IRDA brings out exposure draft of proposal form for life insurance

IRDA has made available a revised proposal form for life insurance in respect of individual policies

The Insurance Regulatory and Development Authority (IRDA) proposed to mandate a revised proposal form for life insurance in respect of individual policies. It is available on the website of IRDA www.irda.gov.in as an exposure draft. The regulator has invited comments from all stakeholders, particularly from the agents and brokers.

Feedback on the draft regulations may be sent to [email protected] by 15 May 2012.

Please use this link to download the Exposure draft from the IRDA website.
 

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Black money: Eight I-T units abroad to be operational soon

“The officials deputed are adept at handling tax evasion cases and international tax treaties and will also help the I-T department liaise with authorities of these countries in tax cases including various high-profile cases which the I-T is currently investigating,” a senior finance ministry official said

New Delhi: The government has deputed eight senior IRS (Indian Revenue Service) officers to officiate as first secretaries in the newly-created Income Tax (I-T) overseas units in countries like the US, the UK and Japan as part of efforts to curb the problem of black money and illegal funds stashed away abroad, reports PTI.

Income tax officials, having tenure of three years, will function from the Indian Missions in Washington DC (the US), London (the UK), Berlin (Germany), Paris (France), The Hague (Netherlands), Abu Dhabi (the UAE), Cyprus (Nicosia) and Japan (Tokyo).

The orders for the deputation of an IRS officer to Japan were awaited and the same were issued last evening.

The units will be operational very soon as these officers will join in some time at their designated locations, official sources said.

Finance minister Pranab Mukherjee, during his Budget speech, had made a big allocation for setting up these I-T overseas offices.

While the initial budgetary allocation for these units was Rs2.41 crore in the last fiscal, it has been raised to Rs18.20 crore in the current year.

“The officials deputed are adept at handling tax evasion cases and international tax treaties and will also help the department liaise with authorities of these countries in tax cases including various high-profile cases which the I-T is currently investigating,” a senior finance ministry official said.

The officials at these units will also help investors from abroad understand Indian tax laws and procedures so that they can make informed decisions, the official said.

The units would also obtain information on tax and financial data of investments made by individuals and institutions in these countries and facilitate any data on investment or routing of money in the country and vice-versa.

“This information helps during investigations in cases of tax evasion and ensuring tax compliance under the provisions of the Double Taxation Avoidance Agreement (DTAA) and other tax treaties,” the official said.

As a number of I-T probes are linked to these countries, the finance ministry expects that by having an office in these nations, it would help expedite the investigation process.

Two such units in Singapore and Mauritius are already operational since 2010.

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COMMENTS

Vaidya

5 years ago

Why can they not work in India too. A raid at many elected candidates would find some thing fishy. A simple scan of the wealth statements submitted to the EC, itself should reveal a lot.

Western Union opens 100,000th location in India

Western Union opened its 100,000th location in India at Dena Bank's Sandhurst Bridge branch in Mumbai

Mumbai: The NYSE-listed Western Union Company, a global leader in money transfer services, announced that it has opened its 5,00,000th agent location in New York and its 100,000th location in India, reports PTI.

Western Union opened its 100,000th location in India at Dena Bank's Sandhurst Bridge branch. Western Union services are offered through Dena Bank via Weizmann Forex, the company's principal agent.

“Western Union locations in India now accounts for a fifth of our world total, starting from a single location at Connaught Place in New Delhi. The company's network in India has doubled in size in only four years and now reaches over 4,000 cities across the country,” Western Union India managing director Kiran Shetty told reporters.

Nearly $55 billion was remitted into the country, majority from Gulf countries last year and the company is bullish over the remittance flow in the country.

“India emerges as driving force in growth of global money transfer industry. The current slow down in the world economy has not impacted the company's growth and we are bullish on remittance flow from the Indians living abroad,” Mr Shetty said.

At the separate event in New York, the site of the 500,000th location, the company announced a $500,000 commitment to fund economic development and entrepreneurship programmes in India, the Philippines, China, Mexico and New York City over a five-year period.

Western Union is currently expanding its portfolio of financial services. The network spans more than 200 countries and territories. Its strategy is to provide mainstream financial services—cash, card or digitally-based—to under-served consumers and businesses globally.

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