Only after a nudge from the General Insurance Corporation of India (GIC Re), insurers were forced to raise rates in fire insurance to match the claims ratio. Since GIC Re offers reinsurance risk covers to insurers, the latter were forced to hike rates to ensure that their books are protected. … [Read more...] about Insurance discounts may soon be thing of the past: Here’s why
Q: Any other best practices to follow?A: A practice which a lot of people follow is making notes because you will not remember every point that was discussed in the following quarter. That is a good way to follow up with people in the subsequent quarter.When people know that you will flip back three quarters, then what gets measured gets done. So then the CFO, the company secretary and the controller know that I might pull up a matter from four quarters ago and ask if they have closed the issue. It helps them also to stay on their toes. … [Read more...] about What is a good way to run an Audit Committee?
As the finalisation of the crucial standard is pending globally, there is no visibility on exactly when the new accounting norms will apply to Indian insurers. After the standards are finalised globally, they will be done so in India by the Indian equivalent of IASB and only then will the IRDAI be able to act on them. … [Read more...] about IRDAI defers new accounting norms for insurers
A: One is that nobody wants to give up power. And the second reason is that, for the CMD, the principal promoter or professional manager, all the sins of their past will come up when a new person comes to the table, because the new CEO will then be responsible. When a new person comes in, there is (usually) an attempt to ring fence themselves (from failings of the past). So that is the real situation. … [Read more...] about CFOs must be made legally liable in case of outright fraud: Prabal Basu Roy
Here the details of the shipping bill are filed against the corresponding GST export invoices and submitted in GST returns. However, integrating the bill of entry filed at the time of clearance of goods from port with the GSTN portal of the registered person such as the return form GSTR 2A in case of domestic buying, will ideally help in eliminating the black market for goods. This is likely to plug another leakage point for GST revenue. The same is in line with the international best practices followed by countries which have implemented the GST/ VAT regime. … [Read more...] about 2020 promises key GST milestones