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PM Modi extends free ration scheme for poor till November amid COVID-19 crisis
On the extension of the PMGKAY, he said it will cost the government Rs 90,000 crore more.Under the scheme, five kgs of wheat or rice and one kg of pulses per month will be given free of cost to the poor.
The scheme was initially rolled out for three months.
The government will spend a total of Rs 1.5 lakh crore on the scheme.
Covid-19 Pandemic:Tally rises to 5,66,840, general and health insurers receive 28,000 claims for Rs 445 crore
With 18,522 people testing positive for coronavirus in a single day, India’s COVID-19 tally climbed to 5,66,840 on Tuesday while the death toll rose to 16,893 with 418 new fatalities, according to the Union Health Ministry data.
Recording nearly 4,000 cases in the last 24 hours, Tamil Nadu has surpassed Delhi to regain the second spot among the list of worst-hit states by the pandemic, while Karnataka also recorded more than 1,100 overtaking Haryana and Andhra Pradesh.
IRDA likely to implement new Indian Accounting Standard in the insurance sector soon
In its recent board meeting the IRDA discussed, the status of implementation of the Ind AS in the insurance sector in India and had taken the following decisions on the matter of Ind AS.
-approval of implementation of Ind AS 109 and IFRS 17 equivalent in India simultaneously,along with other applicable Ind AS,
– re-visit existing regulations on preparation of financial statements,
– direct the insurers to discontinue submission of proforma Ind AS financial statements being filed effective quarter ending 31st December, 2016 and
-to decide on the date for implementation of all applicable Ind ASs after the finalization of IFRS 17 by IASB which is expected during mid 2020.
New India Assurance turns profitable in Q4 FY 2019-20,records a net profit of Rs 113 crore
The largest general insurer in the country has improved its combined ratio(CR) from 130.13 per cent in Q4 FY 2019-20 to 116.21 per cent during the reporting period,
The company’s underwriting losses,at Rs1,073 crore,has fallen by 42 per cent y-o-y in Q4 FY 2019-20.The incurred claim ratio(ICR) of the company has also improved to 90.97 in Q4 FY 2019-20 from 93.12 per cent in the year ago period.
The NIA’s expense management ratio has fallen from 30.19 per cent in Q4 2019-20 to 22.19 per cent in Q4 2019-20.
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