509

Irdai Asks Insurers To Disburse Claims Of The Policy Holders As Rs 15,167 Cr Lying Unclaimed

New Delhi: Insurance regulator Irdai has asked insurers to take steps to identify the policyholders or beneficiaries to disburse the claims as around Rs 15,167 croreamount of policyholders is lying unclaimed with 23 life insurers.

Board level committee for policyholder protection of every insurer is entrusted with the responsibility of monitoring the timely payout of the all dues to policyholders.It also oversees the steps taken by the insurers to reduce unclaimed amounts as part of the standard procedures on customer service.

11

Jaitley Says, GST Rates On Cement, Air Conditioners And Televisions To Be Cut As Tax Revenues Increase

New Delhi: Union minister Arun Jaitley wrote in a Facebook post on Friday that continuous revision of Goods and Services Tax (GST) rates with reduction for 384 commodities and no tax hike on any product has been the largest mass tax reduction since independence.

If the entire category of all the slabs is taken, the past one year has seen reduction of tax in 384 commodities with no increase on a single product. India has never witnessed such mass tax reduction since Independence. Lesser rates and higher collection is the result,” wrote Jaitley.

He exuded confidence that GST rates on cement, air conditioners and televisions will be cut as tax revenues increase, and only luxury and sin goods will attract the highest slab of 28%. He mentioned that tax rates had also been cut on 68 different categories of services.

425

Vodafone Idea All Set To Become The Largest Telecom Operator In The Country

New Delhi: Department of Telecommunications (DoT) has given its final nod to the merger of Vodafone Idea and with this they will become the largest telecom operator in the country dethroning Bharti Airtel.

The approval came after the companies deposited over Rs 72 billion to DoT on July 23 under protest. The firms have deposited a bank guarantee of Rs 33.22 billion for one-time spectrum charges and Rs 39.26 billion cash for liberalising spectrum up to 4.4 MHz assigned to Vodafone administratively. The firms now need to register the merged entity with the Registrar of Companies.

The new entity, to be headed by Vodafone insider and current Chief Operating Officer (India) Balesh Sharma, will have a revenue market share of about 37.4 per cent and more than 438 million subscribers. The UK-headquartered telecom major, Vodafone, had announced the merger of its India operations with Kumar Mangalam Birla-led Idea Cellular in March last year.

413

Subramanian Hopeful That Highest GST Slab Of 28% To Be Virtually A Hollow Shell By Next Year

New Delhi: Chief Economic Adviser Arvind Subramanian exuded confidence that the highest slab of 28 per cent tax under Goods and Services Tax would be "virtually a hollow shell" over the next year or so.

The all powerful GST Council comprising state finance ministers and headed by Union Finance Minister has pruned the highest 28 per cent slab by cutting tax rates on 191 goods over the last one year, including ACs, digital cameras, video recorders, dish-washing machines and automobiles. There are just 35 items left in the highest tax bracket.

375

Telecommunications Price War Started By Mukesh Ambani To Continue For At Least A Year

New Delhi: Telecommunications price war started by the entry of India’s richest man, Mukesh Ambani, into the sector is expected to continue for at least a year or as long as it takes Reliance Jio Infocomm Ltd. to nearly double its user base.

Ambani’s telecom unit “will strive to double subscribers to 400 million before raising prices,” Kunal Agrawal, a Hong Kong-based analyst with Bloomberg Intelligence said in an emailed response to questions. “We expect cut-throat pricing and weak average revenue per user to continue over the next one-to-two years, possibly increasing balance sheet leverage for other domestic telecom incumbents.”