Plan and Policy

Plan & Policy

Insurers hike group health plan pricing

After bleeding for more than five years, insurance companies have started increasing the pricing of group health policies.
The industry believes that group insurance pricing will get fully rationalised in a couple of quarters.

LIC: Bumper equity crop, but bad loans rising too

Profits from equity investments for public sector behemoth Life Insurance Corporation of India (LIC) rose by 67 per cent to Rs 15,900 crore for the nine months of the current financial year ended December 2016. Profits from equity investments were Rs 9,500 crore in the nine months of the previous year.

Gold spot exchange likely by year-end, work on fast track

The process of setting up a spot gold exchange is likely to get accelerated soon and the necessary approvals are expected to come in any time. According to industry sources, the ball is set to roll once the new Sebi chief takes charge and the exchange will be operational before the end of the calendar year.

RBI to create system for FDI approvals

The Reserve Bank of India (RBI) is expected to formulate standard operating procedure (SOP) for approval of FDI proposals by ministries following the government decision to phase out the Foreign Investment Promotion Board (FIPB).
The proposal for setting up norms for foreign direct investment (FDI) approvals in sensitive sectors, which are currently under government approval of the FDI policy, was discussed at a recent inter-ministerial meeting. According to sources, several options came up for discussions at the meeting.

RupeePower turns profitable even as panic grips e-comm

In two quarters after buying back majority stake from Snapdeal, digital credit tech company RupeePower has become profitable. The firm, which was burning Rs one crore every month till May last year, now has an EBITDA margin of 15 per cent and is PBT positive.
In the past few months, the firm shed considerable flab, rightsizing by almost half. But most importantly, it stopped burning cash on customer acquisition for its consumer credit marketplace and started focusing on its technology platform for lenders.

Bank strike likely on Feb 28, may dent services

Banking services are at public sector banks are likely to get affected severely on Tuesday as most unions under the aegis of UFBU have threatened to go on strike to press for various demands, including accountability of top executives in view of mounting bad loans in the banking sector.
Most banks, including SBI, PNB and BoB, have informed their customers that functioning of branches and offices will be impacted if the strike takes off.

I-T to crack down on Rs 3L plus cash transactions

As part of the intensification of fight against graft and black money, the income tax (I-T) department has clarified that cash payment in excess of Rs 3 lakh would not be allowed against one bill even on different days, starting April 1. Such transactions would violate section 269ST of the Income Tax Act and attract penalties.
“Accepting Rs 3 lakh or more from same person in a day even against different bills would be a violation of the section 269ST. Even on different dates, cash payment of Rs 3 lakh or more against one bill is not allowed,” said an official.

HSBC discloses tax evasion probes

HSBC has disclosed that it is being probed by tax authorities in India and several other countries for allegedly abetting tax evasion of four Indians and their families. The global bank said its Swiss and Dubai units are also under probe in this connection.

ICICI Bank acquires over 13% stake in JPVL

Jaiprakash Power Ventures on Thursday said ICICI Bank has acquired its 81.44 crore shares under the strategic debt restructuring plan by its lenders.
"ICICI Bank Ltd has acquired 81,44,90,000 shares of Jaipraskash Power Ventures by conversion of debentures into equity," the company said.

Business firms on tax radar for sudden spurt in cash sales

Days after cracking down on shell companies, the tax department is now scanning the books of business firms showing sudden increase in cash sales post-demonetisation. Tax authorities hold that some of these firms may have camouflaged black money as business sales. To ascertain such cases, the Income Tax (I-T) Department would match sales during demonetisation period of November and December with those of previous months.