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ICICI Lombard gets approval to open IFSC unit

The offshore unit will enable ICICI Lombard to harness new opportunities in direct insurance and reinsurance areas by offering offshore direct insurance solutions, especially to domestic corporates and individuals located overseas, thus expanding its international business, the company said.

PF taxation: Rs 62,500 cr accumulated in EPF accounts of 1.23 lakh HNIs for FY19

The Budget 2021-22 has removed the tax exemption status to interest accrued on investments in employees provident fund (EPF) exceeding Rs 2.50 lakh per annum.

The sources in the revenue department said there are a total 4.5 crore contributors in the Employees’ Provident Fund Organisation (EPFO) account. Out of these, more than 1.23 lakh accounts are of the HNIs who contribute monthly huge sums to their EPF accounts.

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