It has been decided that the amounts received by a bank from the National Credit Guarantee Trustee Company Ltd towards claims in respect of guarantees invoked and held by them pending adjustment of the same towards the relative advances, need not be treated as outside liabilities for the purpose of computation of NDTL for CRR and SLR.
The DC notes that inspection notice was served on him on the 09.08.2021. However, Mr. Varun preferred not to respond to it despite more than one year has elapsed in-between. Furthermore, Mr. Varun has neither responded nor he preferred to be avail personal hearing to put his submissions in response to the SCN issued dated […]
CBDT notifies Ontario Limited as pension fund – section 10(23FE) vide Notification No. 114/2022-Income Tax | Dated: 13th October, 2022 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 114/2022-Income Tax | Dated: 13th October, 2022 S.O. 4872(E).—In exercise of powers conferred by sub-clause (iv) of clause (c) of […]
CBDT notifies jurisdiction of CIT(A) under Faceless Appeal Scheme, 2021 vide Notification No. 113/2022-Income Tax Dated: 13th October, 2022 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 113/2022-Income Tax Dated: 13th October, 2022 S.O. 4873(E).— In exercise of the powers conferred by sub-sections (1) and (2) of section 120 […]
Charge: Not complying with directions issued by Insurance Regulatory And Development Authority of India. Decision: The Insurer Max Life Insurance Co. Ltd has not complied with the directions issued by the Authority vide letters dated 28th January, 2021, and dated 5th February, 2016. Therefore, a penalty of Rs 1 crore (Rupees One Crore only) is […]
It is reiterated that all insurance products that cover newborns/unborns shall comply with the above referred provisions without any deviation and provide, coverage from day one(1) without imposing any waiting periods/sub-limits or any other restrictive conditions.
Insurance Regulatory and Development Authority of India Order No: IRDAI/LIFE/ORD/MISC/209 /10/2022 Date: 12-10-2022 Background 1. A focused onsite inspection of M/s. Pramerica Life Insurance Co. Ltd., (the Insurer) was conducted from 14th October 2019 to 18th October 2019 and inspection report was shared with the insurer for their comments vide letter dated 30th December 2019. Response of the […]
Considering the submissions of the insurer as above, the charge is not being pressed. The insurer is however, advised to strengthen the internal checks and balances to avoid re-occurrence of clerical errors going forward.
DC observes that the CIRP Regulations covers the complete expenses and fees of the IRP/ RP, and this fee is payable after ratification by the CoC. The approval by the CoC of the expenses incurred in the CIRP is a mechanism for keeping a check on the expenditures made by the IRP/ RP. In the […]
In order to facilitate testing of innovative products/services falling within the regulatory ambit of more than one financial sector regulators viz. RBI, SEBI, IRDAI, IFSCA and PFRDA, a Standard Operating Procedure (SOP) for IoRS has been prepared by the Inter-Regulatory Technical Group on FinTech (IRTG on FinTech). The Securities and Exchange Board of India today placed on its website the SOP for IoRS.
