Repayment of 8.24% GS 2018 

  The repayment of following security is due as per details given below: Table: Details of GoI Securities maturing on April 22, 2018 Sl. No. Name of Security Scheduled Date of Repayment Effective date of Repayment No Interest Accrual from scheduled date of Repayment (1) (2) (3) (4) (5) 1. Repayment of ‘8.24% GS 2018’ April 22, 2018 (Sunday) April 21, 2018 (Saturday) April 22, 2018 (Sunday) The outstanding balance under 8.24% GS 2018 will be repayable on the effective date of repayment as indicated in column 4 of above table. In the event of a holiday being declared on effective day of repayment by any State Government under the Negotiable Instruments Act, 1881, the Loan/s will be repaid by the paying offices in that State on the previous working

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IRDA Guidelines on Insurance e-commerce

  INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA IRDA/ INT/ GDL/ ECM/055/03/2017 9th March, 2017 Guidelines on Insurance e-commerce 1. Short title and commencement: (1) These guidelines are issued under Section 34 of the Insurance Act, 1938 and Section 14 of the IRDA Act, 1999 and are known as Guidelines on insurance e-commerce. (2) They shall come into force on the date of their issuance. 2. Objective: e-commerce is seen as an effective medium to increase insurance penetration and enhance financial inclusion in a cost-efficient manner. The Authority as part of its developmental mandate, issues these guidelines to promote e-commerce in insurance space which is expected to lower the cost of transacting insurance business and bring higher efficiencies and greater reach. 3. Definitions – In these guidelines, unless the context otherwise requires: (a)”Act” means the

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Seven foreign Re-insurers to set up branches in India

  Seven foreign Re-insurers to set up branches in India The Insurance Regulatory and Development Authority of India (IRDAI) has issued Certificate of Registration to Seven foreign Re-insurers to set up branches in India. The details are as follows: 1)Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft. 2) Swiss Reinsurance Company Ltd. 3) SCOR SE – India Branch 4) Hannover Ruck SE 5) RGA Life Reinsurance Company of Canada 6) Lloyd’s India Reinsurance Branch 7) XL Insurance Company SE, India Reinsurance Branch. Government through the Insurance Laws (Amendment) Act, 2015, has allowed foreign re-insurers to open their branches in India. As of now, GIC Re is the only re-insurer fully operational in India. Recently, IRDAI has issued Certificate of Registration to another reinsurance company “ITI Reinsurance Ltd.” to transact reinsurance business in India. Government has

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Notes in circulation drop to Rs 11.73 lakh crore, post ban 

  The total value of currency notes in circulation has come down by a quarter to Rs 11.73 lakh crore post demonetisation, Parliament was informed today. The value had steadily risen to March 31, 2016 since March-end 2014. There were Rs 16.41 lakh crore worth currency notes in circulation as on March 31 last year, which has come down to Rs 11.73 lakh crore as on March 3, 2017, Minister of State for Finance Arjun Ram Meghwal said in a written reply in the Lok Sabha. “The reduction in notes in circulation is due to demonetisation of specified bank notes,” he said. As on March 31, 2014, there were Rs 12.82 lakh crore worth of notes in circulation, which went up to Rs 14.28 lakh crore till March 31, 2015

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Govt to act tough against wilful defaulters; loans worth Rs 50,000 crore under scanner 

  In order to clean up the bad-debt mess, the government and banks are reportedly getting prepared to act tough against loan defaulters who are capable of repaying their loans but have defaulted. The government has collated information on bad loans worth Rs 50,000 crore taken by a large number of industrialists and corporate houses including diamond traders, two grounded airlines, a central government commodity trading agency, an erstwhile state government-promoted communication undertaking, a regional industry association, a media house with operations across the country, a multi-state agricultural cooperative, mining companies, realty developers and garment brands, according to a report on moneycontrol.com. The government and banks feel that despite having resources, these wilful defaulters have not repayed the loans and have diverted the loan money to other ventures. A few

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6,410 kg gold mobilised under Gold Monetisation Scheme: MoS Finance Arjun Ram Meghwal 

  As much as 6,410 kg gold has been mobilised under the Gold Monetisation Scheme so far, according to the reports received till February 18 this year, Parliament was informed on Friday. “Till February 18, 6,410 kilogram of gold has been mobilised under the (Gold Monetisation) Scheme,” Minister of State for Finance Arjun Ram Meghwal said in a written reply in the Lok Sabha. So far, seven tranches of Sovereign Gold Bonds have been issued. The government launched the Sovereign Gold Bond Scheme in November 2015 as an alternative to purchasing metal gold. The scheme intends to reduce the demand for physical gold and mobilise the idle gold held by households and institutions in the country and to put this gold into productive use in the long run. This will

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Delhi-Jaipur expressway to cost Rs 18,000 cr

  The Delhi-Jaipur express highway would be built at a cost of Rs 18,000 crore, Union Road Minister Nitin Gadkari said today. The advanced cement-concrete 225-km express highway will be the second in the country after Mumbai-Pune express highway and will pave the way for reaching Delhi from Jaipur in just one-and-a-half hour at 125 km/hour speed, the minister said after laying the foundation of road construction works in Dausa district today. “Agra-Delhi is also considered express highway but it is not as per the standard. After Mumbai-Pune express highway, Delhi-Jaipur will be the second express highway in the country,” he said. He further said that the Haryana government has given alignment permission and if Rajasthan help in land acquisition and road alignment permission, the work can commence this year

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Rupee fights back, hits 4-month high of 66.60

  The rupee on Friday made a resounding comeback after a brief overnight pause and ended 11 paise higher at a fresh four-month high of 66.60 against the dollar on renewed selling of the US currency by exporters and banks. Forex market sentiment turned highly buoyant after overcoming initial volatile moments on expectations of a big win for the Bharatiya Janata Party (BJP) in the latest round of Assembly elections in five states. This is the highest closing of the rupee since November 10, 2016. The exit polls showed the BJP emerging as the single largest party in the north Indian state of Uttar Pradesh and west Indian state of Goa and coming to power in the north Indian state of Uttarakhand. Smooth supply of dollars on the back of

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SC issues arrest warrant against Calcutta HC judge C S Karnan

  In an unprecedented order, the Supreme Court today issued bailable warrants against serving Calcutta High Court judge C S Karnan to ensure his presence before it on March 31 in a contempt case. Justice Karnan goes down in the Indian judicial history as the first serving High Court judge against whom an arrest warrant has been issued by the apex court in a contempt case. A seven-judge bench headed by Chief Justice J S Khehar took strong note of Justice Karnan’s non-appearance despite being served with the contempt notice and asked the Director General of West Bengal Police to execute the warrants on the judge to ensure his presence at 10.30 AM on March 31. The court said it would “appreciate” if the bailable warrants are served on Justice

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Google acquires Canadian Cloud specialist firm AppBridge

Alphabet’s Google today announced the acquisition of Canadian technology firm AppBridge that helps companies transfer data to the technology giant’s Cloud platform. “We are acquiring Vancouver-based AppBridge that builds connectors to… connect up into Google Cloud,” said Prabhakar Raghvan, vice president (apps) Google Cloud at the Cloud Next Conference here. Raghvan, however, did not disclose the details of the deal. The company had yesterday announced the acquisition of start-up firm Kagger. The company also announced a slew of products and services for both enterprises and individuals including add-ons for Gmail, Hangouts Meet and Hangouts Chat. “Last year, we talked about doubling our enterprise focus for Hangouts and our commitment to building communication tools focused on the way teams work from anywhere, anytime. More than half of the workforce will contribute

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