Morning Scan: All the big stories to get you started for the day

‘Jumbo life covers’, running into hundreds of crores, bought by rich Indians from offshore insurers have drawn the attention of authorities, reports The Economic Times.

Around 25 ultra-high net worth individuals have received notices from ED for violating foreign exchange regulations.⦁ It prohibits residents from purchasing life insurance policies from overseas companies without prior permission from regulators.⦁ The regulatory red line is crossed when a jumbo policy is bought by transferring funds under the Reserve Bank of India’s liberalised remittance scheme (LRS).

⦁ This can also happen when a buyer uses undisclosed funds lying abroad to pay the premium, and therefore chooses not to declare the investment.

Morning Scan: All the big stories to get you started for the day
Morning Scan: All the big stories to get you started for the day

Social commerce startups have raked in $554 million this year as of July 16, a 7x increase from last year and the highest ever since 2015, reports The Economic Times sourcing data from Venture Intelligence.

In India, the reseller morning model — where community influencers curate and sell products in their respective communities — has found the most success.⦁ Messaging and social apps are considered as a fulcrum to social commerce platforms.⦁ Startups are providing incentives and spending significant resources to train these micro-influencers to drive sales.⦁ Social commerce will unlock morning tier-II and III markets and reach low-margin categories in fast moving consumer goods and groceries.⦁ It reaches where large ecommerce platforms have not done so far.

Morning Scan: All the big stories to get you started for the day

Morning outlets:-

It shows a potential for further upswing in FY22.⦁ STT collection is emerging as a high growth revenue source.⦁ However, this is from a smaller base than corporate and personal income taxes.⦁ Revenue trend from STT shows the equity market boom during the pandemic has benefited the exchequer.

Morning Scan: All the big stories to get you started for the day

About Staff reporter

Check Also

As The Number of Covid Cases Rises, Planned Procedures in Kolkata Hospitals Are Being Cancelled

Planned operations are being cancelled in hospitals throughout Kolkata, because Number of patients test is positive for Covid while pre-surgery screening or because physicians and other members of the team are infected with the virus.

Leave a Reply

Your email address will not be published. Required fields are marked *