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GIC hikes third-party motor cover premium
The General Insurance Corporation (GIC), after a gap of nearly seven years, has decided to raise the third-party motor insurance premium with effect from February 15. The move is likely to enable GIC to wipe out its entire loss of Rs 1,200 crore accrued on account of third-party motor claim by the year 2000. The motor portfolio constitutes about 33% of the total general insurance business.
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Tax sop for IDBI bond
The Industrial Development Bank of India's (IDBI) Infrastructure Bond 98, which is open for subscription, has offered tax benefits available under Section 88 or under Section 54EA or Section 54EB of the Income Tax Act 1961 to investors. Along with tax breaks, the bond also offers a yield of upto 22.11% (if bonds held for three years and income tax benefit claimed u/s 88).
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Govt to redeem gold bonds
The government has announced repayment arrangements for the gold bonds 1998 which were being redeemed. The Centre has already confirmed that the gold bonds which were˙issued through a notification on February 18, 1993 would be repayable from March 14 this year. To facilitate payments, gold bars in denominations of ten, 50, 100 and 500 grams and gold discs of one, two and five grams,˙all of 0.995 fineness have been manufactured by the government mint in Mumbai.
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Legislation to woo FDI on the anvil
The Union government is actively considering introduction of a legislation for attracting more foreign investments. The proposed legislation is expected to be a single package of guidelines for foreign investors disseminating information about various procedures which need to be followed by them. The legislation is envisaged to mainly fulfill the persistent demands of institutional financial investors.
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