Govt approves 49% FDI in insurance & pension sectors, approves 12th Five Yr Plan draft document
PrintListen to this Article
The Union Cabinet today approved necessary amendments to the Insurance Laws Amendment Bill, Pension Fund Regulatory and Development Authority Bill and the Companies Bill. Briefing newsmen on the cabinet decisions in New Delhi this evening, Finance Minister, Mr. P.Chidambaram said the foreign equity cap is proposed to be kept in pension at 49 per cent as provided in the Insurance Laws Amendment Bill 2008 as against 26 per cent. This he said is being done in order to meet the growing capital requirement of private insurance companies.
The Cabinet also approved amendment to the Forward Contract Regulation Amendment Bill. The amendment will give autonomy and power to regulate the market effectively. It also approved the Companies Bill 2011 and amendment to the Wild Life Protection Act 1952 and Competition Act.
Mr. Chidambaram said Government also approved continuation of ban on export of edible oils and scheme for supply of imported pulses at subsidised rates to states and union territories for BPL card users.
The Cabinet has also declared five airports as International including Lucknow, Varanasi, Tiruchirapalli, Mangalore and Coimbatore.
It also approved the Constitution of the 20th Law Commission for a period of three years. The Cabinet also revised rates of risk allowance and hospital and patient care allowance to about two lakh Central Government employees by doubling the existing rate with effect from September, 2008.
The Cabinet also approved the ratification of the NAGOYA protocol on access and benefit sharing by India. India signed the Nagoya protocol on 11th May, 2011. Mr Chidambaram said cabinet also approved the Amendment to the Employment Exchange compulsory notification of vacanices Act.
He also said the cabinet approved the 12th Five year plan draft document to be placed before the National Development Council.
Category : General | Comments : 0 | Hits : 260
Retirement fund body EPFO has said it will no longer use Aadhaar as a valid document for proof of date of birth. In an official circular on January 16, the Employees' Provident Fund Organisation (EPFO) said the decision to remove Aadhaar was taken following a directive from the Unique Identification Authority of India (UIDAI). As per the circular, Aadhaar is also being removed from the list of documents for correction in date of birth.
A five-day-long Special Parliament Session will be held from Monday. A Parliamentary Bulletin said, that on the first day a discussion on the Parliamentary Journey of 75 years starting from Samvidhan Sabha - Achievements, Experiences, Memories, and Learnings will be held in Lok Sabha. The Government has listed Bill on the appointment of the Chief Election Commissioner, and other election commissioners in the upcoming Parliament Session. Apart from this The Advocates (Amendment) Bill, Th...
Artificial intelligence can substitute neither the human intelligence nor the humane element in the adjudicatory process, the Delhi high court has held and said ChatGPT can't be the basis of adjudication of legal or factual issues in a court of law. Justice Prathiba M Singh stated that the accuracy and reliability of AI generated data is still in the grey area and at best, such a tool can be utilised for a preliminary understanding or for preliminary research. The court's observati...
Domain + Website + Hosting + 2 email ids @ Just Rs.3100/- with 30 days Money Back Guarantee. CASANSAAR offers a Golden opportunity for Professionals, where they could create their own stunning website with multiple designs and templates to choose. It will be completely your own space, which is going to be a Dynamic Website and could be edited as per your wish. Now Get 2 Email ID's with Your Own Websi...
The Delhi High Court Monday sought the Centre’s stand in a plea against a notification where chartered accountants, company secretaries and cost accountants have been included among “reporting entities” under the Prevention of Money Laundering Act (PMLA) A division bench of Chief Justice Satish Chandra Sharma and Justice Sanjeev Narula granted time to Additional Solicitor General Chetan Sharma, who appeared for the Centre, to “seek instructions” and listed the ma...
Comments