IRDA identifies 6 insurers to take over Sahara India Life Insurance
The Insurance Regulatory Authority of India (IRDA) has identified six insurance firms that can take over the business of Sahara India Life Insurance Co. Ltd after effectively winding up the company, a subsidiary of the Sahara Group. The administration of Sahara India Life was taken over by the Insurance Regulatory and Development Authority of India (IRDA) on 12 June and on 23 June, it asked the company to stop issuing new policies, the first time in its 18-year history that the regulator has taken such a step.
Source: Mint
Sebi seeks to ease norms for FPIs to shun P-Note route
The Securities and Exchange Board of India (Sebi) on Wednesday unveiled a discussion paper proposing to ease the entry norms for foreign portfolio investors (FPIs). The move is aimed at encouraging FPIs to invest directly in Indian markets without taking recourse to the so-called participatory notes (P-Notes).
Source: Mint
Oil block licensing: Open acreage replaces NELP as new policy regime
The government on Wednesday replaced the New Exploration and Licensing Policy with the Open Acreage Licensing (OAL) under the framework of Hydrocarbon Exploration and Licensing Policy (HELP). This replaces the controversial profit model in petroleum with a revenue share model. OAL will allow investors looking for exploring hydrocarbons to select blocks after studying the data available through the national data repository without waiting for a formal bid round from the government.
Source: Business Standards
Indian Railways earns Rs 1,407 crore via reserved ticket cancellation in FY17
The Indian Railways collected Rs 14.07 billion through cancellation of reserved tickets on the request of the commuters in FY 2016-17, registering a 25.29 per cent rise over previous year’s earning under this head. This information was revealed by the Centre for Railway Information Systems (CRIS), an autonomous organisation under the Ministry of Railways, in response to a query under the Right to Information (RTI) by activist Chandrashekhar Gaud.
Source: Economics Times
In World Bank meeting, India eyes top 25 ranking in ease of doing business
India has made a strong pitch to the World Bank seeking improvement in the country’s ranking on the ease of doing business from a poor 185 to among top 25. The Centre on Wednesday made its first presentation before a World Bank team and showcased how its procedures, cost of construction and time taken in approvals have improved manifold. In the ease of doing business rankings for construction permits for 2017, announced last year by the World Bank, India was ranked 185 among the 190.
Source: Economic Times
Businessman Vijay Mallya’s F1 team may drop India from Force India
Fugitive businessman Vijay Mallya-owned Force India Formula 1 team could be rebranded as ‘Force One’ after its top official Otmar Szafnauer hinted at a name change for the Silverstone-based outfit to attract more global sponsors. The tainted businessman, who is wanted in India for unpaid loans in connection with the defunct Kingfisher Airlines, himself had earlier said that he was considering a name change. The first possible step has been taken in that direction with motorsport.com possessing a document which reveals that sixes companies were registered to a London address on May 31 and June 6 under the Force One name. The only director of the companies listed is Thiruvannamalai Laskshimi Kanthan, a financial consultant and long-time associate of Mallya. Kanthan is also a Force India director.
Source: Financial Express
Air India to retired staff: Stop trashing carrier on social media, or lose retirement perks
Air India has threatened to discontinue post-retirement benefits for former employees who “tarnish the image of the company by posting negative remarks on social networking sites like Twitter, Facebook and WhatsApp, and also electronic and print media”. An office order issued on June 21 and signed by Executive Director (CA) Aruna Gopalakrishnan states: “It has been noticed in the recent past that few retired personnel of Air India are tarnishing the image of the company by posting negative remarks…”
Source: Indian Express
It’s official: Aadhar-PAN linking is a must from July 1
The Union government has made it mandatory to link the Aadhaar number with the permanent account number (PAN) of an individual with effect from July 1, 2017. Amending income tax rules and notifying the same, the government has made quoting of the 12-digit biometric Aadhaar or the enrolment ID a must at the time of application of PAN.
Source: The Hindu
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