Accordingly, the next accounting year will be a nine-month period which starts from July 2020 and ends on March 31, 2021. Thereafter, all the financial years will start from April every year, the RBI said on Saturday.
“The state of governance of the investee companies is an important aspect and insurance companies must ensure that investee companies maintain corporate governance standards at high level,” IRDAI said in its revised guidelines on stewardship code for insurers in India.
In a bid to boost flow of bank credit to productive sectors in a sluggish economy, the central bank also announced a cash reserve ratio (CRR) exemption on incremental retail loans in the automobile, housing and the micro, small and medium enterprises (MSME) sectors until July 31, 2020.
GIFT City would set up an international bullion exchange as an additional option for trade by global market participants, Finance Minister Nirmala Sitharaman said. The country’s only International Financial Services Centre (IFSC) is in GIFT City, near Ahmedabad in Gujarat.
The government move is expected to instill confidence among depositors as the proposal will increase the safety of the money deposited in banks. The bank deposits are insured under the Deposit Insurance and Credit Guarantee Corporation Act.
According to the Budget documents, an authorised dealer receiving an amount or an aggregate of amounts of Rs 7 lakh or more in a financial year for remittance out of India under the LRS of the Reserve Bank of India, will be liable to collect TCS, if he receives sum in excess of said amount from a buyer at the rate of five per cent.
The Insurance Regulatory and Development Authority of India had recently approved 33 proposals — out of 173 proposals it received — from various non-life insurance companies under the regulatory sandbox structure.
Tata AIG General made a complaint to Irdai against Unison lnsurance Broking Services alleging fraud in reinsurance placement pertaining to crop insurance, with a premium of around `300 crore in Rajasthan cluster for Kharif 2018 season.