Saffronart to showcase works of artists through online auction platform

The auction, which begins on 20 July 2011, will take place online at www.saffronart.com

Saffronart, an online fine-art auction house, will showcase a significant selection of works on paper by 22 modern masters at its next 24-Hour Auction. The selection includes works by leading Indian artists Tyeb Mehta, VS Gaitonde, FN Souza, Nasreen Mohamedi, Arpita Singh, Jogen Chowdhury and more. The auction, which begins on 20 July 2011 at 8.00pm (IST), will take place online at www.saffronart.com.

Through its transparent online auction platform, Saffronart has made modern and contemporary Indian art accessible to a broad base of collectors around the globe. In 2009, Saffronart became the first fine-art auction house globally to launch a mobile bidding application for the iPhone, Blackberry and other mobile devices. The application offers clients a new, convenient and secure bidding experience, and enables collectors to engage with Saffronart in more places and with fewer boundaries. Collectors may place bids at Saffronart's website www.saffronart.com, or via Saffronart's proprietary Blackberry and iPhone mobile applications.

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BSNL to introduce prepaid card for transactions on web, mobile

The Trust Card will initially be available in denominations of Rs250, Rs500 and Rs1,000

Telecom company Bharat Sanchar Nigam in partnership with ItzCash Card said it will launch a prepaid card--Trust Card--by this month-end.      

This card will enable users to make transactions through websites and mobile phones.      

"We have always been looking out for services that would add value and compliment the services that we provide to our customers. Customers can use Trust Card to pay other bills apart from BSNL bills makes it even more convenient for its users," RK Upadhyay, CMD, BSNL said in a statement.    
 
Through this card, user will be able to pay for BSNL services like BSNL postpaid bill payments, prepaid top-ups, BSNL value added services.

Apart from this, card user will enable them to make online bill payments for utilities like electricity, telephone, cooking gas, mobile, water, book rail or air tickets, renew DTH subscription, citizen Services by Government and other such services, the statement said.      

The Trust Card will initially be available in denominations of Rs250, Rs500 and Rs1,000. BSNL said that the cards will be launched in Chandigarh, Kolkata, Pune and Chennai over period of next four months and across India within next 12 months.      

"The objective of the card is to provide BSNL consumers convenient payment options," Naveen Surya, managing director, Itz Cash Card said.      
The cards will be sold through ItzCash franchisees branded as ItzCash World and from BSNL retail outlets.

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Terror cover rates unlikely to go up, say insurers

The domestic Terrorism Pool had grown steadily with contribution from the insurers in India over the years and today its corpus stands at Rs1,700 crore

Insurance industry does not see the possibility of any hike in premium for terror cover in the aftermath of serial blasts in Mumbai that has claimed 18 lives and left 150 injured.

"We don't foresee any hike in premium rates as there has not been much damage to properties," General Insurance Corporation chairman and managing director Yogesh Lohiya told PTI.

According to Bharti AXA General Insurance vice president (property & engineering) Balaji Cuddapah said, "We do not see much of an impact on the terror premium rates, which is governed by the domestic terror pool."

For property related risks, insurers created a Terrorism Pool following the September 2001 terrorist attack in New York. The domestic Terrorism Pool had grown steadily with contribution from the insurers in India over the years and today its corpus stands at Rs1,700 crore.

Premiums are likely to remain stable as far as fire policy, which includes terror cover, is concerned because the damage to properties is not very high, a senior official of the private general insurance company said. Cuddapah added that the blasts happened in commercial areas where the exposure of Bharti AXA General Insurance was insignificant. The last time the premium rates were revised by the terror pool was in 2009, and industry sources said there has not been many claims to the pool.

According to the norms of the Pool, the aggregate loss payable per location by any one or all insurers has been limited at 750 crore.

According to ICICI Lombard head risk and re-insurance Rajiv Kumaraswamy, "whether the rates would harden is difficult to state at this stage and it is a decision which the underwriting committee of the pool would need to take, which would need IRDA approval."

The utility of Terrorism Pool was proven in November 2008 when two hotels in Mumbai among other targets suffered from a terrorist attack. The Pool paid a loss of around Rs400 crore to the affected parties.

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