Insurance experts said since it may be difficult to set a tariff or fixed rates for Covid-19 treatment, an indicative rate chart has been proposed.
Sources say the Mark Zuckerberg-led company wants to ensure there are no issues in its investment in the subsidiary of Reliance Industries and has roped in one of the Big Four consultancy firms to advise it on how the new "beneficial ownership" norms would apply to the proposed investment in Jio.
Other measures being considered include relatively stringent KYC norms and a separate standard operating procedure for approval, renewal, and fresh investment from India's neighbouring countries.
The ministry of home affairs has received more than 20 proposals for foreign direct investment (FDI), including from China and Hong Kong, requiring security clearance between April and May. 'We are vetting some of these proposals which have come from various sectors. One of the applications is from a well known start-up,' an official said. 'We await inputs from Research and Analysis Wing, intelligence agencies, external affairs ministry, and embassies.'
Sebi had recently put out an advertisement inviting applications for recruitment of two EDs on contractual or deputation basis for a three-year period and asked candidates to apply by July 17.
All costs relating to room, boarding, nursing expenses, medical consultation including telemedicine, consumables such as PPE kits and intensive care unit will be covered under the policy. It will also include the cost of treatment for any other co-morbidities, including pre-existing comorbid conditions along with the treatment for Covid-19.
Non-life insurers can sell both, benefit-based and indemnity-based short-term health covers.
Tax department feels that the second quarter would be much better than the first quarter of the year as the economy has started improving.
CBI has registered a case against general secretary of Mumbai BJP Mohit Kamboj, his jewellery manufacturing firm Avyaan Overseas, its directors, few mid-level bankers and others for alleged diversion of funds by availing fraudulent foreign bills negotiation limit and export packaging credit limit, issued by lender Bank of India between 2013 and 2018.
For new customers, the insurer has reduced the waiting period from 30 days to 15 for Covid-related claims with no increase in premium.
The new draft guidelines issued by IRDAI proposes a minimum sum assured of Rs 50,000 and a maximum of Rs 5 lakh. A General Insurance Council official said the guidelines were still being worked on and would only be finalised next week.
SBI is expected to mop up almost $202 million via the share sale.
The probe agency found irregularities in loans amounting Rs 3,642 crore sanctioned by Yes Bank to the travel firm.
Following suggestion from Minister for Roads Nitin Gadkari, Centre seeks ideas from IRDAI and General Insurance Council on feasibility of providing insurance cover for retrenchment.
Schemes among the six wound up by the fund house had given a loan of Rs 518 crore against non-convertible debentures to the firm in March 2019, according to ED's chargesheet.
Unlike other health insurance policies, which mostly covers hospitalisation expenses alone, the specialised cover is likely to include the cost of treatment during quarantine and payment of cash for incidental expenses.
With vehicular activity picking pace in May, toll collection also saw a huge uptick. Fastags posted an impressive jump of more above 400 per cent in transaction count at 55.17 million, and an over-300 per cent jump in value at Rs 1,142 crore.
The RBI is of the view that it cannot carry out satisfactory due diligence for granting registration because the funding is from a jurisdiction that has been identified by FATF as having weak measures to combat money laundering and terrorist financing.
This follows an investigation into alleged violations of foreign exchange rules involving foreign direct investment of Rs 85 crore and Rs 140 crore by JP Morgan India and Amrapali Group firms.
Proceeds of the crime had been siphoned off and laundered or concealed, or layered and integrated into the main financial system through the acquisition of properties. His wife Bindu Kapoor has been charged with being aware of the source of monies that were being routed through these companies.
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