|Friday, February 25, 2000,
Television to provide Internet
Insurance regulatory authority by
New Delhi, Feb 24 The Insurance Regulatory and Development Authority (IRDA) will be constituted by March 15 and the first licence would be given by October-November, said Mr N Rangachary, IRDA Chairman, here today.
The IRDA will be established within a fortnight or so Mr Rangachary said while speaking at the second conference of actuaries, organised by FICCI.
He said IRDA plans to give the first licences as Divali gift to the insurance companies.
The chief India representative of Prudential, UK, Mr Derek Stott, said we were waiting for this moment...it is a great news.
The IRDA Chairman, however, did not state whether the government would fully constitute the authority at the very first instance.
The IRDA Act, 1999, which got the assent of the President on December 26, 1999, provides for a Chairman, five full time members and four part-time members.
The Act envisages opening of the insurance sector to global players by allowing them to enter into joint ventures with Indian companies with 26 per cent foreign equity.
At present, IRDA is an interim body with Mr Rangachary as the Chairman and Mr H Ansari as a member.
He said the draft regulations for pricing of products, appointment of actuaries, solvency and means to value instruments would be circulated for comments soon after the IRDA is constituted.
Insurance companies willing to enter both life and general insurance market will have to form two separate companies with a paid up capital of Rs 120 crore each and submit two applications for the same.
Planning Commissioner member, Dr Montek Singh Ahluwalia, said people would be allured to insurance products because of their attractiveness and not due to tax concessions.
The Union Finance Minister, Mr Yashwant Sinha, who was not present at the function, but whose speech was distributed, said the Government was considering a legislation to promote and regulate the profession of actuaries.
sub-office in city suggested
CHANDIGARH, Feb 24 The PHD Chamber of Commerce & Industry today arranged an interactive session with the parliamentarians from the UK comprising three leading members of the House of Commons (UK) with its members. The delegation was led by Dr Ashok Kumar, who was accompanied by Ms Joan Ruddock and Mr Frank Doran.
Mr Ashok Khanna, former President, PHDCCI said that like the Canadian High Commission, the British High Commission should also open its sub-office at Chandigarh so that various problems of people in this region are taken care of at Chandigarh itself. It was also indicated that the US Embassy is already planning to set up a similar sub-office at Chandigarh.
Dr Ashok Kumar, the group leader, promised that he would take up this matter with the British High Commission at Delhi and the Foreign Office in the UK.
Mr Vikram Sahgal,
Chairman, UT Committee, PHDCCI suggested that special
efforts may be made at the British High Commission to
help the exporters from India to enable them to fulfil
their export commitments.
Television to provide Internet access
Receiving the Internet through the television set may come to India sooner than expected with Jain Studios getting permission for setting up gateway earth station for video uplinking as well as for Internet connectivity with the USA and other countries.
Jain Studios Limited has become the only Indian company to get permission from the Government to set up an earth station without going through Videsh Sanchar Nigam Limited. It is setting up this gateway earth station at a 12-acre plot in Greater Noida.
The company has claimed that its prices will be far more competitive as the same earth station and transponder will be used for both video as well as Internet connectivity.
According to the company, it is expected to become the first to take advantage of technological convergence by providing Internet services through the TV sets. Thus personal computers will be able to show Jain TV and TV sets can be used to display Internet data.
At present, television can only provide one-way information but will soon become interactive facilitating dialogue, thus changing the very basic nature of the medium.
Indiainfo.com, the first integrated Internet company in India providing online content, e-commerce and news services, plans to host a section dedicated to the Union Budget 2000.
It has constituted a panel comprising Mr Montek Singh Ahluwalia, Tarun Das, Mr P.Chidambaram and Mr KN Memani, Chairman, Ernst and Young (India).
These experts detailed pre-Budget analysis, will be available on the site. Prior to the Budget, the panel members will be available to chat with Indiainfo.com users and will answer queries online. Mr Tarun Das is available on indiainfo.com on February 24 at 6.30 pm, Mr Chidambaram will be online on February 25 at 6.30 pm and Mr Memani on February 26 at 6.30 pm.
Integra Capital Management Limited, a Delhi-based financial services company, on Thursday announced the launch of Assure India.Com (www.assureindia.com) Indias first insurance portal.
The vertical portal, inaugurated by Central Vigilance Commissioner N. Vittal will serve a key need for unbiased and well-aggregated online information along with focussing on the issues and trends shaping the insurance industry. The site will be a one-step site for all kinds of insurance content ranging from government policies to latest news on life, health, automobile, home, professional and commercial insurance, a place where people can share their experiences, educate themselves on the various aspects, get their insurance related queries answered.
ICICI Bank, on Thursday announced the launch of electronic bill presentment and payment (EBPP) service through Infinity, its Inernet banking service.
Infosys Technologies Limited, Indias leading software company, has provided ICICI Bank with the Bancspay software for this initiative.
Xerox Mobile Solutions has developed Mobile Doc that allows users to retrieve a variety of electronic documents such as Microsoft office, portable document files and HTML pages by having them forwarded to any e-mail address or fax machines. The software on a phone, pager or hand-held computer remotely connects to software installed on a file server or corporate network.
Mascon Global Limited
expects Rs 450 million revenue in the first quarter of
2000. This was announced at an annual general meeting
held in New Delhi on Thursday. The AGM cleared a 3:1
bonus to shareholders. agencies
self-help groups formed in Punjab
CHANDIGARH, Feb 24 Presiding over a meeting of the State Level Bankers Committee, Mr C.P. Swarankar, General Manager, PNB, said here today that a number of issues discussed at the last meeting have been resolved.
These include launch of Kisan Credit Cards, picking up of the concept of self-help groups and raising the income ceiling of weaker sections from Rs 6,400 to Rs 11000 pa for exemption of stamp duty for securing the bank loan.
Mr S.K. Chawla, GM and convener SLBC (Pb), said 258 self-help groups have been created out of which 33 groups, with membership of 381 beneficiaries, have undertaken economic activities. The targets for assisting SCs and women beneficiaries for group loans have been surpassed.
Mr D. S. Guru, Special Secretary-cum-Director Industries, Punjab, said for the year 1999-2000 against a target of 9000, banks have sanctioned loans to 7,424 beneficiaries and disbursement has been completed in 3,970 cases. The percentage achievement of sanction over target is 82.5 and disbursement over sanction is 53.5.
Industry bodies ultimatum
LUDHIANA, Feb 24 Trade and industry has threatened to launch an agitation in case the government does not withdraw within a fortnight an official notification levying a cess of Rs 1.50 per unit on private electricity generators.
In a joint statement here leaders of the Federation of Tiny and Small Industries of India the Focal Point Association, the Ludhiana Rubber Goods Association, the Ludhiana Electroplaters Association, the Geetanagar Dyeing Association the Chamber of Industrial and Commercial Undertakings and the Ludhiana Motor Parts Manufacturers Association pointed out that industrialists have been forced to install private generators because of irregular power supply by the PSEB.
Beopar Maha Mandal
An all-India conference will be held in New Delhi on March 9 by the All India Beopar Maha Mandal to discuss problems facing the trade and industry, according to Mr Tulsi Dass Jaitwani, Senior Vice-President of the Mandal.
Cadbury India on Thursday reported a 39.96 per cent jump in its net profits for 1999 to Rs 36.70 crore, on a 19.3 per cent and 12.2 per cent growth in sales and volumes respectively.
The company reported Rs 36.7 crore net profit for 1999 after tax and exception items against Rs 26.22 crore in 1998.
Net sales were up by 19.31 per to Rs 511.08 crore last year against Rs 428.33 crore in 1998, a company statement said.
SCI mini ratna
NEW DELHI, Feb 24 Pacific Internets e-commerce company, Pacfusion.com, will soon launch its services from Chandigarh and Ludhiana. Mr Mohana C Pillai, President of Pacific Internet, said the ISP would be operating from 25 centres across the country by the year-end.
CMD of ITDC
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