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New Income Tax Bill set to be tabled in Parliament next week
Before the Income Tax Bill was cleared by the Cabinet, people in...
Sebi mulls changes in secretarial compliance report format, auditors’ appointment norms for cos
In its consultation paper, Sebi has proposed changes to improve the...
RBI to focus on growth even as inflation breaches tolerance band
The annual retail inflation rate rose 6.30 per cent year-on-year in May, up from 4.29 per cent in April and sharply above analysts’ estimate of 5.30 per cent. The wholesale price inflation rate rose 12.94 per cent, its highest in at least two decades.
“There is a broad-based increase in CPI inflation but it still is not driven by demand and that gives the RBI some leeway. They will continue to wait and watch as a rate hike is out of question for now,” the first source said.
IRDAI looking for agency to manage its multi-media grievance redressal centre
The agency will be required to manage its IGCC by providing the state-of-the-art call centre solution based on IP Multimedia platform for seamless handling of channels (telephone calls, e-mails and letters) with unified administration and reporting as well as having the integrated components in a single platform, said the request for proposal (RFP) for IGCC Services.
Heavyweight bureaucrats to fight out for the IRDA chairmanship
Among the serving and retired IAS(Indian Administrative Service) officials who have applied for the top regulatory job of the Indian insurance industry are- B.V.R. Subrahmanyam(1987 batch ) who recently joined as secretary, Ministry of Commerce after serving as a chief secretary of Jammu and Kashmir(J&K) since 2018,Manoj Parida(1986 batch)), advisor to the administrator of Chandigarh, VP Joy(1987), chief secretary, Kerala, Chhabilendra Roul(1985), former secretary, Department of Fertilizers, Ministry of Fertilizers and Chemicals, Preeti Sudan, (1983-batch) who had retired as the union health secretary in July 2020.,Anup Wadhawan, who retired as the secretary, ministry of commerce in May end
China tells banks, insurers to prepare ‘living wills’ to deal with potential risks
Insurers with no less than 200 billion yuan of total on-book assets at home and abroad should also prepare such plans, it added.
Global insurance industry faces IFRS 17 costs estimated at $15 to $20 bn:Willis Towers Watson
Kamran Foroughi, Global IFRS 17 Advisory Leader at Willis Towers Watson, said: “This is an extraordinary figure that will naturally lead to many questions from Boards and investors.
“For many, significant improvements will also be required in business processes and finance operations to deliver IFRS 17 efficiently and link with other metrics. With smart investment and the right people, an insurer’s IFRS 17 programme has the potential to help deliver long-term annual savings to show against the daunting up-front costs.”
Labour codes : Companies’ PF liability to go up, workers’ take-home pay to shrink
The labour ministry had envisaged implementing the four codes on industrial relations, wages, social security and occupational health safety & working conditions from April 1, 2021. These four labour codes will rationalise 44 central labour laws.
The ministry had even finalised the rules under the four codes. But these could not be implemented because many states were not in a position to notify rules under these codes in their jurisdiction.
Twitter seeks more time from government to comply with new IT rules
The rules also require significant social media intermediaries — providing services primarily in the nature of messaging — to enable identification of the “first originator” of the information that undermines the sovereignty of India, the security of the state, or public order.
Under the rules, significant social media intermediaries — those with over 50 lakh users — are required to appoint a grievance officer, a nodal officer and a chief compliance officer. These personnel have to be residents in India.
China permits Ant Group to operate a consumer finance company
In December, the People’s Bank of China instructed Ant Group to develop a rectification plan, and in April, it approved a series of steps. One of those includes Ant Group becoming a financial holding company, which could mean the company becomes regulated more like a bank. While that has not yet happened, the creation and operation of a consumer finance company is a big first step for Ant Group to resolve its regulatory issue
Centre caps prices of oxygen concentrators
“NPPA has capped the trade Margin up to 70 per cent on price to distributor (PTD) level on oxygen concentrators,” the ministry said.
The order will be applicable up to November 30 this year, subject to review.The ministry further said that the manufacturers/importers not complying with the revised MRP after trade margin capping, will be liable to deposit the overcharged amount along with 15 per cent interest and penalty up to 100 per cent under the provisions of the Drugs (Prices Control) Order, 2013 read with Essential Commodities Act, 1955.
Aon to sell its U.S. Retirement Business to Aquiline and its Aon Retiree Health Exchange Business to Alight
Aon and Willis Towers Watson have previously announced the divestiture of Willis Re, a set of Willis Towers Watson corporate risk and broking and health and benefits services, and Aon’s retirement and investment business in Germany.