Other insurance: ICICI Lombard Asked To Pay Rs1.85 lakh for Loss of Car
The Thane District Consumer Redressal Forum directed ICICI Lombard General Insurance to pay Rs1.85 lakh to a complainant, Popat Y Bandekar, in a case of stolen vehicle.
 
Mr Bandekar’s counsel told the Forum that the applicant’s car was stolen while he was returning from Shirdi. A man impersonating as a traffic police personnel intercepted him to check documents but decamped with his car, in January 2011. The insurance company rejected the claim saying that the claimant had orchestrated the theft in order to pocket the insurance sum.  Mr Banderkar lodged a case with the police but the case was closed.
 
Later, Mr Bandekar approached the Forum which observed that the insurance company had failed in providing services to the customer. The Forum also directed ICICI Lombard to pay an additional Rs10,000 towards legal expenses.

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Retirement: Government May Cap Premature PF Withdrawals at 75%
The government is planning to cap premature withdrawals at 75%, for EPFO (Employees’ Provident Fund Organisation) subscribers, at any given time till the age of 58. Under the existing provisions, EPFO subscribers can withdraw the entire amount by declaring that they are not employed anywhere for two months.
 
The proposal regarding changes in the Employees’ Provident Fund Scheme has been sent to the labour ministry for approval. “We will take a decision in this regard in the next 10-15 days,” labour secretary, Shankar Aggarwal, said.
Central provident fund commissioner, KK Jalan, also said the proposed changes are likely to be notified soon, as they have got the backing of employee unions. Asked whether the 75% withdrawal ceiling has been proposed for even needs like constructing a house, marriage, children’s education, etc, Mr Jalan replied in the affirmative. 
 

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Stocks: Over 1.6 Million Investor Accounts Added in 1 Year

A strengthening securities market, backed by investor-friendly climate, has helped boost the number of investor depository accounts by 1.66 million, to nearly 240 million, in the past one year. The cumulative number of investor accounts with the country’s two depositories—NSDL (National Securities Depository Ltd) and CDSL (Central Depository Services Ltd)—stood at 237 million at the end of June 2015 compared with 220 million in June 2014.

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