IRDAI for the first time since it came into being took a strong decision by appointing an administrator to take over the charge of Sahara Life for its mismanagement. Insurers are supposed to be professionally managed in the interest of the insureds who invest their hard earned money into the Insurance Company for their future care. The ongoing problems in the Sahara Group may be the reason for mismanagement.
GIC Re has finally appointed bankers to manage the IPO to be launched shortly. Other companies are also in the process of launching an IPO.
GST was launched on the midnight of 30th June 2017 with much fanfare. In Spite of opposition from political parties and small traders and businessmen the new regime was launched on the scheduled date. Many people had expected that the government would succumb under pressure and delay the launch or restructure the rates. But the government showed its determination and went ahead with the launch. People are confused about the possible implications but within few months things would come under control once the dust settles in. There is no reason to panic but organize the process of business so that things are implemented smoothly. The GST would compel people to maintain accounts in organized manner and this would help them in future. Lot of people in unorganized sector would be brought under the net of taxation and GST will help them to create credit history and expand the business in future.
Insurance Premium would become dearer due to GST. The rate of premium could have been reduced in case of insurance. The government has promised to review rates in various categories in due course.
