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Indian billionaires more than doubled to 185,their total wealth almost tripled to $ 905.6 bn in last 10 yrs, says UBS report
From 2015 to 2020, billionaire wealth grew globally at an annual...
Sebi revamps investor charter to boost transparency, grievance redressal
The revamped charter aims to enable investors to better understand...
Lok Sabha passes bill to amend general insurance law without debate
As per the statement of objects and reasons of The General Insurance Business (Nationalisation) Amendment Bill, 2021, it seeks to remove the requirement that the central government should hold not less than 51 percent of the equity capital in a specified insurer.
It aimed at generating required resources from the Indian markets so that public sector general insurers can design innovative products.
Full functional autonomy for PSU general insurers not privatisation: Unions
On Friday, Sitharaman also said the private general insurers have greater penetration and raised more money from the market and therefore give a better premium for public and innovative covers. On the other hand, the government insurers are not able to perform as they are short of resources.
Responding to that Jha said: “In 2019-20 the four PSU general insurers issued about 7.33 crore policies. The numbers of last fiscal will be similar. One should compare this with the number of policies issued by the private players to calculate insurance penetration.”
Bengal finance minister Amit Mitra questioned the “anti-people policy” of privatising public sector insurance companies LIC and United India Insurance Company, urged her to stop the privatisation attempt that will jeopardise investments of crores of people.
Permanent solution needed to prevent recurring floods in Maha: CM
Chief Minister Uddhav Thackeray said the MVA government will come up with a ”holistic long-term plan” for all the flood-affected districts such as Satara, Sangli, Kolhapur, Raigad, Sindhudurg, and Ratnagiri to ensure the construction of roads, bridges etc.
He also said the state government will review the reports submitted by all the committees set up earlier, including of the Vadnere committee, to recommend measures to avoid floods.
479 infrastructure projects show cost overruns worth Rs 4.4 trillion
Out of 541 delayed projects, 109 projects have overall delay in the range of 1-12 months, 119 (13-24 months), 192 (25-26 months) and 121 projects (61 months and above).
The average time overrun in these 541 delayed projects is 45.76 months.
Reasons for time overruns as reported by various project implementing agencies include delay in land acquisition, delay in obtaining forest and environment clearances, and lack of infrastructure support and linkages.
GST collection of over Rs 1 lakh cr for July indicates economy recovering at fast pace, says Sitharaman
“With the easing out of Covid restrictions, GST collection for July 2021 has again crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fast pace. The robust GST revenues are likely to continue in the coming months too,” the Finance Ministry said.
RBI’s new rules on interchange fee, 24/7 bulk clearing facility functional
National Automated Clearing House (NACH) has been made available on all days of the week, effective August 1, 2021.
NACH, a bulk payment system operated by the National Payments Corporation of India (NPCI) facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension.
It also facilitates collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds and insurance premium.
Simplified patent, copyright registration helping India become an innovation hub: Piyush Goyal
The number of patents granted has gone up from 6,326 in 2015-16 to 28,391 in 2020-21, while Trade Marks registration has shot up from 65,045 in 2015-16 to 2,55,993 in 2020-21. Similarly, while 4,505 Copyrights were granted in 2015-16, a total of 16,402 were granted last fiscal, said the ministry.
Industry Minister Piyush Goyal reiterated the Government’s commitment to bolster the ecosystem of patents, design, trademarks, GI (Geographical Indication) systems; to encourage innovation, research and development in the country and bring newer inventions and knowledge from India’s heritage systems to a global platform.
Irish approves laws to make bankers and insurers more accountable
The new regime will apply to senior individuals in banks, insurance firms – excluding reinsurance companies – investment firms which are authorised to hold client monies or assets and third country branches of those categories.
The new laws will allow for additional fines and regulatory findings against individuals.
Rajnath Singh launches AI-based grievance analysis app
The Centralized Public Grievance Redress And Monitoring System is the platform based on web technology which primarily aims to enable submission of grievances by the aggrieved citizens from anywhere and anytime (24×7) basis to Ministries/Departments/Organisations who scrutinize and take action for speedy and favorable redress of these grievances.
Bill to amend general insurance law introduced in Lok Sabha
Finance Minister Nirmala Sitharaman said,“What we are trying to do in this is not to privatise. We are bringing some enabling provision so that the Government can bring in public, Indian citizens, and common people’s participation in the general insurance companies.”
As per the statement of objects and reasons of The General Insurance Business (Nationalisation) Amendment Bill, 2021, it seeks to remove the requirement that the central government holds not less than 51 per cent of the equity capital in a specified insurer.