We wish a very happy and prosperous New Year 2017 to all our subscribers, authors, advertisers, and everyone connected with the publication.
With the blessings of our readers we have entered into the 37th year of regular publication in the year 2017. It is a matter of great privilege and honor for our journal to reach this stage and with the support of our readers we hope to achieve many more milestones in future.
The Indian economy took a turn with demonetization on 8th November 2016. Almost all business activities have been affected by the move. Though in the short term people are facing a lot of difficulty, in the long term it will bring positive results.
For promoting e-payment, governments have announced sops for digital payments. For General Insurance premium the government has announced a discount of 10% in premium for payments made online. This is a substantial discount as in this market of extreme competition 10% discount will tell upon the revenues of general insurance companies. The government should review its decision and see that the revenues of PSU companies are not jeopardized.
Now the situation and circumstances are fast changing in socio, economic and political scenario, wherein the insurance subject is still finding its place for the improvement in the insurance sector.
Central Govt. has notified Aadhar for the single KYC for all the requirements in banking, insurance, passport, taxation, KYC etc.
Recently five global reinsurers have been granted licence by IRDAI to open and operate their branches in India. This will give a boost to India to become a reinsurance hub.
