The exemption of individual life and health insurance premiums from the Goods and Services Tax (GST) enables the insurance industry to make products affordable and attractive, said Ajay Seth, chairman of Insurance Regulatory and Development Authority of India (Irdai) at the Business Standard BFSI Insight Summit 2025.
'The government is putting insurance in the same category as food, which is essential for life.' 'Now this is an opportunity for the sector to focus on the consumer.'
'The kind of reach it has with so many bank branches even in the remotest part of the country, it is one channel which will play a very important role in vision of insurance for all.'
In today's dynamic economic landscape, commerce and management education is crucial for a global career, says Nayagam PP.
The latest passion of the Institute of Chartered Accountants of India (ICAI) is not selling blazers. Nor is it inauguration of residential courses. It is IFRS, IFRS and IFRS. Or International Financial Reporting Standards.
In Debasish Panda's last board meeting as chairperson of the Insurance Regulatory and Development Authority of India (Irdai), the regulator approved the "R2" licence for Kamlesh Goyal and Prem Watsa-backed Value Attics Reinsurance, making it the first private-sector Indian reinsurer after GIC Re, the public-sector reinsurer. "The authority reviewed and approved the R2 application of Value Attics Reinsurance, making it the first private-sector reinsurer after GIC Re, the public-sector reinsurer.
The corporate affairs ministry and the Institute of Chartered Accountants of India (ICAI) are confident of meeting the April 2011 deadline to shift to International Financial Reporting Standards (IFRS).
The Indian insurance industry is set to focus on customer-centric technological adoption and expansion into rural areas to drive growth in 2025.
Large Indian firms may have to adopt international accounting norms, IFRS, from the next fiscal when the new direct tax regime comes into effect, bringing clarity on the tax structure for companies.
The Institute of Cost and Works Accountants of India, the apex body to regulate the profession of cost accountants, is working out the impact of IFRS on costing principles. The ICWAI has taken this initiative at the behest of the International Federation of Accountants, the global organisation for the accountancy profession, which is for the first time addressing costing and has come out with guidelines on the impact of IFRS on costing principles.
According to the letter, Theodoridis cautioned against plans outlined in the King's Speech to give the new regulator the power to oversee clubs in England's top five leagues, saying the game's independence was a "fundamental requirement".
The US government has removed a regulation proposed by former president Donald Trump's administration that sought to narrow the definition of "specialty occupation" under the H-1B visa regime. The change comes as a relief for Indian information technology firms, which are among the largest users of such visas. "The Department of Homeland Security (DHS) has formally vacated a regulation that would have redefined the H-1B specialty occupation, restricted off site placement of H-1B employees, and otherwise increased employer compliance obligations. "The vacatur follows a federal court ruling that set aside the regulation because the agency did not have good cause to bypass notice and comment rulemaking, in violation of the Administrative Procedures Act," explained immigration law firm Fragomen.
The prime minister also pitched for respecting freedom of navigation against the backdrop of South China sea dispute.
'It is nice that the banking system is in good shape.' 'It is a little early to call it too good because I think it was too bad in the past.'
India on Thursday approved capital acquisition of a plethora of indigenously-developed military hardware including indigenous BrahMos missiles, marine diesel engine, artillery gun system, electronic warfare suits and utility helicopters at a cost of Rs 70,584 crore as part of a mega procurement plan.
Pranab Mukherjee inspected the fleet along with Prime Minister Narendra Modi from aboard the INS Sumitra.
The tech giant said it is unable to provide revenue outlook for FY 21 due to business uncertainty amid COVID-19 outbreak.
Eight investment banks including HSBC and India's ICICI Securities and SBI Capital have submitted bids to manage a 10-per cent stake divestment in state-owned Coal India.
The Eastern Naval Command is all geared up to host the International Fleet Review in the Bay of Bengal off Visakhpatnam coast which begins on Wednesday, a mega event that will witness participation from nearly 50 countries.
How rhetoric smuggles IFRS into India.
India's official COVID-19 tally on Wednesday was 4,18,480 (4.18 lakh), the third highest in the world after the US and Brazil.
With India set to adopt IFRS in 2011, a number of legal/regulatory issues need addressing for a smooth transition to the globally-followed accounting standard.
The country's largest software services firm Tata Consultancy Services on Monday opened the fourth-quarter earnings season with a stellar set of numbers, crossing the Rs 50,000 crore revenue mark for the first time and earning a net income of Rs 9,926 crore, registering a growth of 7.4 per cent year-on-year. The company said its revenue jumped 15.8 per cent to Rs 50,591 crore in the reporting quarter on an annualised basis. Many analysts were expecting the Tata group flagship to report over Rs 10,000 crore of net income and revenue to cross the Rs 50,000 crore mark this quarter.
Top financial professionals of India Inc are keen on converging to global accounting norms and want the present ones to be aligned with either the International Financial Reporting Standards or the US GAAP.
Helen Brand offers a CA's view on protectionism, money laundering and how India's implementation of Ind-AS will make it more attractive to investors.
The State Bank of India has proposed to the RBI to allow it to charge mark-to-market losses on its balance sheet.
Tata Consultancy Services, India's largest provider of information technology services, said quarterly profit rose 34 percent, beating analyst estimates, as the industry benefited from a record haul of new contracts.
'We are all in a tizzy about NBFCs in the aftermath of the IL&FS default.' 'We tend to jump to the notion that an NBFC is like a bank. But banks make a promise that deposits are liquid and have an assured return.' 'NBFCs make no such promises,' points out Ajay Shah.
Most of the large Indian IT services players, such as TCS, Infosys, Wipro, and HCL Tech, have signalled increased offshoring efforts and opting for local hires in the US, primarily to address the immigration-related challenges.
If the entire amount of Rs 24,000 crore is raised, then it would be the biggest fundraising exercise by any Indian company ever.
Banking and telecom will see the highest impact of this transition.
The latest roadmap for exempts banking, insurance and non-banking finance companies
The government has already notified 28 accounting standards for Indian corporates and would assess more standards for notification, an official release said. "The government would examine further accounting standards to be followed by companies, on the basis of the standards proposed by ICAI, subject to the recommendations of NACAS thereon, for notification in accordance with the procedure laid down under the Companies Act, 1956," it said.
London Stock Exchange is wooing Indian companies by relaxing the new accounting norms, which have been introduced recently by the European Union.
Financial numbers can sometimes paint a rosy picture because of changes in the accounting policy or a one-time income.
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
Shares of IT services major Wipro on Monday surged nearly 8 per cent after the company reported an 8 per cent growth in consolidated net profit in the December quarter.
'With the June quarter GDP shrinking by nearly a quarter, there is an even greater economic imperative: Reduction of uncertainty,' observes Neelkanth Mishra.
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