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Govt plans reinsurance fund to cover refiners using Iranian oil
BIZ TALK
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Single window for clearing real estate projects soon
How to file claims effectively
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Govt plans reinsurance fund to cover refiners using Iranian oil
New Delhi, March 24 Mangalore Refinery and Petrochemicals Ltd (MRPL) and Essar Oil have said they would halt imports from Iran because of insurance problems, Vivek Rae told reporters. Europe and the United States last year introduced tough sanctions aimed at Iran's oil trade in a bid to force Tehran to the negotiating table over its nuclear programme. Insurers rely on European reinsurance markets to hedge their risk. EU sanctions have blocked European reinsurers from any involvement in insuring shipments of Iranian oil. India, the world's fourth biggest oil importer, has sought clarification from the European Union on insuring oil supplies from Iran as trade with Tehran gets tougher due to the sanctions, External Affairs Minister Salman Khurshid said Friday. Rae said India's finance ministry is yet to take a final decision on setting up the reinsurance fund. According to the proposal, local insurers and the Oil Industry Development Board, a unit of the federal oil ministry, would contribute money for the fund that would provide reinsurance for the state insurers, he said. "What will be the size of this fund, how much we are required to contribute, whether it is enough to cover reinsurance — these are the details that insurance companies have to work out," Rae said. He added supplies from Tehran could also be hit because in the next stage of sanctions refiners may be asked to certify that their exported products were not produced using Iranian oil. India is Iran's second-largest buyer after China, taking around a quarter of its oil exports worth around $1 billion a month. India's refiners have already slashed imports from Iran as they joined other major Asian buyers in reducing purchases to secure waivers from the sanctions. MRPL plans to lift 40 percent less oil under its annual deal with Iran in the fiscal year ending March 31, while Essar Oil aims for a 15% reduction. The two companies have a deal to buy 100,000 barrels per day of oil from Iran in 2012-13. In the first 10 months of the current fiscal year, India reduced Iran crude imports by nearly 22 percent on the year, data from trade sources shows.
— Reuters |
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Agilent Technologies looking at expanding India operations
Agilent Technologies Inc is the world's premier measurement company and a technology leader in chemical analysis, life sciences, electronics and communications. Parmeet S. Ahuja, president & country general manager of Agilent Technologies India talks to Girja Shankar Kaura about the company’s future plans.
Q: What is your role at Agilent Technologies? As the company’s president & country general manager, I am responsible for India operations. I also enable and support the local team in executing on Agilent’s growth strategy in India. I am responsible for developing strategic relationships, identifying business-specific opportunities, interfacing with government policy makers, think tanks, local partners etc. In addition to this, my role internally is to strategize the growth chart for the life sciences and chemical analysis (LSCA) and electronic measurement (EMG) businesses in India with the respective leaders — identifying and exploring new ways of enhancing Agilent’s presence in the geography and the market. In India, Agilent also has a large technology workforce that provides customer support, sales, high-end R&D, engineering services, IT, business & financial services support to Agilent employees and customers globally. As country head, I provide insight and direction to these teams and also influence organizational changes that improve operational efficiency and increase overall output. Q: What is your strategy for India and how is the Indian market for Agilent different from other countries? Technology development is the key driver for the growth in the T&M market and Agilent’s customers look at us as “technology enablers”. Our customer-focused mantra for success in the market is Anticipate-Accelerate-Achieve: Anticipating the customer’s test and measurement needs; accelerating their tests/time-to-market with reliable products, and thus helping them achieve their goals. Each business has a tailor made strategy that takes into account multiple factors including market dynamics and customer requirements. In recent times, the focus for the Electronic Measurement Group (EMG) has been to increase their distributor network. In 2012, we added channel partners in the north, south and east zones. We will continue to align our expansion with the demands of the business and our customers. The Life Sciences and Chemical Analysis business (LSCA) launched our aftermarket solutions called Agilent CrossLabs Services & Support. Through CrossLabs, we provide our customers with Agilent’s industry standard service, support and supplies on Agilent instruments as well as all major non-Agilent analytical instruments. Our aim is to bring delight to each and every customer, even if their original choice of equipment of choice was not from Agilent. Q: As a leader in the test and measurement segment, what are your projections for 2013? Customers were cautious in 2012 due to the weak global and Indian macroeconomic environment, but 2013 looks better. Policy reforms by the government and improvement in global business are starting to help in restoring business/investor confidence in the country. Growth in 2013 will mainly be driven by technology investments and infrastructure development. New emerging technologies and applications like LTE/4G, mobile convergence, green power, smart devices, e-governance, ubiquitous computing, Cloud and security will drive the growth of electronics. Industries catering to aerospace and defence, automotive, general electronics manufacture, security, communications, pharmaceuticals, life sciences and services will be the primary drivers of this growth. Q: What is your go-to-market strategy for the year 2013? Agilent’s market strategy continues to be to get closer to the customer, to provide the latest and most advanced solutions for their test and measurement needs, and provide world-class service and support to ensure minimum downtime and maximum efficiency in running their businesses. Q: In the past year Agilent Technologies has appointed channel partner across India. Are you planning to hire more channel partners? The key objective of Agilent’s channel strategy is threefold: increase customer reach, grow Agilent presence and increase operational effectiveness. Appointing channel partners is directly proportional to meeting the needs of the customer. As business demands grow for a region or a product line or a vertical, Agilent will take all steps necessary to ensure the customer finds an Agilent solution provider close at hand, whether it is selling direct or through a channel.
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Tax liability on reimbursement of medical expenses
By S.C. Vasudeva
P.N. Gupta A: The Rs 19,000 you received from your ex-employer towards the reimbursement of medical expenses would be taxable, as the limit of Rs 15,000 is applicable to an employee who is in receipt of such a sum towards the reimbursement of medical expenses. The amount of interest received by you on the short payment of Contributory Provident Fund in accordance with the direction of the consumer court would be taxable. The amount of compensation and reimbursement of litigation expenses may not be taxable as these amounts are not in the nature of 'income'. However, the term 'income' as defined by the Income Tax Act, 1961 is of an inclusive nature. It has been held judicially that to determine whether a receipt is income or a capital receipt, the receipt has to be examined from a commercial angle. The character of the receipt in the hands of the receiver also has to be considered before deciding whether the receipt is in the nature of income. The amount of compensation and reimbursement legal costs cannot be considered as an income in the hands of a receiver.
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Blackstone, Icahn set up 3-way battle to buy out Dell
New York City, March 24 Blackstone Group LP submitted an indicative and preliminary offer ahead of the expiration of a "go-shop" period on Saturday that allowed Dell to explore other options, a person familiar with the matter said. The buyout firm has not yet arranged bank financing, though it has put potential lenders on standby, according to a second source familiar with the matter. Billionaire investor Carl Icahn, who has built up a minority stake in Dell and opposes the offer by founder Michael Dell and Silver Lake, also made an offer, according to the Wall Street Journal.
— Reuters |
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Single window for clearing real estate projects soon
New Delhi, March 24 Addressing the national editors' conference, he said: “The panel has since submitted its report and the ministry is in the process of formulating a single window system for clearing real estate projects throughout the country, which is expected to bring down the average approval time from 196 to 45-60 days”. Besides, the housing ministry is also working on the ‘Housing Start-Up Index’, which can be used as a tool to monitor the movements in housing and related sectors of the Indian economy on a regular basis. |
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Amitabh Jain
As the date of renewing his two wheeler motor policy approached, he started getting reminder calls from his dealer which he conveniently ignored being in the mindset that he didn’t really need insurance. Rahul continued with his routine of using his bike for daily commuting in the city and once a month for adventurous trip to the country side. The dealer gave up on his follow up leaving Rahul without an insurance cover on his vehicle a year after having purchased it. One day, through misfortune, he met with a road accident which damaged the body parts of his vehicle. To add to his problems, the next day before he could even get his bike repaired, it was stolen from outside a movie theatre. With no insurance cover, he faced the daunting reality of having lost out on his prized possession and his hard earned savings behind it.
Insurance companies have understood the fast paced life of today’s generation such as of Rahul. The reach and the use of Internet have found a place amongst this young generation. Providing a platform like the Internet for renewing or buying a motor policy has made the cumbersome and time consuming process much quicker and seamless. Ease of purchase
One can purchase/renew a policy round the clock, 365 days a year. This could be from your office or the comfort of your home. Lower cost
Purchasing an insurance policy online could also be more cost-effective since companies pass on the savings from distribution, administration and courier expenses etc. to the customer. Compare multiple options
One can compare various policies, evaluate add-ons to be included in the policy and choose one that best suits one’s needs Instant insurance
Buying insurance online is an activity that requires only a few clicks. In most cases, the insurance policy document is generated instantaneously. Transparency
Buying an insurance policy online enables one to access all the terms and conditions related to the policy. As such, it ensures that the customer is able to take an informed decision. In addition, one can seek help through online chat/ 24x7 toll free calling facility to resolve any doubts that one may have Ease of payment
One can choose from a wide range of options to pay online. These include credit/ debit card payment, net banking, funds transfer etc. Riding can be fun but not without compromising on the risk you invite to yourself and to others. Get online and enjoy a hassle free ride. Secure your two-wheeler with insurance According to industry estimates, nearly 50% of motorcycles and scooters in the country are uninsured. An average insurance cover for shielding your two-wheeler from uncertainties for a year is a mere Rs 700-800. With such a small ticket yearly investment comes a host of insurance benefits and peace of mind that your prized possession is well covered. Insurance companies have understood the fast paced life of today's generation. The reach and the use of internet have found a place amongst this young generation. Providing a platform for renewing or buying a motor policy online has made the cumbersome and time consuming process much quicker and seamless. The author is head of Customer Service - Motor, ICICI Lombard GIC Ltd. The views expressed in this article are his own
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How to file claims effectively
Claims, is an important yardstick to measure the performance of insurance Company and thus is core to any life insurance company and hence plays a very large role in decision making process of the customers towards going for a life insurance policy. Life insurance cannot replace the deceased nor does it aim to, but by providing for the financial needs of the survivors it serves an important objective. When the policyholder passes away, it is for the beneficiary to address the formalities of filing the Claim with the life insurance Company in a manner that expedites the Claim processing. Mentioned below are some steps to ensure a smooth ride through the claims process journey: Claim Intimation
The claim process can be initiated – also known as claim intimation by visiting the Branch/Office of the life insurance Company or by writing an email to the Company’s website. The Claim intimation consists of basic information such as the Policy No., Name of the Insured, Date of Death, Cause of Death, Place of Death, Name of the Claimant, Claimant’s relationship with the insured. This is merely the claim intimation and not the claim itself. Claim requirements
Death certificate duly issued by the Municipal Corporation / Gram Panchayat has to be mandatorily submitted by the Claimant since this is a Proof of Death. There are other additional Claim requirements viz: Claim Forms which are provided by the life insurance Company and the Original insurance Policy document that needs to be submitted to enable the life insurance Company to process the Claim. Claimant must provide his/her Photographs, Address Proof and the Photo Identity Proof. By way of credentials, the Companies expect the Claimant to provide additional supporting like the Bank Account Statement thereby ensuring Claim money is paid to the rightful beneficiary. Some insurance Companies in addition to the aforesaid requirements may seek additional documents on case specific basis depending on type of Claim, Cause and circumstances of Death and at the same time ensuring compliance to Internal and Industry guidelines. All the documents must be in Original or photocopies attested by the relevant authority for e.g. an SEM, Magistrate, Gazetted Officer or a person of local standing like the Police Sub-Inspector or authorized members from the insurance Company. Time limit for submitting Claims
Claim Processing
As a part of Claim processing, a Claim may warrant verification of the facts of the case and circumstances to establish genuineness of Death which is critical before decisioning of the Claim. The motto of verification is to also ensure that only genuine Claims are paid in the interest of the Policyholders and the Company. Though IRDA has specified a timeline of 180 days for Claim verifications, the insurance Company endeavours to complete the verification well within the timelines and settle the Claim at the earliest so that the ultimate customer experience of trust is upheld at all the times. As per IRDA guidelines, insurance Companies must process the Claim within a specified time period – i.e. 30 days post receipt of all the requisite documents basis which the Claim can be decided. However, some Companies might do it even sooner based on internal guidelines thereby creating benchmarks in the industry. Grievance Mechanism
There is a formal mechanism to handle Policyholder grievances, however, prospects and Policyholders are advised to first file their complaints with the respective insurance Companies. Additionally, IRDA offers Integrated Grievance Management System (IGMS), a tool to monitor disposal of grievances by insurance Companies and carry out root cause analysis of grievances to identify systemic and policy related issues. Over and above this, the Policyholder can also approach the Consumer Court and insurance Ombudsman in case if the aforementioned options do not work. There is sufficient Regulatory governance around the Claims handling process and there are set guidelines for the Companies to follow. This makes it very easy for the customers to access this information and make informed choices for themselves. It is important also on the part of the customers to make all the rightful disclosures at the Proposal stage so that the beneficiaries do not face any inconvenience at the time of making the Claim. The author is managing director & CEO of Birla Sun Life insurance. The views expressed in this article are his own |
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The key objective of Agilent’s channel strategy is three fold: increase customer reach, grow Agilent presence and increase operational effectiveness. Appointing channel partners is directly proportional to meeting the needs of the
customer.
Q: I received Rs 19,000 as reimbursement for medical claims from my ex-employer. According to the norms, an amount equal to the last month's salary is deducted for medical expenses incurred by me and my spouse. Will total amount be treated as income for the purpose of income tax or only Rs 15,000 (last month's salary) be taken as taxable income? Due to short payment of Rs 51,859 as contributory PF, I referred the case to the consumer court. In the meanwhile my ex-employer paid me Rs 51,080 through the court, leaving a balance of Rs 779. In its judgment the court directed the employer to pay the balance plus interest from the date of my retirement together with Rs 11,000 as compensation and litigation expenses. Is tax payable on the interest and the amount received as compensation and legal expenses?
Motorcycles have always been the most preferred mode of transport for the adventurous. Rahul from New Delhi recently purchased a brand new cruiser motorbike for which he had taken a loan from his bank. Apart from a cross country trip, he went in for the bike to avoid getting stuck in traffic jams while commuting to work. He also bought several accessories for the vehicle ahead of his trip, though he never really made use of those safety gears while riding in and around the city.
Rahul’s story is not an isolated incident in India since according to industry estimates, nearly 50% of two-wheelers in the country are uninsured. An average insurance cover for shielding your two-wheeler from uncertainties for a year is a mere Rs 700-800. With such a small ticket investment (yearly) comes a host of insurance benefits and peace of mind that your prized possession is well covered. It is time we make the effort of getting our motorbikes and scooters insured. On the part of insurers, they have made the renewal process really simple and convenient through the offline and online route.
Life insurance has no parallel. Being bereaved of your loved one brings its own sense of loss and deprivation. While the void of losing a loved one can never be filled, life insurance is a mechanism that compensates for the financial loss and provides financial security to the family.
