IFRS 17 to be implemented from Jan 1st, 2023:IASB

International News       Mar 17, 2020

  London: Finally,the International Accounting Standards Board (Board) on Tuesday has decided that the effective date of the Standard will be deferred to annual reporting periods beginning on or after January 1st,2023. The Board also decided to extend the exemption currently in place for some insurers...

EPFO loweres interest rate on employee provident fund to 8.5%

Indian News       Mar 05, 2020

  New Delhi: Employees Provident Fund Organisation (EPFO) on Thursday lowered the interest rate on deposits to 8.50 per cent for the current financial year (FY20) from 8.65 per cent in 2018-19.   The lowering of interest rate would mean that salaried employees would earn lower returns...

Use of non-derivative financial instruments to insurance contracts with direct participation features now allowed:IASB

International News       Mar 02, 2020

  Singapore: The International Accounting Standards Board (or Board) met in London on 25th February to further discuss items related to the Exposure Draft (“ED”) Amendments to IFRS 17, published in June 2019.   The Board confirmed there would be no change to the level of aggregation...

Andhra Pradesh govt disburses pensions to 59 lakh people at their doorsteps

Indian News       Mar 01, 2020

  Amaravati: The Andhra Pradesh government on Sunday claimed to have set a new record by door-delivery of social security pension to 58.99 lakh poor people in the state.   As part of the YSR Pension Kanuka programme, the YSR Congress Party (YSRCP) government undertook the massive...

Punjab to reduce govt employees retirement age to 58 yrs

Indian News       Feb 28, 2020

Chandigarh: The retirement age of Punjab government employees will be reduced to 58 years from 60 years currently, a move intended to offer more employment opportunities to young people. The announcement in this regard was made by state Finance Minister Manpreet Singh Badal while presenting...

Supratim Bandhopadhyay, Chairman , PFRDA

PFRDA likely to add 10-12 new subscribers by fiscal-end: new Chairman

Indian News       Feb 26, 2020

New Delhi: Pension Fund Regulatory and Development Authority of India is expected to add around 10-12 lakh new subscribers to its two pension schemes in the current fiscal ending March, newly-appointed Chairman Supratim Bandhopadhyay said on Wednesday. By March-end, the pension fund regulator, which runs...

Bill Coen appointed chair of the IFRS Advisory Council

International News       Feb 11, 2020

  London: The Trustees of the IFRS Foundation have appointed Bill Coen as Chair of the IFRS Advisory Council, effective immediately.   The Advisory Council supports the Trustees by providing strategic advice. Coen has been appointed to chair the Council and consider how to improve its effectiveness.  ...

Govt mulls to amend PFRDA Act; to separate it from NPS Trust: FM Sitharaman

Indian News       Feb 01, 2020

New Delhi: Finance Minister Nirmala Sitharaman has proposed to make amendments for separation of government pension trust from the PFRDA to strengthen the pension fund regulatory body.   "Necessary amendments would be carried out in the Pension Fund Regulatory and Development Authority Act. It will also...

Insurers want higher FDI and more tax incentives in the Budget 2020

Indian News       Jan 22, 2020

  Mumbai:  In a bid to facilitate higher and faster growth, the domestic insurance industry wants union finance minister Nirmala Sitharaman to provide more tax incentives and higher foreign direct investment(FDI) in the forthcoming Budget,to be presented by her  on Feb 1,for  the sector   ``We request...

Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance

``Industry should focus on product innovations, especially in the pension space''

Interviews       Jan 14, 2020

  Govt has formed a high level panel under IRDA chairman SC Khuntia to bring about wide ranging fresh set of reforms in the Indian insurance sector? What are you suggestions to the panel on reforms required for the Indian insurance industry? IRDAI is constantly bringing...

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