Explained: Group Insurance Schemes
Group Insurance Scheme is as the name suggests insurance protection to groups of people. Irrespective of the size of the group, group insurance covers all members under the same plan. The plan may be in the form of group life insurance, group health insurance, group travel insurance, or group personal accident insurance. According to IRDAI…
Read article Definition of Insurance and Fundamental Principles of Insurance
An insurance plan or a policy can be defined as a legal contract between the insured (an individual) and the insurer (insurance company). Under the contract, you pay regular amounts of money (as premiums) to the insurer, and they pay you the sum assured in specific situations of suffering to cover the losses, against payment…
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Explained: Rating agencies’ fee structure for Credit Ratings
Credit Ratings are required to disclose the nature of their compensation arrangements and fee structure for bank loan/facility ratings on their websites. This disclosure is made under the Reserve Bank of India’s communication (dated April 26, 2013, reference no. DBOD.BP.No./5385/21.06.007/2012-13), advising accredited credit rating agencies (CRAs) to disclose the nature of their compensation arrangements and…
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New Tax Regime Slabs Changed as well Standard Deduction Up for new tax regime
Finance Minister Mrs.Nirmala Sitharaman in her budget 2024-25 presentation proposed to increase the standard deduction for salaried employees from ₹50,000 to ₹75,000. Also, the deduction on family pension for pensioners is proposed to be enhanced from ₹15,000 to ₹25,000 under the new tax regime. The FM announced changes in new tax regime slabs Taxable Income…
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2024 Budget news updates
Union Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in Parliament today (July 23) at 11 am. The following announcements were made by the finance minister in presenting her historic 7th Budget with a focus on employment and skilling. PM package of five schemes of five schemes aimed at facilitating employment and skilling, with…
How much cash and other items can be brought in while on return to India?
On return from a foreign trip, travellers must surrender unspent foreign exchange held in the form of currency notes and travellers cheques within 180 days of return. However, they are free to retain foreign exchange up to USD 2,000, in the form of foreign currency notes or Travelers Cheques (TCs) for future use or credit…
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