G-Sec Yields Flat

The 10-year benchmark government security (G-Sec) yield has risen by one basis point (bps) in...

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Mutual Funds: Rollover of MFs beyond 36 Months Not Capital Gains: CBDT
In a major relief to investors, the rollover of fixed maturity plans (FMPs) offered by fund houses beyond 36 months will not attract capital gains. A tax of 20% will be charged at the time of redemption of FMPs. The Central Board of Direct Taxes has issued the clarification with regard to taxation on rollover of FMPs beyond 36 months. FMPs are closed-ended funds having a fixed maturity date where the duration of investment is decided upfront.
 
Finance minister Arun Jaitley had last increased the concessional capital gains tax rate from 10% to 20% on debt-oriented MFs and also the holding period from 12 months to 36 months. Short-term capital gains are taxed at the rate of individuals.
 
As a result, gains arising out of any investment in FMPs made before 7 July 2014 and sold/ redeemed after the date would be taxed as short-term capital gains if the investment was held for a period of 36 months or less.

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Mediclaim: IRDAI Fines Reliance General Insurance for Not Paying Directly to Insured
IRDAI (Insurance Regulatory and Development Authority of India) has imposed a Rs5-lakh penalty on Reliance General for not making direct payments on health insurance claims to policyholders and routing them through third-party administrators (TPAs).
 
IRDAI said that it is in violation of the norms on standardisation of health insurance. IRDAI’s norms provide for payment to network providers and settlement of claims of policyholders by making direct payments to them and integrating their banking platform with the network provider or the insured. A TPA is not allowed to settle claims on behalf of the insurer.

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