Insurers' journeys to build a mastery in the IoT usage
Newsletter dated 8th April, 2015
1. THOUGHT OF THE DAY
“There is only one corner of the universe you can be certain of
improving, and that's your own self…”
ECONOMIC UPDATES
RBI raised lending limit for Microfinance Institutions. The borrowing
limit, excluding educational or medical expenses, has been doubled to Rs 1
lakh from the existing Rs 50,000.
The Reserve Bank of India (RBI) kept the repo rate unchanged at 7.5% in
its monetary policy review on Tuesday. Along market expectations,
Raghuram Rajan also kept the Cash Reserve Ratio (CRR) at 4%.
The Union Cabinet chaired gave its approval to release an additional
installment of Dearness Allowance (DA) to Central Government employees
and Dearness Relief (DR) to pensioners with effect from 01.01.2015 at the
rate of six percent increase over the existing rate of 107 percent.
SEBI/CORPORATE UPDATES
Insurance Regulatory and Development Authority of India (IRDAI) has
brought out draft regulations for registration and operations of branch
offices of foreign reinsurers (excluding Lloyd’s). The regulator said that the
branch office of the foreign reinsurer shall have a minimum retention of
50% of the business written in India.
SEBI released Discussion Paper on Proposed Amendments to Regulations
framed under SEBI Act, 1992 for Imposing Restrictions on Wilful
Defaulters.
The Securities and Exchange Board of India (SEBI) is planning to put in
place new norms mandating listed companies to provide an exit option for
dissenting shareholders in case of changes to the objectives for which they
had raised money from investors.
RBI/TAX LAW UPDATES
In case of Infiniti Wholesale Ltd. Vs. Assistant Commissioner (CT) [(2015)
55 taxmann.com 64 (Madras)] held that Input Tax Credit cannot be denied
to Purchaser even if Seller of Goods has defaulted in complying with VAT
Procedures .
Reserve Bank Governor Raghuram Rajan today warned companies against
keeping their foreign currency exposures unhedged, saying they might face
"big risk" in case of change in the monetary policy globally especially if
monetary policy changes around the world.
MARKET UPDATES
SENSEX
28,642.62 126.03
CNX NIFTY
8,697.60 37.30
DOLLAR/ RUPEE
62.32 0.06
MCX SILVER
38,755.00 68.00
MCX GOLD
26,884.00c 9.00
MCX CRUDE OIL
3,313.00 -12.00
Dow Jones Industrial
average
17,875.42 -5.43
Nasdaq Composite
4,910.23 -7.08
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