Development Authority Irda News Today

For RBI-regulated entities, though - and, in this instance, for banks subject to orders under Section 35A of the BR Act - legal options are limited to the reconsideration framework set out in the Act. The affected party goes back to RBI seeking a review of its decision. But this is neither bound by set processes nor timelines. The only alternate remedy is filing a writ petition before a high court or Supreme Court.

The insurance industry in India is facing allegations of tax evasion, with companies accused of evading GST amounting to ₹5,500 crore. Tax authorities have sent notices claiming dues of up to ₹30,000 crore. The allegations stem from excess commissions paid to corporate agents, such as banks and NBFCs, to push sales. These excess commissions are being recouped as input credit by claiming that services have been provided, when in fact they have not. Insurance companies are contesting the deman...

Updated Feb 04, 2021 | 11:03 IST This policy, a fixed-benefit plan, will offer a maximum sum assured between Rs 10,000 and Rs 2 lakh on diagnosis and hospitalization for diseases such as dengue, malaria, chikungunya and Zika fever. Representational image&nbsp New Delhi: Mashak Rakshak, India’s first standardised medical insurance policy for vector-borne diseases, suggested by the Insurance Regulatory and Development Authority (Irda). This policy, a fixed-benefit plan, w...