Chamber Amicus Curiae

29/04/2021

National pension scheme strategy to attract more pensioners in India.

Recently National Pension Fund Regulatory and Development Authority (PFRDA) made changes regarding the exemption rate from two lacs to five lacs - This point can be changed without the approval of the legislature because the authority has the power to change that with immediate effect.

Another major change suggested by the authority is that the compulsory saving 40%
of pension into annuity product should be replaced by not making it mandatory and provide some other return source by the authority – this point can be changed only upon the approval of the legislature.

Here the authority also brings the change on the age relaxation from 65 to 70, it was observed by the authority that age relaxation could bring more customers.

26/04/2021

Today the Madras High Court alleged the Officials of the Election Commission of India should be Put on a murder charge by allowing the political rallies in this ongoing pandemic situation.

“You are the only institution that is responsible for the situation today. No action against political parties taking rallies despite every order of the Court. Your election commission should be put up on murder charges probably!” Chief Justice Sanjib Banerjee said

08/03/2021

In November 2015, Oyo sought to acquire Zo Rooms, a budget hotel room aggregator, and the two companies signed a term sheet—an agreement outlining the basic terms and conditions under which the investment would be made.
But Oyo terminated the deal less than a year later, in September 2016, claiming it couldn’t find any potential value in the business.
Now, more than five years later, a court-appointed arbitrator has ruled that Oyo is bound by the terms it agreed on, under which Zo Rooms’ founders and lead investor Tiger Global would be entitled to 7% of Oyo.
The ruling: The arbitrator said Zo Rooms’ parent, Zostel Hospitality, was entitled to claim relief in the form of allotment of shares from the respondent, Oyo parent Oravel Stays. The order also said Zo Rooms was entitled to claim the cost of its case.

04/03/2021

Government amends Insurance Ombudsman Rules for better resolution of policyholders’ complaints regarding insurance service deficiencies

The Government on 2nd March 2021 notified comprehensive amendments to the Insurance Ombudsman Rules, 2017, with a view to improve the working of the Insurance Ombudsman mechanism to facilitate resolution of complaints regarding deficiencies in insurance services in a timely, cost-effective and impartial manner.

The amended rules have enlarged the scope of complaints to Ombudsmen from only disputes earlier to deficiencies in service on the part of insurers, agents, brokers and other intermediaries. Further, insurance brokers have been brought within the ambit of the Ombudsman mechanism, by empowering the Ombudsmen to pass awards against insurance brokers as well.

25/02/2021

Sunil Mittal-led telecom operator Bharti Airtel entered India's $10 billion advertising industry with its advertising platform 'Airtel Ads', which will connect brands to customers of the telco.
The company, in a statement, said, "Airtel Ads allows brands of all sizes to curate consent-based and privacy safe campaigns to one of the biggest pool of quality customers in India."

These ads will be featured on various Bharti Airtel platforms. Among Airtel's customer base of 320 million subscribers, 190 million use its music streaming app Wynk, OTT video content Xtream; and around 17 million use its DTH service. Bharti Airtel does not plan to cater to customers from outside.

Adarsh Nair, Chief Product Officer, Bharti Airtel, said, "Airtel's data research and analytics will help identify and connect target customers to brands selling products or making offers on the platform."

"For instance, let's say you come on Airtel Thanks app for a recharge, and you see Zomato's offer of a 40 per cent discount. We take that Zomato offer and present it to you while you are doing the transaction. Airtel's research is dependent on what you do next," Nair added.

Using Airtel's deep data science capabilities, Airtel Ads allows brands to create engagement and campaigns to the relevant customer groups, the telco said. This also means that Airtel customers receive only the most relevant brand offerings and not unwanted spam, it added.

Airtel Ads has already enabled campaigns for more than 100 brands across categories like FMCG, BFSI, digital startups, among others. It has collaborated with firms such as Zomato, CRED, Apollo 24.7, Tata AIG Insurance, PepsiCo, Lenskart, Cars24, Vahan, Gameskraft, and Harley Davidson.

28/01/2021

Total FDI inflow of US$ 58.37 billion received during April to November, 2020
Foreign Direct Investment (FDI) is a major driver of economic growth and an important source of non-debt finance for the economic development of India. It has been the endeavour of the Government to put in place an enabling and investor friendly FDI policy.
Measures taken by the Government on the fronts of FDI policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country. The following trends in India’s Foreign Direct Investment are an endorsement of its status as a preferred investment destination amongst global investors:
• During April to November, 2020, total FDI inflow of US$ 58.37 billion has been received. It is the highest ever for first 8 months of a financial year and 22% higher as compared to first 8 months of 2019-20 (US$ 47.67 billion).
• FDI equity inflow received during F.Y. 2020-21 (April to November, 2020) is US$ 43.85 billion. It is also the highest ever for first 8 months of a financial year and 37% more compared to first 8 months of 2019-20 (US$ 32.11 billion).

26/01/2021

Quote of the day

26/01/2021

Happy Republic Day

Happy 72nd Republic Day 2021

25/01/2021

Election Commission of India is celebrating 11th National Voters Day on 25th January 2021.

25/01/2021

Madhya Pradesh gets an additional Rs.660 crore for capital projects
Madhya Pradesh has become the first State to get additional funds for capital projects for successfully carrying out reforms in various citizen-centric areas. The Department of Expenditure, Ministry of Finance has allocated additional Rs.660 crore to the State for capital expenditure for undertaking the One Nation, One Ration Card Reforms, Ease of Doing Business Reforms, and Urban Local Bodies Reforms. The State has also completed a part of the fourth reform – the Power Sector reform.
A list of capital projects with estimated cost of Rs.660 crore was approved by the Department of Expenditure. 50% of the approved amount (i.e. Rs.330 crore) has also been released to the State as 1st instalment for the approved projects. This amount of Rs.660 crore is in addition to an amount of Rs.660 crore approved earlier for capital projects under Part-II of the scheme.
The scheme of “Special Assistance to States for capital expenditure” was announced by the Finance Minister on 12th October, 2020 as part of Aatma Nirbhar Bharat package. The Scheme is aimed at boosting capital expenditure by the State Governments who are facing difficult financial environment this year due to a shortfall in tax revenue arising from the COVID 19 pandemic.
Capital Expenditure has a higher multiplier effect, enhancing the future productive capacity of the economy, and results in a higher rate of economy growth. Therefore, despite the adverse financial position of the Central Government, it was decided to extend a special assistance to the State Governments in respect of capital expenditure, in financial year 2020-21.

25/01/2021

India's Active Caseload further contracts to 1.85 Lakh