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Country Insurance Using Financial Instruments by Luca Antonio Ricci download in ePub, pdf, iPad

Income or expenses fromAn entity is not permitted to

An entity is not permitted to include contracts issued more than one year apart in the same group. Income or expenses from reinsurance contracts held shall be presented separately from the expenses or income from insurance contracts issued.

The Securities and Exchange Board of India had earlier asked states to either waive or rationalise stamp duty on financial transactions executed electronically to bring down transaction costs.

India will soon have a uniform stamp duty rate across the country on transfer of financial instruments such as debentures and stocks, a key reform that will increase the ease of doing business. Moreover, high risk countries seem to gain more, as their underlying weaknesses makes them more vulnerable to external shocks. There have been several attempts to amend the Act to bring about uniformity but states have been reluctant to give up powers to levy stamp duty. It had suggested uniform duty rates across states on corporate bonds and debentures.

Differential rates lead to arbitrage, with intermediaries routing transactions through states that offer lower rates than where they originate. However, it could not make much headway. The key task for insurers right now is to make the appropriate implementation decisions. State revenues will be protected, he added.