Plan and Policy

Plan & Policy

Now a policy to cover cancellation of tickets

Online ticket purchase value and volumes have gone up in recent times that an insurer has come up with a policy to cover financial losses arising out a cancelled ticket.

HDFC ERGO’s ‘ticket cancellation insurance policy’, first-of-its kind, covers a pre-booked ticket in case of cancellation by customer. The event-ticketing partners will take the policy and they will be covered for the financial loss. They can offer the option of buying a refundable or non-refundable ticket to the customer. A refundable ticket will help the customer get his money back in case of cancellation.

9,491 NBFCs marked ‘high risk’ over PMLA non-compliance

The government has categorised around 9,500 non-banking financial companies – about 80 per cent of NBFCs in the country – as “high risk” prone as they have not complied with a stipulated provision of the anti-money laundering law.

A list of 9,491 “high risk financial institutions” has been published by the Financial Intelligence Unit (FIU) that works under the finance ministry to check crimes in the economy and alert enforcement agencies against such instances.

Nirav Modi scam: CBI raids Cyril Amarchand Mangaldas office

The Central Bureau of Investigation (CBI) reportedly raided the Mumbai office of Cyril Amarchand Mangald­as, a leading law firm, in co­nnection with the Rs 11,000 crore Punjab National Bank and Nirav Modi scam.

According to reports, a CBI team visited the law fir­m’s Mumbai office last week, as the company was “invo­lved in one banking assignment” with Nirav Modi and his companies. The law firm had taken up the assignment just a few weeks before the scam broke out.

Modicare’s reach widened

Instead of 10 crore families as suggested in the budget for 2018-19, the government expects to cover 11.22 crore families under the proposed national health protection scheme (NHPS). As per the premium rate suggested by the go­vernment, this would entail an allocation of Rs 12,140 crore.

Though the budget had proposed to cover 10 crore families by NHPS, based on the data of socially deprived families as per the socio economic caste census (SECC), 11.22 crore families have to be covered by the scheme.

Sc For Law On Lines Of Sarbanes Oxley Act To Regulate Mnc Auditors

Bringing the operations of multinational accounting firms (MAFs) and their associates under scanner, the Supreme Court (SC) has directed the government to set up a panel of experts to see their compliance with Indian laws on overseas investment and auditing.

The panel would consider the need for revisiting existing laws to appropriately discipline and regulate multinational accounting firms. It may also suggest a new law for better oversight over auditing professionals.

Daiichi-Ranbaxy row: HC orders attachment of assets

The Delhi High Court on Monday ordered the attachment of all unencumbered assets of two holding companies of former promoters of Ranbaxy Laboratories to execute the Rs 3,500 crore arbitral award won by Japanese pharma major Daiichi Sankyo. Justice Jayant Nath issued the warrants for attaching the unencumbered assets of RHC Holdings and Oscar Investments and directed former Ranbaxy promoters and brothers, Malvinder Singh and Shivinder Singh, and 10 others to file within 10 days a list of their unencumbered assets.

Rs 11 lakh cr priorty sector lending target achievable:Jaitley

Finance Minister Arun Jaitley today said the priority sector lending target of Rs 11 lakh crore is achievable next fiscal and it would help farmers double their income by 2022.

"The credit flow target of Rs 11,00,000 crore for 2018- 19 is achievable by the banking sector and would contribute to the momentum towards doubling of farmers' income by 2022," Jaitley said while addressing the board of Nabard here.

PNB fraud: Court allows ED plea for LRs to probe Nirav assets

A special court today allowed an Enforcement Directorate (ED) plea seeking issuance of Letters Rogatory (LRs) to six countires for obtaining information about the overseas businesses and assets of diamantaire Nirav Modi in the over Rs 11,000-crore PNB fraud case.

Nirav Modi is a key accused in the PNB fraud case being investigated by the ED and other agencies.

The central agency approached a special court set up under the Prevention of Money Laundering Act (PMLA) this morning with the plea seeking issuance of LRs in the case.

FinMin keen on early spectrum auction to boost non-tax revenue

The finance ministry is likely to hold discussions with the department of telecom (DoT) to explore the possibilities of holding spectrum auction, as higher non-tax revenue collections hold key to achieving the 3.3 per cent fiscal deficit target this year.

Changes stressed in WTO to transform world economy

India has called for bringing changes in Geneva-ba­sed World Trade Organisation (WTO) to transform the global economy. Commerce and industry minister Sur­esh Prabhu said on Sunday the global trade has benefited all the nations in ter­ms of creation of jobs and promoting economic activities.

“Now the question is wh­e­ther we should make WTO better or forget it. Organisations need reformation all the time and it needs to be changed with change in ti­mes,” he said at the CII’s Partnership Summit in Visakhapatnam.