Insurance
IRDAI to come out with final regulations for reinsurance sector
Mumbai : The insurance regulator will soon come out with final regulations governing the reinsurance sector, a top official said on Friday.
 
Speaking to reporters on the sidelines of an insurance conference held by Ficci here, T.S. Vijayan, chairman of the Insurance Regulatory and Development Authority of India (IRDAI), said the regulations will soon come out and the draft norms governing the setting up of the British insurer Lloyds in India have to be finalised.
 
Queried about capping of management expenses, Vijayan said IRDAI was looking at the participating and non-participating policies sold by life insurance sector and whether they were costed properly.
 
He added that insurers should have the ability to pay commissions and also there is a level playing field.
 
Vijayan said IRDAI was monitoring the settlement of claims lodged due to floods in Chennai.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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CBDT signs 7 advance pricing agreements to cut tax litigation
New Delhi : In a move designed to reduce tax litigation, the Central Board of Direct Taxes (CBDT) on Friday signed seven more unilateral Advance Pricing Agreements (APAs) with taxpayers.
 
"This takes the tally of APAs signed so far to 39 (38 unilateral and one bilateral). In the current fiscal year, which is the third year of APA programme, 30 agreements have been signed so far," a Union finance ministry statement said here.
 
"Before the end of the financial year, more such agreements are expected to be signed," it added.
 
The latest APAs signed with taxpayers pertain to various sectors like investment advisory services, manufacturing, software development services and IT-enabled services.
 
APAs provide for signing an agreement between a taxpayer and the income tax department on an appropriate transfer pricing methodology for determining the value of assets and taxes on intra-group overseas transactions.
 
The scheme attempts to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance, the ministry said.
 
"Since its inception, the APA scheme has attracted tremendous interest from taxpayers for using this mechanism to achieve tax certainty up to nine years," it added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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China's Wanda Group to invest 10 billion dollars in Haryana

A memorandum of understanding (MoU) was signed between the two sides in Beijing in the presence of Haryana Chief Minister Manohar Lal Khattar on Friday

 

China's Wanda Group will invest 10 billion dollars to develop an industrial park in Haryana, the state government announced on Friday.
 
A memorandum of understanding (MoU) was signed between the two sides in Beijing in the presence of Haryana Chief Minister Manohar Lal Khattar on Friday.
 
"An MoU was signed for the development of a world-class Comprehensive Industrial Park to be called 'Wanda Industrial New City' at Kharkhoda in Sonipat district," an official statement said here.
 
Phase I of the project would cover approximately 13 sq km.
 
Wanda will invest in the project's initial infrastructure apart from attracting other international and Chinese industrial, tourism and residential companies for its development.
 
During Khattar's visit and an investment roadshow organised in Beijing, MoUs were signed with other top companies like China Land Development Company Private Limited and ZTE Corporation for investing in Haryana.
 
Representatives of more than 100 top Chinese companies were present during the roadshow.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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