After the government sought Parliament's nod for a second batch of supplementary demand for grants that will cause a hit of Rs 2.99 trillion to the exchequer, doubts suddenly arose about the government's ability to meet the Budget projections of reining in its fiscal deficit at 6.8 per cent of gross domestic product (GDP), or Rs 15.06 trillion, for the current financial year. Till now, many were of the opinion that the government would succeed in checking the deficit at a much lower figure than what was given in the Budget Estimates (BE). The government had sought Parliament's approval to spend Rs 3.74 trillion extra, but Rs 74,517.01 crore will be matched by equal savings on other heads.
Such products in insurance parlance are called acturial-funded products. The ban would require Aviva Life Insurance to withdraw all its 14 ULIP products, while Bajaj Allianz one of its ULIPs called Capital Unit Gain.
Mired in corruption, politics and with a history of suicides by its hapless depositors, PMC Bank's revival is a challenge very different from Yes Bank and LVB, both for the regulator and the rescuer, observes Tamal Bandyopadhyay.
Had Finance Minister Sitharaman thought a little more about the middle class, disadvantaged sections, and the poor who are struggling, it would have been an inclusive Budget that would have made history, notes Ramesh Menon.
The actual expenditure will only be marginally higher and hence, the multiplier effect will be muted.
Voicing concern over potential job losses in the United Kingdon, Azim Premji chief of IT major Wipro said a number of large British corporations, including HSBC, Royal and SunAlliance
'When you come through the hassles and struggles of business life, your mind is wired differently.' 'You are more connected to reality,' Akali Dal MP Naresh Gujral tells Rahul Jacob and Archis Mohan
Will the Financial Resolution and Deposit Insurance Bill endanger our bank deposits?
The industry needs stimuli to help revive consumer demand and conversions.
The presidential dreams that the veteran leader from Delaware had harboured since childhood seemed all but over for a third time until he won South Carolina's Democratic Party primary on February 29 last year, forcing most rivals out of the race and making one of the most dramatic comebacks in American political history.
Irda asks insurance companies to increase risk cover from July 1
Ulips are investment-cum-insurance instruments that are at the centre of the confrontation between the insurance and capital market regulators.
Cumulative sale at India's top six passenger vehicle (PV) makers dropped 0.7 per cent to 267,000 units, from 269,000 a year before.
Bank strike continued for day-two on Tuesday, led by nine unions of public sector banks (PSBs) in the country, opposing government's policy to privatise the lenders. Customers will be inconvenienced to get services such as cash withdrawals, deposits, cheque clearances, remittance services. Government transactions related to treasury as well as business transactions will also be impacted. United Forum of Bank Unions (UFBU), an umbrella body of nine unions, had given a strike call for March 15 and 16.
Modi said that violence, abuse and rude behaviour against frontline workers is not acceptable
Ola Electric's technology team is working hard to iron out the technical kinks that marred the electric vehicle company's hyped online sale of its electric scooters (e-scooters) - the S1 and the S1 Pro - on Wednesday, said company sources. The SoftBank-backed firm is facing technical difficulties in making the website live for the purchase of its e-scooters. According to company sources, the website couldn't go live as there were integration issues.
Bubbles can inflate indefinitely and also burst, with deep corrections, warns Devangshu Datta.
Top officials said asking employees other than the fund management team to mandatorily invest a fifth of their salary goes against the principle of natural justice.
India's gold obsession needs a correction.
Of the nearly 4.6 crore people living as slaves globally, two-thirds, or 3.04 crore, are in the Asia-Pacific region, with the highest number in India.
For automakers, the festive season is about raking it in through ramped up sales and attractive consumer offers. However, despite the robust demand, what may spoil the party this year is a global shortage of semiconductors.
Securities Exchange Board of India chairman C B Bhave, and Insurance Regulatory Authority of India chief J Harinarayan had separate meetings with finance secretary Ashok Chawla on Monday over the ongoing tussle between the two regulators over equity-linked insurance schemes.
In UK, France and Germany, the president and CEO of Edelweiss Securities, anticipates votes incrementally in favour of local protection and de-globalisation.
Finance Minister Nirmala Sitharaman presents her fourth Budget in Lok Sabha on Tuesday.
If struggling with dealing with queues of people asking for new notes wasn't enough, banks are now facing the challenge of storing the old notes in their strong rooms.
Traditionally, most PSUs have been cash-rich, which added to their value. However, the government has been tapping regularly into their cash resources to boost revenue for the exchequer
The Securities and Exchange Board of India, the capital markets regulator, restrained 14 insurance entities from raising fresh money through Ulips - Unit Linked Insurance Products.
Use whole life term policies for legacy planning. By doing so, your annual outgo will come down and returns will improve, suggest Chirag Madia and Tinesh Bhasin.
While there's tax arbitrage advantage in ULIPs now, experts say investors should prefer mutual funds for long-term savings.
"We suspended the deal as a simple preventive measure, since there are complaints that could not be explained well by the complainant, so we opened a preliminary investigation last week," said Rosario, head of the Federal Comptroller General.
Instead of failing young Indians, the government should now focus laser-like on education, skilling, healthcare, and the environment, says Mihir S Sharma.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Individuals often postpone tax planning till the end of the financial year. As the deadline for showing proof of investments draws near, they invest randomly in any product that will help them save tax for that year. Later, they realise that it is not suited for them, so they abandon it. Tax planning should not be a standalone, one-off activity, but should be in sync with your overall financial plan, says Sanjay Kumar Singh.
Questions market regulator's showcause to insurers on conceptual, legal, structural grounds.
Seeking to further strengthen bilateral economic relations, Prime Minister Narendra Modi on Sunday said India and the US will "restart" discussions on the Social Security Agreement and resume talks on Bilateral Investment Treaty.
India improved its rank on six out of the 10 parameters relating to starting and doing business in a country.
'If you look at household hospitalisation compensation, then you will find only one-third is hospitalisation. Two-thirds is outpatient.' 'Even if you provide Rs 5 lakh coverage, people will still have a tough time.'
India's upbeat outlook contrasts with neighbouring China, where growth slipped to 6.7 in the first quarter
'Anything that couldn't be stolen they destroyed.' Saloni Dhumne and Atreya Raghavan speak to members of the Indian community in Durban -- the largest congregation of Indians outside India -- who were targeted in last month's horrific riots.
Aviva tries a new tool with Sachin Tendulkar to grab a bigger share of the life insurance market.
