Investor Issues
India received $66.13 billion remittance in 2011-12

The remittances to India through private transfer of funds have been on the rise in the last few years

 
New Delhi: India received over $66.13 billion in remittances in the year 2011-12 as compared to $55.62 billion in the previous, a hike of 19%, reports PTI.
 
“We have received $66.13 billion in remittances in 2011-12,” minister for Overseas Indian Affairs Vayalar Ravi said in a written reply to a question in Lok Sabha.
 
The remittances to the country through private transfer of funds have been on the rise in the last few years.
 
India received $53.63 billion in 2009-10 while in 2008-09, the amount was $46.9 billion.
 
Quoting a recent study conducted by Reserve Bank of India, he said remittances from Gulf countries accounted for an average 27% of the total remittances to India during the first half of 2009-10.
 
Listing initiatives to benefit overseas Indians, he said government has launched the “Mahatma Gandhi Pravasi Suraksha Yojana” to help in resettlement of the overseas Indians on their return to the country.
 
“By providing a co-contribution from the government, this scheme encourages and enables overseas Indian workers to save for their return and resettlement and to save for their old age. This also provides a free life insurance cover against natural death during the period of coverage, under the scheme,” he said.
 
The scheme is for Indian workers holding Emigration Check Required (ECR) passports and a valid work permit in an ECR country.
 
As per the Emigration Act, 1983, Emigration Check Required (ECR) categories of Indian passport holders need to obtain ‘Emigration Clearance’ from the office of Protector of Emigrants (POE) for going to 18 countries.
 
The countries where ECR is mandatory include United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, Malaysia, Libya, Jordan, Yemen, Sudan, Brunei, Afghanistan, Indonesia, Syria, Lebanon and Thailand. 
 

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IRDA slaps Rs22 lakh fine on Kotak Mahindra Life Insurance

Kotak Mahindra, the IRDA order said, violated the guidelines on group insurance policies by not paying the small value death claims directly to the beneficiary. The insurance company routed the claims through the NGO

 
New Delhi: The Insurance Regulatory and Development Authority (IRDA) slapped a fine of Rs22 lakh on Kotak Mahindra Old Mutual Life Insurance for violation of various norms, including payment of death claims, reports PTI.
 
“I direct the insurer (Kotak Mahindra Life) to remit the penalty of Rs22 lakh by debiting shareholder's account, within a period of 15 days,” IRDA chairman J Hari Narayan said in an order.
 
Kotak Mahindra, the order said, violated the guidelines on group insurance policies by not paying the small value death claims directly to the beneficiary. The insurance company routed the claims through the NGO, instead of paying it directly to the beneficiaries as required under the law.
 
The insurance company, IRDA said, has violated the guidelines by not paying the death claims on grounds of non-submission of additional documents.
 
“... It is held that the claim repudiations on the basis of non-submission of requirements called for is violation (of regulation) ... and a penalty of Rs1 lakh is imposed under the Insurance Act,” IRDA said.
 
IRDA also advised Kotak Mahindra Life to revise its claim manual procedures in line with the regulations.
 
The insurance regulator has also hauled up Kotak Mahindra Life for inserting a clause to deny death claims within three months from the date of policy in its group insurance schemes.
 
“The insurer is directed to reopen all such claims which are repudiated because of inclusion of this lien clause and examine and decide on the same. The action taken be confirmed to the IRDA,” the order said.
 
IRDA also found Kotak Mahindra violating the rules with regard to reimbursement of administrative expenses to master policyholders many of whom were acting as its corporate agents.
 

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Slowing growth, high inflation make macro outlook weak: Fitch

“The current macroeconomic outlook looks weak, as real GDP continues to slow and inflation pressures remain strong,” the agency Fitch said in a report on sovereign ratings across the Asia-Pacific

 
Mumbai: Ratings agency Fitch, which in June cut its outlook of the India’s sovereign rating to negative, said the macro-economic situation continues to remain weak with slower growth and inflationary pressures, reports PTI.
 
“The current macro-economic outlook looks weak, as real GDP (gross domestic product) continues to slow and inflation pressures remain strong,” the agency said in a report on sovereign ratings across the Asia-Pacific.
 
All the rating agencies have revised their outlook on India in the present period of heightened economic worries and “policy paralysis”. A host of private analysts have revised downwards GDP forecast for the current fiscal to a low of 5.1%.
 
Fitch’s rival S&P had threatened to downgrade the rating to junk status, calling for immediate course-correction.
 
According to a recent report, the finance ministry is planning to present the country’s strengths to the rating agencies when they come calling this month, to avoid downgrade.
 
Fitch said the country’s external position is a “rating strength” with reserves of over $290 billion at the end of June which will suffice for six months of external payments.
 
“This still provides a key buffer during periods of higher global risk aversion,” it added.
 
Fitch also noted that acceleration in economic reforms and improving investment climate are the upsides, while a lax fiscal policy, especially in the run-up to the 2014 general elections, is the downside risk.
 

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