ORDER NO 1 /2012 – Service Tax -In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994 read with notification No. 48/2011-Service Tax dated 19th October 2011, Central Board of Excise and Customs hereby extends the date of submission of half yearly return for the period April 2011 to September 2011, from 6th January 2012 to 20th January 2012.
The IRDA had issued guidelines for pension products vide its circular dated November 8, 2011 and insurance companies were required to withdraw all insurance products which do not conform to the guidelines with effect from January 1, 2012. In accordance with this circular, insurance companies had filed 22 revised products as on date out of which 21 products were filed only in the month of December 2011 and of which the largest number were filed in the last week of December 2011. During examination of the products, certain insurers have sought clarifications and in that context, the IRDA issues clarification on clause (17) of the Circular dated November 8, 2011 as follows:
order No. IRDA/Nl/ORD/MPL/004/01/2012, dated 3-1-2012 In order to ensure that the setting up of declined risk insurance pool and matters connected to its operations, the Authority constitutes the Operational Committee with following members to oversee a smooth transition to the new system, operates in an efficient & effective manner, protect the interests of the policyholder address issues that may arise during the course of its functioning:
In accordance with the Order No Ref: IRDA/NL/ORD/MPL/046/03/2011, dated 12-03-2011, the Authority had appointed Government Actuary’s Department, UK to evaluate the liabilities of the Indian Motor Third Party Insurance Pool (IMTPIP) under the Insurance Act, 1938 in order to assess the adequacy of the reserves which are to be calculated as per the IRDA Regulations and in particular as per reference 2 cited.
ORDER NO 3/2011 – Service Tax, Dated: December 29, 2011 -In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994 read with notification No. 48/2011-Service Tax dated 19th October 2011, Central Board of Excise and Customs hereby extends the date of submission of half yearly return for the period April 2011 to September 2011, from 26th December 2011 to 6th January 2012.
ORDER NO. 203 OF 2011 The following postings and transfers of officers in the grade of Chief Commissioners/Director Generals of Income Tax are hereby ordered w.c.f. 01.01.2012 and until further orders:
ORDER NO. 202 OF 2011 The following officers in the grade of Commissioner/Director of Income Tax are hereby promoted to the grade of Chief Commissioner of income Tax (CCIT) in the Pay Scale of Rs. 67,000-79,000/- with effect from 01.01.2012 and actually from the date of assumption of charge of the post and until further orders:
In exercise of the powers vested under Section 14(2) of the IRDA Act, 1999, the Authority issues the following order reforming the Indian Motor Third Party Pool System. The Authority hereby orders the dismantling of the existing Indian Motor Third Party Pool with effect from 31.3.2012.
ORDER NO. IRDA/NL/ORD/MPL/277/12/2011, Independent review conducted by the Authority through various agencies has revealed that the current framework of the pool is severely affecting the financial viability of the general insurance sector due to alarming capital depletion in the sector. The analysis of the data also revealed huge inefficiencies in claim settlement by the companies reflected in the average claim ratio which differed by as much as 100%.
Central Board of Excise and Customs hereby specifies the following documents that are required to be submitted by the person who has made an application for registration under Rule 4(1) of the Rules ibid: (a) Copy of Permanent Account Number (PAN) (b) Proof of Residence (c) Constitution of the Applicant. (d) Power of Attorney in respect of authorised person (s).
