ICICIdirect starts comprehensive tax planning campaign

The campaign aims to provide vital information on financial products that not only maximise tax saving, but also offer better wealth creation and protection plans

ICICIdirect said that it has launched a multi-city comprehensive tax planning campaign in India.

ICICIdirect Tax Planning Campaign will start with in-store sessions on December 16 and 17 across 250 stores in India. The campaign aims to provide vital information on financial products that not only maximise tax saving, but also offer better wealth creation and protection plans.

The campaign will span across our stores in 66 cities, as well as reach out to the 2.2 million ICICIdirect.com customers through webetorials and emailers.
The tax planning sessions will help customers choose from the selected range of mutual fund schemes, life insurance and health insurance products that are designed to meet a range of wealth creation, protection and tax saving needs.

ICICIdirect offers products that are eligible for tax deduction under sections 80D, 80CCF and 80D of the Income tax Act.

ICICI Securities is an integrated securities firm offering a wide range of services including investment banking, institutional broking, retail broking, private wealth management, and financial product distribution.

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IRDA working to put life policies in electronic form

Policies in electronic form and an e-insurance account will reduce hassles for buyers for the need for multiple numbers of proofs like age and address every time a policy is bought

Insurance Regulatory Development Authority (IRDA) has been working on the idea to put life insurance policies in electronic format by April 2012, a top official of insurance brokers' association said on Friday.

"Stock Holding Corporation, Central Depository Services Ltd, NSDL, Karvy Computers and Computer Age Management Services are already working with the insures and the regulator to put in place the procedure," Insurance Brokers Association of India President Sohanlal Kadel said.

He said such system for general insurance policies will also be introduced later where motor policies are likely to be taken up first followed by health.

Policies in electronic form and an e-insurance account will reduce hassles for buyers for the need for multiple numbers of proofs like age and address every time a policy is bought. It will also save insurers money used to print and dispatch policies.

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Ten cases of terror financing via stock markets in last 3 fiscals

The FIU received five Suspicious Transaction Reports during the fiscal 2009-10, four during 2010-11 and a single case in the current fiscal (up to November), minister of state for finance Namo Narain Meena informed the Lok Sabha

New Delhi: The Financial Intelligence Unit (FIU) of the finance ministry has received information on ten suspected instances of terrorist financing using the stock exchanges in the last three financial years, reports PTI.

The FIU received five Suspicious Transaction Reports (STRs) during the fiscal 2009-10, four during 2010-11 and a single case in the current fiscal (up to November), minister of state for finance Namo Narain Meena said in a written reply to the Lok Sabha.

The STRs, “suspected to be linked to terrorist financing, (have been) received from intermediaries of stock market such as stockbrokers, asset management companies, etc, and disseminated to intelligence agencies by the FIU,” Mr Meena said.

He also said the STRs have been linked to money laundering. These cases will be investigated by the intelligence agencies, he said.

The FIU is the national agency responsible for receiving, analysing and disseminating information related to suspect financial transactions.

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