OBLIGATORY CESSION FOR GIC RE HAS BEEN REDUCED FROM 5% TO 4%

General insurance businesses are eligible for a rebate from the Insurance Regulatory and Development Authority (IRDA) in exchange for mandated reinsurance through GIC RE. This is a one-percentage-point refund. From January 1, 2023, the new rule will be necessary for GIC RE. Following this, the government reinsurance company GIC RE (General Insurance Corporation of India … Read more

Axis Bank Is Close To Acquiring CITI’S India Consumer Business, With A Deal Expected This Month

Citigroup, the Wall Street giant, said last year that it will leave its consumer franchises in 13 regions, including India, in order to focus on its more profitable institutional and wealth management businesses. Credit cards, housing loans, and retail banking are all part of its Indian consumer banking division. Citi has a long history in … Read more

New Wage Code Expectations From FY 2022-23

After April 2022, the New Wage Code is expected to take effect. Under the new rules, the basic salary must be at least 50% of the net cost to the company (CTC). The meaning or definition of ‘wage’ has been altered by the Wage Code Bill of 2019. As a result of changes in the … Read more

DUE DATE CHART FOR JANUARY 2022

GST RETURN GST FORM  DUE DATE GSTR-7 10 JAN 2022 GSTR-8 10 JAN 2022 GSTR-1 11 JAN 2022 GSTR-1 (QRMP) 13 JAN 2022 GSTR 3B 20 JAN 2022 GST CHALLAN 25 JAN 2022 INCOME TAX COMPLIANCE FORM DUE DATE TDS CERTIFICATE (194-IA, 194-IB, 194-M) 14 JAN 2022 AUDIT REPORT (SEC 44AB) 15 JAN 2022 FORM … Read more

SEBI Encourages Investors To Use The Scores Platform To Make Complaints

SEBI advised all recognized stock exchanges, including commodity derivatives exchanges, depositories, and clearing corporations, to display the information on the home page of their websites and mobile apps to direct investors to the SCORES website in order to raise awareness about online mechanisms for investor grievance redress. SCORES is an online platform that allows investors … Read more

IRDAI Sets Rules For Developing And Regulating The Surety Insurance Industry

The Insurance Regulatory and Development Authority of India (IRDAI) has issued final recommendations to ensure that the surety insurance industry in India develops in a controlled manner. From April 1, 2022, the IRDAI (Surety Insurance Contracts) Guidelines will be in force. A surety bond is a three-party contract in which one party (the surety) guarantees … Read more

Covid-19 Insurance Policies Also Cover The Omicron Form of Covid-19

Following a recent spike in covid-19 cases, the Insurance Regulatory and Development Authority of India (IRDAI) announced that all health insurance policies must cover costs associated with treating infections and disorders caused by the Omicron variant. According to the terms and circumstances of a policy contract, all health insurance plans issued by all general and … Read more