit to offer banking information and transactions. Customer is forced to change the activation code and mPIN sent to him at the time of registration. He is also driven to decide a password to log-in to the application. Customer also has a choice to change the mPIN, log-in password at any point of time.
Monetary Policy Measures Complement Finance Ministry’s Policies Aimed at Controlling Inflation and Promoting Sustainable Growth: FM. Finance Minister, Shri Pranab Mukherjee has welcomed the Monetary Policy 2010-11 announced today by the Reserve Bank of India. Finance Minister’s observations on Monetary Policy are as under:
Core Investment Companies :-Reserve Bank of India [RBI] has announced on 20 April 2010 a proposal to introduce a new regulatory framework for Non-Banking Financial Companies [NBFC] which are “Core Investment Companies” [CIC]. The announcement was made as part of Annual Monetary Policy for the year 2010-11.
Mr Lalit Modi has had a trail of failed ventures and defaults till four years back but has a lifestyle now that includes a private jet, a luxury yacht and a fleet of Mercedes S class and BMW cars all acquired in the last three years.’ Thus opens a highly confidential and explosive report by the income-tax department that has been in the possession of the government for six months now but formed the basis of any action only on Thursday evening after a raging controversy over secret ownerships and sweetheart deals in the Indian Premier League, or IPL, stalled both houses of Parliament.
Securities and Exchange Board of India [SEBI] has amended the instructions for filling applications for registration of a Foreign Institutional Investor [FII] and sub-account of FII. Applicants are now required to provide additional declarations and undertakings along with the application form for registration of FII / sub-account of FII.
The Monetary Policy for 2010-11 is set against a rather complex economic backdrop. Although the situation is more reassuring than it was a quarter ago, uncertainty about the shape and pace of global recovery persists. Private spending in advanced economies continues to be constrained and inflation remains generally subdued making it likely that fiscal and monetary stimuli in these economies will continue for an extended period.
Repo Rate :- It has been decided to increase the repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 5.0 per cent to 5.25 per cent with immediate effect. Reverse Repo Rate :- It has been decided to increase the reverse repo rate under the LAF by 25 basis points from 3.5 per cent to 3.75 per cent with immediate effect.
All eyes are now on S S N Moorthy. A quintessential tax sleuth, he is following the money trail in the Indian Premier League to establish the identity of franchisee owners. Moorthy stepped in to steer the Central Board of Direct Taxes (CBDT) in January last year, when the country was battling the worst-ever economic crisis after the global meltdown. The task of tax collection was daunting. With the economy showing distinct signs of recovery, the top tax administrator is confident of collecting every penny due from taxpayers this fiscal year.
The Anti-Corruption Bureau of CBI on Sunday searched the Chembur residence of Sumitra Banerji, additional commissioner of I-T, Thane, who was arrested along with her husband Subroto, on Saturday for allegedly accepting a bribe of Rs 1.5 crore from a builder.
