Sunday, August 7, 2016

Unclaimed amount of Rs11,668 crore lying with insurance companies

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07 August 2016
Over a period when the S&P BSE Sensex and the NSE Nifty delivered an annualised return in excess of 16%, the stock price of Westlife Development tanked by over 50%. Westlife Development, through its subsidiary, is the master franchise of McDonalds in India.
CBDT (Central Board of Direct Taxes ) will soon come out with a set of 30 FAQs (frequently asked questions) based on the queries it has received from various stakeholders, including chartered accountants and industry chambers
Unclaimed amount of policyholders with insurance companies (both life insurance and non-life insurance) has reached around Rs11,668 crore as on 31 March 2016, Parliament was informed
The Union Cabinet approved the Motor Vehicle (Amendment) Bill 2016 that proposes hefty penalties for violation of traffic norms upto Rs10,000 fine for drunken driving and Rs2 lakh compensation for hit-and-run cases
The Insurance Regulatory and Development Authority of India (IRDAI) fined Shriram General Insurance Company Ltd Rs15 lakh for violating various norms, including using services of unlicensed entities, and giving unauthorised discounts in premium
There will soon be two new pension schemes from PFRDA (Pension Fund Regulatory and Development Authority) with aggressive and conservative options of investing up to 75% of funds in equity by subscribers.

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