Businesses will soon have to ensure that they hire transport companies with modern fleet. Non-life insurers plan to revise the terms of their cargo insurance policies, whereby they will not pay for claims for cargo damaged due to accidents caused by the vehicle not being roadworthy.
The revised conditions also specifically cover shipments through courier service providers – an area where the clauses were ambiguous so far.
Please refer to paragraph 2.3.1 of our Master circular UBD. PCB. MC. No.1/13.05.000 / 2009-10 dated July 1, 2009 on Exposure Norms and Statutory / Other restrictions. In terms of the circular, the total exposure of UCBs to real estate including individual housing loans and commercial real estate is restricted to 15% of the total deposit resources of a bank. In view of the requests made by a few banks and the federation, it is clarified as under:
To provide a push to infrastructure development, a committee under Housing Development Finance Corporation Chairman Deepak Parekh has suggested amending the rules to allow all insurance and pension funds to invest in the debt market.
It has endorsed the earlier idea of the Planning Commission to form a Rs 50,000-crore debt fund to finance infrastructure.
State governments stuck to their demands of higher threshold for central Goods and Services Tax and keeping local body taxes and electricity duty out of it, threatening the total implementation of what is touted as the biggest tax reform since independence.
The states are demanding dual rate of state-GST to safe-guard their interests, but opposed by the central government which favours a single rate structure for ease. These demands were part of the reply sent by the empowered committee of the state finance ministers.
India’s regional stock exchanges (RSE) are opposed to the recommendation of a committee formed by the Securities and Exchange Board of India (SEBI) to increase the net worth requirement for brokers, officials familiar with the matter have said.
The members of the Federation of Indian Stock Exchanges (FISE), representing 18 regional bourses Bangalore to discuss the issue and decided to approach SEBI against the recommendation.
The government constituted the Technical Advisory Group for Unique Projects (TAGUP) under the chairmanship of Nandan Nilekani to develop information technology (IT) infrastructure in five key areas, including the GST and the New Pension System (NPS).
Finance Minister Pranab Mukherjee, in his Budget speech for 2010-11, had announced setting up of TAGUP for an effective tax administration.
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