Citizens' Issues
Former Odisha chief minister JB Patnaik dead
Three-time Odisha chief minister and former Assam governor Janaki Ballabh Patnaik died at Tirupati in Andhra Pradesh on Tuesday, said family sources.
 

Patnaik, 89, passed away at a private hospital at 3 a.m. 
 
Patnaik had arrived at Tirupati on Monday to attend the convocation of Tirupati Rashtriya Sanskruta University as the chief guest. 
 
Patnaik was the university's chancellor. 
 
Later, he was admitted in a hospital after he complained of severe chest pain, said Soumya Ranjan Patnaik, the former chief minister's son-in-law. 
 
Patnaik, a veteran Congress leader, is survived by his wife Jayanti Patnaik, son Pruthvi Ballav Patnaik and two daughters -- Sudatta Patnaik and Supriya Patnaik. 
 
The mortal remains of the late leader will be flown to Bhubaneswar by a special flight in the afternoon for cremation at Swargadwara in Puri. 
 
Patnaik had returned to Odisha in December last year after serving as governor of Assam.
 
He was born at Rameswar village in Khordha district on January 3, 1927. 
 
He was the chief minister of Odisha for two terms - from 1980 to 1989 and from 1995 to 1999 and from He was also the leader of opposition in Odisha assembly from 2004 to 2009.
 
The veteran Congress leader was also an eminent litterateur and journalist and has written several books. 
 
As a mark of respect, the Odisha government on Tuesday announced a state holiday and a seven-day state mourning. 
 
Odisha Chief Minister Naveen Patnaik, Governor S.C. Jamir, several ministers and many political leaders expressed their condolence. 
 
Prime Minister Narendra Modi also condoled Patnaik's death, saying the latter would be remembered as a "pillar of Odisha politics".
 
"Shri J.B. Patnaik's contribution to Odisha's development will always be remembered. Saddened on his demise. Condolences to his family," Modi said in a statement.
 
"Shri Patnaik will be remembered as a pillar of Odisha politics, a popular leader always connected with people's views and aspirations," the prime minister added.

 

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Government to launch two insurance schemes
The central government is expected to launch in May or June the two insurance schemes announced by Finance Minister Arun Jaitley, said a senior official in Insurance Regulatory and Development Authority of India (IRDAI).
 
He said IRDAI will soon come out with regulations governing the commission payable by the insurers and their management expenses.
 
The two schemes -- Pradhan Mantri Jeevan Jyoti Bima Yojana (life insurance policy) and Pradhan Mantri Suraksha Bima Yojana (personal accident policy) which are not government-subsidised programmes are expected to increase the insurance penetration in the country.
 
Speaking at an event organised by the Madras Management Association (MMA) here late Monday D.D.Singh, member (distribution) IRDAI said: "The two schemes are likely to be launched in May or June. Already some banks have started collecting enrolment forms."
 
Under the life insurance policy, a person will be covered for Rs.200,000 for an annual premium of Rs.330.
 
The personal accident insurance provides cover for Rs.200,000 for accidental death and full disability and Rs.100,000 for partial disability for an annual premium of Rs.12.
 
On the issue of IRDAI coming out with new regulations which are in line with the amended insurance law passed by the parliament recently, Singh told IANS: "We will soon come out with the regulations governing payment of commissions and expenses of management."
 
The old law had stipulated the ceiling on commissions paid to agents and management expenses of insurers.
 
The new law has empowered IRDAI to prescribe the limits.
 
"Our regulations will be for industry as a whole and the limits may not be for insurer wise," Singh said.

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COMMENTS

Mr Jitendra

2 years ago

Is there a eligibility criteria for the insurance schemes? Who can enroll?

Nifty, Sensex, Bank Nifty may bounce back – Monday closing report
However, the bounce may be short-lived 
 
We had mentioned in the last week’s closing report that NSE’s CNX Nifty is still under pressure and will have to close above 8,700, as a first step for the downtrend to reverse.  The 50-stock index opened Monday below this level and moved lower gradually. In the last hour of the session, the benchmark made a sudden plunge and it hit its 12-day (including today) low.
 
The S&P BSE Sensex opened at 28,526 while Nifty opened at 8,619. The benchmarks immediately hit a high at 28,539 and 8,620, respectively. Sensex moved lower to the level of 27,802 and closed at 27,886 (down 556 points or 1.95%). Nifty hit a low at 8,423 and close at 8,448 (down 158 points or 1.83%). Bank Nifty moved mostly marginally higher up to 2.15pm after which it made a sharp plunge. It opened at 18,386 and hit a high at 18,500. It moved lower at 17,985 and closed at 18,113 (down 233 points or 1.27%). NSE recorded a volume of 69.57 crore shares. India VIX rose 8.36% to close at 16.2975.
 
Data released by the government after trading hours last Friday showed that India's merchandise exports (including re-exports) dipped 21.06% to $23,951.16 million in March 2015 over March 2014. Imports fell 13.44% to $35,744.68 million. The trade deficit for fiscal year 2014-15 was estimated at $1,37,014.46 million, which was higher than trade deficit of $1,35,797.90 million for fiscal year 2013-14.
 
Ovum, the London-based information technology (IT) research firm said that Indian software exporters are losing out to their global peers—both large and small outsourcing firms—on contracts from customers. Indian software services exporters won about 8% of total deals awarded by customers during the January-March period, down from about 13% in the April-June period of the fiscal year 2014-15. In terms of total value, this ratio, too, dropped from around 12% down to just 7% over the course of the year.
 
Proceedings in the parliament during the second half of the budget session, which began today are being closely watched as the Indian government hopes to pass the Constitution Amendment Bill for the introduction of a nationwide Goods and Services Tax (GST).
 
Ratings agency Fitch on Monday said the likely upturn in the country's investment climate and reduction in interest rates will improve the property market by the end of March 2016 and provide relief to the debt-ridden developers.
 
Coming back to the Indian stock market, Glenmark Pharma (4.30%) was the top gainer in ‘A’ group on the BSE.  The stock hit its 52-week high last week and closed today at Rs901.60. It was in the news as Singapore's state investment arm Temasek plans to invest about Rs945 crore in the company.
 
HDIL (9.26%) was the top loser in ‘A’ group on the BSE, closing at Rs117.55. Its recent shareholding pattern showed that FIIs increased their holding to 49.03% by the end of March 2015 from 41.57% as on December 2014, while retail shareholding reduced from 22.09% to 14.62% for the relevant period.
 
Sun Pharma (0.66%) closed at Rs1,044.10 was the top gainer in the Sensex 30 pack while Reliance Industries (4.46%) was the top loser, closing at Rs885.55.
 
On Friday, US indices closed deeply in the red. US consumer prices rose in March as the cost of gasoline and shelter increased. The Labor Department said on Friday its Consumer Price Index increased 0.2% last month after a similar gain in February.
 
Except for KLSE Composite (0.04%) and Seoul Composite (0.15%) all the other Asian indices closed in the red. Hang Seng (2.02%) was the top loser.           
 
The People's Bank of China (PBOC) Sunday announced reduction in reserve requirement ratio (RRR) for all banks by 100 basis points to 18.5% to be effective from 20 April 2015.
 
European indices were showing mixed trading while US Futures were trading in the green.

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