FINANCE

Ulips to turn costlier after new Irda fiatAdd to Clippings

June 4, 2007

Prices of unit-linked insurance policies (Ulips) are set to rise, thanks to a clarification issued by Insurance Regulatory Development Authority (Irda) on lapsed policies. Irda has stipulated that if a unit-linked policy lapses during the first three years, the policyholder will be entitled to a surrender value at least from second year onwards, which will [...]

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RBI nixes Essar pledging shares

June 4, 2007

The Reserve Bank of India (RBI) has rejected Essar Communications’ application to pledge its equity in Hutchison Essar Ltd to Standard Chartered Bank, London, on the ground that the proposal would result in the transfer of equity holding of a resident entity from one non-resident entity to another one. “As the utilisation of the proceeds [...]

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PIL seeks stay on state`s `illegal` VAT

June 4, 2007

The implementation of Value Added Tax (VAT) had helped Maharashtra shore up its revenues, like many other states, but now, a PIL is challenging the legal validity of the system in place. Alleging that the system in the state is not in accordance with many provisions of the VAT Act, the PIL, filed by an [...]

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Sebi kills ombudsman plan

June 4, 2007

Sebi has scrapped its proposal to introduce an ombudsman for speedy redressal of investor complaints. The regulator has been of the view that the existing system of addressing investor grievances by stock exchanges is fairly robust and seen to be working well Tweet

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Overarching circular on service tax by mid-June-07

June 4, 2007

The government would issue a comprehensive circular clarifying ambiguities over nearly 100 services in the service tax net by mid-June, the source of which would be the Central Board of Excise & Customs (CBEC) and not the director-general of service tax, board member PC Jha said on Wednesday. Addressing mediapersons at an Assocham seminar, Mr [...]

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Foreign missions exempted

June 4, 2007

The government has exempted from service tax all services to foreign diplomatic missions and consular posts in India of official use. The relief also covers services extended to diplomatic mission agents and consular officials posted in india. The exemption covers their families too. The decision to exempt diplomatic missions, effective from May 23 this year, [...]

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