LIVE: Rajya Sabha passes bill to hike FDI in insurance sector to 74%

Topics Today News | FDI | FDI in insurance

File pic of Rajya Sabha
Latest news live updates: Rajya Sabha on Thursday approved a bill to raise the foreign investment limit in the insurance sector to 74 per cent with Finance Minister Nirmala Sitharaman saying while control will go to foreign companies, the majority of directors and key management persons will be resident Indians who will be covered by law of the land.

Meanwhile, the Delhi High Court today upheld the Singapore's Emergency Arbitrator's (EA) order restraining Future Retail Ltd (FRL) from going ahead with its Rs 24,713 crore deal with Reliance Retail to sell its business, which was objected to by US-based e-commence giant Amazon.

 
Earlier in the day, the Telangana government presented a tax-free Budget for 2021-22, proposing a total expenditure of Rs 2,30,825.96 crore with major allocations made for panchayat raj and rural development, agriculture, irrigation, social security pensions and others.

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LIVE: Rajya Sabha passes bill to hike FDI in insurance sector to 74%

Rajya Sabha on Thursday approved a bill to raise the foreign investment limit in the insurance sector to 74 per cent with Finance Minister Nirmala Sitharaman saying while control will go to foreign companies, the majority of directors and key management persons will be resident Indians who will be covered by law of the land.
 
"The laws of the land are fairly mature. They can control every operation which happens in this country. (No one can) take it (money) away and make us sit and watch," she said replying to a debate on the bill.
 
Giving out reasons for the decision to raise the foreign direct investment (FDI) limit, she said insurance companies are facing liquidity pressure and the higher limit would help meet the growing capital requirement.
 
On change of definition of 'control' of the insurance company with the hike in FDI limit, she said control means right to appoint a majority of directors, control the management of policy decisions including by virtue of their shareholding or management right or shareholder agreements or voting agreements. By raising the FDI limit to 74 per cent, the current provision of control being vested with Indian companies had to be dropped.

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Govil joined the BJP in the presence of its general secretary Arun Singh and Union Minister Debasree Chaudhuri after the party announced the names of 148 candidates for the West Bengal assembly polls.
 
"West Bengal Chief Minister Mamata Banerjee's irritation to Jai Shri Ram was a trigger point for me to join the BJP. And there is nothing wrong in saying Jai Shri Ram....it is not a slogan, not even a political slogan. It is a way of life for us, it represents our culture and ethos," he told the media at the BJP headquarters.

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Rajya Sabha passes bill to hike FDI in insurance sector to 74% from current 49%

Rajya Sabha passes bill to hike FDI in insurance sector to 74% from current 49%

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Insurance companies facing liquidity pressure, says FM replying to debate on bill to raise FDI limit to 74%

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Justice J R Midha directed Kishore Biyani-led FRL not to take further action on the deal and held that the group wilfully violated Singapore Arbitrator's order.
 
The high court directed the Future Group and its directors to deposit Rs 20 lakh cost in Prime Minister's Relief Fund for providing COVID-19 vaccines to senior citizens of Below Poverty Line (BPL) category. The court directed the presence of Biyani and others before it on April 28 as also attachment of their properties.

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He said the government also intends to lay BharatNet in villages all over India and the prime minister wants this to be accomplished in the coming 1000 days.
 
Replying to supplementaries during Question Hour, the minister said India has attained its image in the world due to digital India. READ MORE...

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"Its purpose is to expose the false propaganda of the government that the farmer is getting the MSP announced by the government," Saha said.
 
New findings by the loot calculator about different crops in different states and the losses incurred by farmers will now be shared daily on Jai Kisan Andolan's social media pages, he added.

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Rajya Sabha proceedings were adjourned briefly on Thursday amid Opposition uproar over the Insurance (Amendment) Bill 2021.
 
Finance Minister Nirmala Sitharaman moved a bill in the Upper House to consider for further amendment of the Insurance Act 1938.
 
Leader of Opposition Mallikarjun Kharge said the insurance amendment bill 2021 will put people in trouble. The Insurance Act 1938 is being amended for the third time.

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The accident took place near Potla village around 11 am when the victims were on their way back to Dev Dongri village from Chandera after the wedding, district Superintendent of Police Yashpal Singh Parihar said.
 
The deceased included two women and three men, the official said. The injured persons were referred to hospitals in Mandla and neighbouring Jabalpur, he said.

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Announced in the 2021-22 Union Budget, the policy provides for fitness test after 20 years for personal vehicles, while commercial vehicles would require it after the completion of 15 years.
 
Gadkari has also issued an advisory to automakers, advising them to provide an incentive of a five per cent rebate for those buying a new vehicle after producing a scrapping certificate. Noting that the policy will be a "win-win" policy, the minister said it will help improve fuel efficiency, reduce pollution and GST income will also rise due to the purchase of new vehicles.

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Karnataka Waqf retracts circular restricting loudspeaker use in mosques

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Earlier, on March 17, the board, in a circular, had restricted the management of mosques and dargahs from using loudspeakers between 10 pm to 6 am during namaaz citing the Noise Pollution (Regulation and Control) Rules, 2000, and had said loudspeakers used during daytime shall adhere to ambient air quality standards in respect of noise. Read on...

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