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GST: Life insurers want exemption

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  • As the Goods and Services Tax (GST) rollout plans gathers momentum, life insurers sought exemption from the new taxation regime on premium income, while general insurers have demanded differential rates for their products.
  • Life insurers said that their premium income has remained stagnant since the industry was brought under service tax in 2012.
  • Since life insurers are passing on service tax to customers, it has impacted their premium income growth which has been stagnant since then.

Tourism meet sees pacts worth Rs.15,000 cr.

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  • Five states — Gujarat, Rajasthan, Karnataka, Uttarakhand and Chattisgarh — signed 86 MoUs worth close to Rs.15,000 crore during the recently concluded Incredible India Investors’ Summit.
  • Gujarat leads the tally with signed pacts worth nearly Rs.9,000 crore, followed by Karnataka (Rs.2,600 crore), Rajasthan (Rs.1,000 crore), Uttarakhand (Rs.500 crore) and Chhattisgarh (Rs.12 crore), according to an official statement.
  • “With many more projects in the pipeline IITIS-2016 met the desired objectives and highlighted tourism investment potential in the country,” said Minister for Tourism and Culture Mahesh Sharma while assuring investors that his ministry would assist and support them in making India the tourist destination of choice.

NIIF

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  • The Centre plans three more sector specific sub-funds under the Rs.40,000-crore National Investment and Infrastructure Fund.
  • Observing that there were certain challenges with regard to NIIF, Economic Affairs Secretary Shaktikanta Das had last week had said investors were more interested in investing in specific, dedicated, sectoral fund rather than all-purpose, multi-sector umbrella fund.
  • Subsequently, the government had to restructure and recast the structure and begin with two sectorally dedicated funds namely highway sector and clean energy fund.

Obama used a pseudonym in emails with Clinton, FBI documents reveal

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  • President Barack Obama used a pseudonym in email communications with Hillary Clinton and others, according to FBI records made public Friday.
  • The disclosure came as the FBI released its second batch of documents from its investigation into Clinton’s private email server during her tenure as secretary of state.
  • The 189 pages the bureau released includes interviews with some of Clinton’s closest aides, such as Huma Abedin and Cheryl Mills; senior State Department officials; and even Marcel Lazar, better known as the Romanian hacker “Guccifer.”

Godrej plans township in Bengaluru

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  • Godrej Properties Ltd is planning to develop a residential township near Sarjapur in East Bengaluru. This would be its second such project since 2009 in the country. It has already entered into a partnership with Godrej Agrovet, an agri-business company in the group.
  • “We are planning this project with our sister concern,” Mr.SriramIyer, Business Head, South & East, GPL said in an e-mail interview .
  • The proposed township would have a ‘developable’ potential of up to 830,000square metres (or about 9 million square feet) and would be implemented as a modern residential development in multiple phases.

Govt. officials can hire Uber, Ola cabs without surge pricing

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  • Cab aggregators Uber and Ola are breaking new ground as they have started providing taxi services to government departments at special rates.
  • They have registered at the portal of the government e-marketplace, which was unveiled last month for buying goods and services by central ministries and departments with a view to bringing transparency in government procurement, which is estimated at Rs.10,000 crore a year.
  • The Centre will be able to see significant savings as, currently, departments shell out as much as Rs.40,000 for one taxi per month.

China, Cuba sign 30 deals as Premier starts visit

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  • Chinese Premier Li Keqiang and Cuban President Raul Castro attend a signing ceremony for the cooperation agreements between China and Cuba, at the Palace of the Revolution in Havana on Saturday September 25, 2016.
  • Chinese Premier Li Keqiang has met with Cuban President Raul Castro in Havana.The meeting was followed by signings of around 30 agreements on economic cooperation in such areas as science, agriculture, industry, energy, public health and environmental.
  • Li Keqiang is the first Chinese premier to visit Cuba since the two countries established diplomatic relations 56 years ago.The trip comes two years after President Xi Jinping’s state visit to the Caribbean country.

Gold slips on firm dollar; US presidential debate outcome awaited

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  • Gold prices edged lower on Monday as the dollar firmed, though the market is focused on the outcome of the US presidential debate later on Monday that could see investors buying more of the metal as a hedge against financial uncertainty.
  • Spot gold was down 0.3 per cent to $1,332.88 an ounce by 0324 GMT. US gold futures fell 0.3 per cent to $1,337.60 an ounce.
  • The US presidential debate between Republican Donald Trump and Democrat Hillary Clinton will take place at 0100 GMT on Tuesday, with investors looking for indications of who could win the race to lead the world’s biggest economy.