Davis has vast experience in accounting, auditing, management, and IT Consultancy, and his company is one of the top 10 audit firms in the Sultanate of Oman. A Fellow of the ICAI, he was co-opted to the International Affairs Committee of the ICAI Council, New Delhi (2007–08). He also served as the Founding Chairman of the Muscat Chapter of the Institute from 2008 to 2009 and is a certified member of the Institute of Certified Fraud Examiners.

A regular columnist for The Times of Oman on tax-related affairs, Davis has co-authored a book on taxation of NRIs and has represented his firm at several global conferences. In recognition of his outstanding global contributions, he was bestowed with the Pinnacle Award — the highest recognition from Crowe Horwath, one of the top ten accounting networks in the world.

Among the top 10 chartered accountants in Kerala, the late CA P A Nair’s name appears in the first position, and it was he who signed the membership certificate of Davis in 1986. The other names include the late T Velu Pillai, K Raghavan Nair, Varma & Varma. Venugopal C Govind, Sreejith Kuniyil, P D Vijayrajan, M V Korah, and S Prabhakaran.

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The event was virtually graced by HE GV Srinivas, Ambassador of India to the Sultanate of Oman, and HE Mahboob Issa Alraisi, Consul General of the Sultanate of Oman in Mumbai. The dignitaries underscored the historic Indo-Omani bilateral relationship and sought to explore strategic trade and investment opportunities under the CEPA framework.

Board Member of the Oman Chamber of Commerce and Industry (OCCI) and Chairman of the Foreign Investment Committee, Abdul Latheef Uppala, emphasised the Sultanate’s investor-friendly regulatory environment and expanding opportunities across logistics, manufacturing, healthcare, and infrastructure sectors.

Davis Kallukaran, Deputy Chairman, Foreign Investment Committee, OCCI, moderated the panel discussion on ‘India–Oman Trade and Investment Opportunities under CEPA. The distinguished panelists included Dr P Mohamed Ali, Founder, Galfar Group; Dr MI Sahadulla, Group Chairman & Managing Director, KIMS Health; Dr Siddeek Ahmed, Chairman & Managing Director, Eram Group; Abdul Latheef Uppala; Sheraz Anwar, Director, Abad Group; and Anirudh Sankar, Senior Official, DGFT Kochi.

The panel deliberated on sector-specific collaboration in infrastructure development, healthcare services, industrial partnerships, export facilitation, and regulatory alignment. It also highlighted practical pathways for strengthening private-sector engagement between both countries.

There were presentations by Dr Yousuf Hamad Al-Balushi, Economic Advisor & Research Analyst, Oman, and  Yarub Nasser Al Siyabi, Specialist at OPAZ. They highlighted priority sectors under Vision 2040 and significant investment potential within Duqm and other strategic economic zones. Technical presentations by experts Dr James Nedumpara, Professor and Head CTIL; Ridhish Rajvanshi, Senior Research Fellow; and Tathagata Choudhury from the Centre for Trade and Investment Law (CTIL) of the Ministry of Commerce and Industry, Government of India; provided clarity on tariff concessions, market access for services, digital trade provisions, and export promotion mechanisms that come under the pact.

Dr P Mohamed Ali, Chancellor of the National University of Science and Technology, Oman, in his message, emphasised the need for continuous engagement on CEPA to understand the terminologies to ensure a quantum jump in bilateral trade, services, and investments.

The seminar concluded with an interactive question-and-answer session followed by a business networking engagement.

The programme was jointly organised by the Federation of Indian Chamber of Commerce & Industry (FICCI), Kerala State Council, the Indo Gulf and Middle East Chamber of Commerce (INMECC), The foreign investment committee of Oman Chamber of Commerce and Industry and the Centre for Trade and Investment law (CTIL) of the Ministry of Commerce and Industry, Government of India.

The Oman delegation was headed by Abdul Latheef Uppala, and it included Ahmed Ali Al Akkak, CEO SEZD; Yaqub Nasser Khamis Al Siyabi from OPAZ; Dr Yousuf Hamad Al Balushi; Al Yaqadhan Al Shukaili from Smart Investment Gateway, Davis Kallukaran; and Jim Joseph, Partner, Audit and Corporate Finance from Crowe Oman.

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India Union Budget was sector diversified and considering the increasing global economic challenges, the India Government has attracted industries, private sector business class and investors to join hands including Public Private Partnerships (PPP) and focusing to reach the target of “Vikasit Bharat” in the year of 2047. The Budget touched from the Micro Industry level (MSME) to the Infrastructure Development level and that will support to make self-sustainable growth of India.

The budget is also supportive for India-Gulf and India-Europe newly signed Agreements in 2026. Accordingly, the budget is emphasizing more on Innovations, MSME and Startups Businesses in villages and cities across India. The budget is targeting to empower young entrepreneurs and create more jobs in different industries and sectors by integrating AI and Engineering Technologies.

Indian Expats are getting benefits from Tax exemptions, decriminalizing the non-declaration of foreign Assets and filing extensions, buying properties and investments in India more easily. The Budget aims to support NRIs to bring their foreign savings to India and this will be helpful for long term growth of India.

NRIs will get more investment opportunities to Indian Stock Markets through RBI regulated Portfolio Investment Scheme (PIS) Account. The Budget has increased the NRI investment limit of each company from 5% to 10% in the Stock Market.. The limit of various investments to India from PROI category Indians has increased to more than doubled. Now Indian expats can invest to India and repatriate easily through the Budget announcement. Indian expats can also own land and houses easily.

India expats will get opportunity to start MSME and STARTUP business in India and Internationally based on the India – Gulf and India – Europe agreements..

Budget is also taken measures to reduce unwanted speculations in the Stock Markets by increasing Securities Transaction Tax (STT) for Futures & Options Traansactions. It was not supportive for Investors and the Indian Stock Markets went down after the Budget Session.

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According to official data, non-oil exports reached RO 5.659 billion, accounting for 28.6 percent of the Sultanate’s total exports. These exports include a wide range of products such as industrial goods, metals, plastics, machinery, electrical equipment, and chemicals, showcasing the strength of Oman’s manufacturing and industrial base.

The growth comes amid a national push to reduce reliance on oil revenues, support private sector participation, and localise key industrial projects. Authorities have introduced various incentives and streamlined procedures to attract both local and international investors.

The United Arab Emirates was the top destination for Omani non-oil exports, receiving goods worth RO 292 million, or 18 percent of total non-oil exports. Saudi Arabia followed with RO 259 million, while India received RO 172 million worth of goods. South Korea and the United States ranked fourth and fifth with RO 154 million and RO 88 million respectively.

Despite the growth in non-oil trade, Oman’s oil exports declined in the first quarter, falling to RO 3.690 billion compared to RO 4.391 billion in the same period last year. The drop was attributed to a decrease in global oil prices, with the average price of Omani crude standing at $75.3 per barrel, down from $79.7 per barrel in Q1 of the previous year.

Re-exports also witnessed a downturn, dropping to RO 351 million from RO 434 million in Q1 last year. The UAE remained the top destination for re-exported goods from Oman, receiving RO 126 million worth, followed by Iran (RO 63 million), Kuwait (RO 24 million), Saudi Arabia (RO 22 million), and Germany (RO 10 million).

On the import side, Oman saw a 10.9 percent increase in commodity imports, which rose to RO 4.312 billion compared to RO 3.889 billion during the same period last year. The UAE led the list of exporters to Oman with RO 995 million, accounting for 23 percent of total imports. Kuwait, China, India, and Saudi Arabia followed in the top five.

This overall trade performance underscores Oman’s steady progress toward a more diversified and resilient economy, with strategic emphasis on non-oil sectors and enhanced trade relations with key global partners.

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By Albin Joseph

After a series of economic slowdowns, two of the world’s major economies, namely Japan and the United Kingdom, have plunged into recession recently. Japan has been displaced from its position as the third largest economy by Germany. The United Kingdom fell into recession at a critical juncture when the elections are just a few months away. This poses severe challenges to Prime Minister Rishi Sunak, whose primary commitment to the nation was to promote the overall economic growth of the kingdom.

A recession is defined as two consecutive contractions in the Gross Domestic Product (GDP) of a country. If there is a dip in GDP growth for a continuous six months, then it’s termed a Recession; Japan’s economy contracted by 0.4% and that of the UK by 0.3% in the last three months of 2023. There was a steady decline in the economies of these two nations throughout the course of 2023. From July to September 2023, Japan’s economy witnessed a de-growth of 3.3%, and the UK’s economy had a slump of 0.1%. Going by these numbers, it’s obvious that these two economies are under the grip of Recession.

The cost of living in the UK has risen considerably, major sectors like manufacturing and construction have not been performing well, and the British Pound has been on a weakening trend against the US Dollar during the past six months. During 2023, the UK’s economy grew by a meagre 0.1%, which is the weakest growth ever since the 2009 financial crisis. All eyes are set on the next UK budget that UK Finance Minister (Chancellor of the Exchequer) Jeremy Hunt is to present in a couple of weeks. The budget is expected to bring in concrete measures to curb inflation and propel overall economic growth.

Japan was relegated to fourth place in terms of GDP which totaled $4.2 trillion in 2023, whereas Germany assumed third place with its GDP estimated at $:4.5 trillion. A weaker Japanese yen is the major reason attributed to the slump in Japan’s economic growth. Moreover, there has been a slowdown in business, which leads to a lack of wage increments and layoffs. This lead to a fall in domestic demand, which made people curtail their expenses and hold on to their earnings.

A decline in population growth and an ageing population have affected the overall GDP, as well as the productivity of Japan. Traditionally, both Japanese and German economies were powered by small and medium-scale industries that were renowned for their high productivity. Of late, Japan’s productivity took a beating because of its shortage of qualitative labour, whereas Germany managed to keep its productivity intact by endorsing immigration, which led to overall population growth as well. By immigration, Germany’s population grew to 85 million in 2023. This not only made up for the low birthrate in Germany but also fueled the overall growth in GDP. Japan could overcome its labour shortage by endorsing immigration, but the country has its own reservations in the formulation of policies on this front.

Though this recession wouldn’t last long, it’s quite obvious that whenever major economies plunge into recession, it will have a ripple effect across the world, at least in the short run. The Euro zone has revised its growth forecast for 2024 from 1.2% to 0.8%, and it remains to be seen whether other countries will follow suit.

The author is a Member of Loka Kerala Sabha

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The Industries Integrated International Trade-Flow System, a pioneering private sector initiative in the UAE for Global Economic Empowerment, supporting projects and trade.

International Trade Flow System to bolster non-oil sector diversification for SMEs, corporates and MNCs.

To launch Global Multi-Asset Exchange (Stocks, Commodities, and Currency) project, a new model focusing on increasing trade.

ABU DHABI:

IBMC, the UAE-based financial services consultancy and eMarket Place Trade Flow Service Providers, has launched an innovative Integrated International Trade-Flow System, an innovative platform connecting 100+ countries and 30+ sectors to empower economies, industries and corporates supporting their projects and trades.

The project was launched as part of IBMC Vision 2025 at a ceremony held at Emirates Palace, Abu Dhabi, in the presence of ministers, diplomats, senior representatives of MNCs, large corporate entities, and invited guests from industries.

The system will enable Gulf countries to boost growth in the non-oil sector and empower SMEs, large and medium-sized corporates and MNCs to explore international markets using the best-in-class industry practices.  A streamlined five-step compliance procedure has also been  prescribed to enhance international trust for attracting global partners and investors.

The Industries Integrated International Trade-Flow System has over 15 corporations empaneled from more than 15 industry sectors.

As part of its Vision 2025, IBMC will also launch a global multi-assets exchange (stocks, commodities and currency), a unique model from the UAE, designed to increase exports, imports and re-exports by utilizing highly compliant stock and commodity exchange platform, enabling dual listing and commodity listing.

The Chief Guest, H.E. Humaid Ben Salem, Secretary General of the Federal Chambers of Commerce and Industry and Chairman, International Chamber of Commerce and Industry officially inaugurated IBMC’S Industries International Trade-Flow System in the presence of   H.E. Sheikh Khaled bin Ahmed Al Hamed, Group Chairman of IBMC International; Mr. Sajith Kumar P.K., Group CEO & Managing Director of IBMC; and H.E. Hon. Henry Jons Amuli MP, Minister for Commerce and Industry, Papua New Guinea, and diplomats and special guests.

Papua New Guinea was the first country to launch into the Industries Integrated International Trade-Flow System from the gold industry.

HummingbirdEV USA was the first corporation from the EV Industry, followed by SUSTAINOLOGY UAE for Carbon Credit.

The Industries Integrated International Trade-Flow System will prepare corporates in the Gulf countries to understand international norms and procedures for using the upcoming Exchange, thus enhancing their international business capabilities.

“For the past five years, IBMC has continuously worked towards supporting businesses of all classes, from startups to MNCs and listed companies, through various corporate awareness and empowerment programs and systems. This aligns with the changing economic scenario in the Gulf economies, focusing on non-oil growth in the post-Covid pandemic times to expand their markets internationally,” said Mr. Sajith Kumar, Group CEO & MD, the Strategist, Investment Manager & International Compliance Officer.

“We are proud to introduce yet another innovative system to the global economies, industries, and corporates to empower them in the global open markets,” said HE Sheikh Khalid Bin Ahmed Al Hamed, Group Chairman, industrialist, and influential UAE National in the UAE’s private sector.

Another initiative is the creation of sectoral companies. This initiative supports industries by adhering to the best industry practices and international standards, providing additional assistance to economies in empowering their industries with updated practices and policies.

HE Humaid Ben Salem, Secretary General of UAE Chambers and Chairman of ICC UAE, expressed his support for the initiative.

“Having successfully concluded five years of visionary planning, IBMC is now entering the implementation phase by launching the Industries Integrated International Trade-Flow System, a pioneering system from the private sector in the UAE,” said Mr. Sajith Kumar.

The projects under the IBMC Vision have been started jointly under the leaderships of HE Sheikh Khalid Bin Ahmed Al Hamed, and Mr. Sajith Kumar P.K. The projects have been structured and implemented with a highly professional international team under the leadership of Mr. Sajith Kumar.

The IBMC Vision 2022 Project Structuring Phase, a five-year endeavor, commenced in 2017 and culminated successfully in December 2022. This project was dedicated to bolstering the diversification of the non-oil sector in the Gulf countries, primarily through the UAE. Its overarching aim was to extend significant opportunities from the Gulf region to the global business community, including traders and investors. IBMC adopted a strategic and innovative approach to empower a wide spectrum of businesses, ranging from startups and SMEs to multinational corporations. It sought to provide diverse opportunities for business, trade, and investment diversification. The project was propelled by a series of major and creative steps, including initiatives focused on industry awareness, corporate empowerment, and economic enablement.

IBMC’s Trade Flow emerged as a prominent portal that facilitated connections within the global business class during EXPO 2020 through the pavilions of respective countries. During EXPO 2020, IBMC actively supported participating countries in hosting economic forums, industry events, and industry roundtable discussions, aiming to attract business class, traders, and investors to their respective nations.

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Shrugging off the weak global market trend, benchmark indices have risen for three consecutive sessions, with the BSE Sensex gaining close to 1500 points and moving past the 64,400 mark for the first time ever.

On Friday, both Sensex and Nifty 50 clocked 0.8% gains and scaled lifetime highs of 64,475.72 points and 19,123.20 points, respectively. The rally from the March lows has helped benchmark indices gain nearly 13%, and money managers see this momentum sustaining in the near term.

A comeback of FII faith in the Indian market is one of the key driving forces of the current market rally. Inflows from foreign portfolio investors into equities crossed $10 billion in the current financial year. French asset management firm Amundi recommends foreign investors consider a dedicated allocation to Asian assets, particularly India and China due to the growth advantage.

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PARIS:

India’s Finance Minister Nirmala Sitharaman held talks with UAE’s Minister of Industry & Advanced Technology and COP28 President-Designate HE Dr. Sultan Ahmed Al Jaber, on the sidelines of Summit for a New Global Financing Pact in Paris on June 23. Both Ministers exchanged views on synergising common efforts at G20 India and COP28 by prioritising concerns of the developing world in the global climate policy dialogue.

Ms. Sitharaman highlighted the need to collaborate both through G20 and COP forums in catalysing global action for ensuring availability of credible, predictable, and additional climate finance for developing countries.

French President Emmanuel Macron opened the Summit for a New Global Financial Pact in Paris that seeks to find financial solutions to the interlinked global goals of tackling poverty, curbing planet-heating emissions and protecting nature.

In his opening remarks, Macron told delegates that the world needs a “public finance shock” – a global push of innovation and financing – to fight these challenges, adding the current system was not well suited to address the world’s challenges.  “Policymakers and countries shouldn’t ever have to choose between reducing poverty and protecting the planet,” Macron said.

Ugandan climate campaigner Vanessa Nakate took the podium after Macron and asked the audience to take a minute of silence for people who are suffering from disasters. She criticised the fossil fuel industry, saying they promise development for poor communities but the energy goes elsewhere and the profits “lie in the pockets of those who are already extremely rich”.

Economies have been battered by successive crises in recent years, including COVID-19, Russia’s full-scale invasion of Ukraine, spiking inflation, debt, and the spiralling cost of weather disasters intensified by global warming.

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Six years after the November 2016 notification of the central government demonetising Rs.500 and Rs.1000 notes , a five judge Constitution Bench headed by Justice S. Abdul Nazeer of the Supreme Court of India by a majority of 4:1 on 2 January 2023 affirmed the government action . The Bench gave the order on a clutch of petitions challenging the 8 November 2016 notification.

But in a very strong indictment of the executive ( the central government )  in her dissenting order Justice B.V Nagarathna held that the objective of the Union Government may have been sound but the manner in which the set objectives were achieved and the procedure followed was not ” in accordance with law.”

Justice Nagarathna said that ” I am of the considered view that the impugned notification of 8 November 2016 is unlawful. In the circumstances , the action of demonetisation of all currency notes of Rs.500 and Rs.1’000 is vitiated.”

Justice Nagarathna stressed that she was not questioning the ‘ noble objectives’ of the exercise itself , but only giving the legal viewpoint and status quo ante cannot be restored now since the action occured in 2016. She noted that there was no independent application of mind by the Reserve Bank of India ( RBI ) and the entire exercise was carried out in 24 hours and pointed out that the power of the Central Government being vast has to be exercised through a plenary legislation rather than by an executive action by issuing a notification.

In this context Nagarathna said : ” It is necessary that Parliament which consists of representatives of the people of the country , discuss the matter and thereafter approves the matter. She further said ” Parliament is often referred to as a atn in miniature. It is the basis of democracy .Parliament which is the centre of democracy , cannot be left aloof in a matter of such critica importance.” One can only describe Justice Nagarathna’s comments as a sane voice in the wilderness.

The central arguement of Justice Nagarathna is that demonetisation arose from the central government and it should have enacted a law to demonetise the currency notes of Rs.500 and iaRs.1,000 instead of resoting to the gazette notification.

The provisions of the Reserve Bank of India Act.1934 do not bar the central government from proposing or initiating demonetisation.It could do so having regard to its plenary powers under entry 36 of List I of the Seventh Shedule of the Constitution of India. However , it has to be done only by an ordinance being issued by the President of India followed by an Act of Parliament or by plenary legislation through the Parliament.

The Central Government cannot demonetise bank notes by issuance of a gazette notification as if it is exercising power under sub-section (2) of Section 26 of the Act but notwithstanding the said provision through a legislative process.

When such power is exercised by the central government by means of a legislation , it is by   virtue of Entry 36 , List I of the Seventh Schedule of the Constitution of India which deals with currency , coinage and legal tender , foreign exchange which is a field of legislation. Hence the power of the central government to demonetise any currency is notwithstanding anything contained in Section 26 of the Act.

The proposal for demonetisation arose from the central government and therefore could not be given effect to by way of issuance of a notification as contemplated under sub-section (2) of Section 26 of the Act, as such provision would not apply in cases where the proposal for demonetisation has originated from the central government .

The decision making process was also tainted with elements of ” non-exercise of discretion ” by central board of the bank in rendering it’s advice on the impunged measure.Therefore the inmpungned notification dated 8 November 2016 issued under section (2)  of Section 26 of the Act is unlawful. In the circumstances , the action of demonetisation of all currency notes of Rs.500 and Rs.1000 is vitiated Justice Nagarathna held.

Further , the subsequent Ordinance of 2016 and Act of 2017 incorporating the terms of the impunged notification are also unlawful. However , Justice Nagarathna said the at no point has any suggestion been made that the measure was motivated by anything but the best intentions and noble objects for the betterment of the nation. The measure has been regarded as unlawful only on a purely legalistic analysis of the relevant provisions of the Act and not on the objects of demonetisation.

Justice Nagarathna’s dissenting judgement  in fact is a warning against the destruction of the independence of important institutions created through Parliament legislation as a check on the unbridled use of executive power. In the instant case the the R B I board.

That the demonetisation caused incalculable hardships to the common man and resulted in the closure of lakhs and lakhs of small businesses has been well documented. Demonetisation also did not achieve any of the main objectives namely creation of a cashless economy, increased revenue for the government, eradicating black money, and ending terror financing.

It is unfortunate that the Supreme Court while giving a clean chit to the central government refused to even refer in passing to the hardships faced by the citizens due to the demonetisation which also led to unavoidable deaths of scores of people standing in unending ques outside banks. Human misery caused by unimaginative and hasty decisions could be justiceble under Article 21.

Ends…….

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The virus has upgraded to its fifth version after it was first detected in the Indian cyberspace in July

New Delhi:A new mobile banking ‘Trojan’ virus — SOVA — which can stealthily encrypt an Android phone for ransom and is hard to uninstall is targeting Indian customers, the country’s federal cyber security agency said in its latest advisory.

The virus has upgraded to its fifth version after it was first detected in the Indian cyberspace in July, it said.

“It has been reported to CERT-In that Indian banking customers are being targeted by a new type of mobile banking malware campaign using SOVA Android Trojan.The first version of this malware appeared for sale in underground markets in September 2021 with the ability to harvest user names and passwords via key logging, stealing cookies and adding false overlays to a range of apps,” the advisory said.

SOVA, it said, was earlier focusing on countries like the US, Russia and Spain, but in July 2022 it added several other countries, including India, to its list of targets.

The latest version of this malware, according to the advisory, hides itself within fake Android applications that show up with the logo of a few famous legitimate apps like Chrome, Amazon, NFT (non-fungible token linked to crypto currency) platform to deceive users into installing them.

“This malware captures the credentials when users log into their net banking apps and access bank accounts. The new version of SOVA seems to be targeting more than 200 mobile applications, including banking apps and crypto exchanges/wallets,” the advisory said.

The Indian Computer Emergency Response Team or CERT-In is the federal technology arm to combat cyber attacks and guards the Internet space against phishing and hacking assaults and similar online attacks.

The agency said the malware is distributed via smishing (phishing via SMS) attacks, like most Android banking Trojans.

“Once the fake android application is installed on the phone, it sends the list of all applications installed on the device to the C2 (command and control server) controlled by the threat actor in order to obtain the list of targeted applications.”

“At this point, the C2 sends back to the malware the list of addresses for each targeted application and stores this information inside an XML file. These targeted applications are then managed through the communications between the malware and the C2,” it said.

The lethality of the virus can be gauged from the fact that it can collect keystrokes, steal cookies, intercept multi-factor authentication (MFA) tokens, take screenshots and record video from a webcam and can perform gestures like screen click, swipe etc. using android accessibility service.

It can also add false overlays to a range of apps and “mimic” over 200 banking and payment applications in order to con the Android user.

“It has been discovered that the makers of SOVA recently upgraded it to its fifth version since its inception, and this version has the capability to encrypt all data on an Android phone and hold it to ransom,” it said.

Another key feature of the virus, according to the advisory, is the refactoring of its “protections” module, which aims to protect itself from different victim actions.

For example, it said, if the user tries to uninstall the malware from the settings or pressing the icon, SOVA is able to intercept these actions and prevent them by returning to the home screen and showing a toast (small popup) displaying “This app is secured”.

These attack campaigns can effectively jeopardise the privacy and security of sensitive customer data and result in “large-scale” attacks and financial frauds, it said.

The agency also suggested some counter-measures and best practices that can be put into action by the users to keep safe from the virus.

Users should reduce the risk of downloading potentially harmful apps by limiting their download sources to official app stores, such as your device’s manufacturer or operating system app store, they should always review the app details, number of downloads, user reviews, comments and “ADDITIONAL INFORMATION” section, it said.

One should also verify app permissions and grant only those which have relevant context for the app’s purpose.

They should install regular Android updates and patches and not browse un-trusted websites or follow un-trusted links and exercise caution while clicking on the link provided in any unsolicited emails and SMSs.

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LIC’s IPO will open on May 2 for anchor investors and from May 4 to May 9 for the general public, with the price band set at ₹ 902-949

Mumbai: The Life Insurance Corporation’s (LIC) initial public offering (IPO) will be  open on May 2 for anchor investors and from May 4 to May 9 for the general public.

Beginning of “LIC 3.0”, says LIC Chairman M R Kumar, referring to India’s biggest public issue, which will be in the price band of ₹ 902-949, with a ₹ 60 discount to policyholders and a ₹ 45 discount for retail investors and employees.

India’s largest insurer LIC is likely to list on the stock exchanges on May 17, a week after its mega IPO closes.

Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said listing of LIC is part of the long-term strategic vision of the government and will highly enhance the value of the corporation in the long-run.

“This (LIC IPO) is right sized, considering the capital market environment and will not crowd out capital supply given the current market environment,” Mr Pandey said on Wednesday.

Even after the reduced size of about ₹ 20,557 crore, LIC IPO is going to be the biggest initial public offering ever in the country, he said.

The employee reservation portion will be 5 per cent of the post-offer equity share capital, and the policyholder reservation portion will be 10 per cent of the offer size.

The LIC board approved a cut in its IPO issue size to 3.5 per cent from 5 per cent, the company said.

The government will now sell 20,557 crores amounting to a 3.5 percent dilution of its stake in LIC for ₹ 21,000 crore, valuing the insurance behemoth at 6 lakh crore.

DIPAM secretary Tuhin Kanta Pandey said, the size for the LIC IPO is right, given the market constraints. We want to champion LIC as a long term value creator in the equity market.

The decision to list took into account market demand, stabilising market conditions. Indian markets have recovered from initial shocks, while global sentiments are weak, Indian markets

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Here are some tips to help you get the most out of your mortgage. You need to focus not only on repaying the monthly EMI accurately, but also on reducing and reducing the loan liability.

Repaying the loan on time will improve your creditworthiness. A person who pays it correctly can get a better credit score than an EMI investor. Failure to do so may result in heavy fines. It can also lead to a decrease in credit score.

Failure to pay the EMI for a long period of time may result in foreclosure of the home, bank or financial institution. Therefore it is necessary to make sure that the required amount is in the account close to the date of payment of EMI.

Cash on hold on bonuses and dividends can be used to repay the loan. Making such repayments more than once can significantly reduce the loan term. It is advisable to make a pre-payment in the first few years when the outstanding on capital is high.

Those who repay their home loans before the end of the term should take steps to reduce the burden of the debt obligation only after verifying that they actually benefit from doing so. It is only when you look at the factors such as the term of the loan and the interest payable that it becomes clear whether it is profitable to repay the loan early.

Most monthly wage earners rely on loans to make their dream home a reality. Mortgages are also a great way to save on income tax. The advantage of providing home loan taxpayers is that a large portion of the tax liability can be avoided without investing in tax-exempt schemes.

Rising interest rates create an additional financial burden on borrowers. They have two options when interest rates rise. First, increase the amount to be paid in equal monthly installments. Second, extend the term of the loan. It is advisable to take the first step even if you have to control the costs. This is because increasing the term of the loan leads to a significant increase in the financial liability.

The huge increase in interest payments due to the extension of the loan period will push the borrowers into a severe financial burden. Instead, divert your thinking to good things in life, things that will work out in your favour.

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There are three things that can happen when you make a claim on a health insurance policy. The insurance company may approve the claim, deny the claim, and proceed with the claim settlement process. These three claims are categorized into three types: claims paid, insured, and pending in the insurance company records. There is also a fourth category. This category is classified as closed claims.

These are claims that have not yet been settled due to the insured person not submitting the required documents. Insurance companies do not include such claims in the list of claims that have been denied. This is because the claim is denied only after examining the nature of the claim and the required documents. At the same time, claims are considered closed claims in cases where the claim application has been submitted but the required documents have not been received or the policyholder has not yet taken appropriate steps in submitting documents for the necessary proceedings.

For example, if a policyholder applies for a cashless claim but is not admitted to the hospital, it will be treated as a closed claim. Or if you apply for a refund after the hospital stay and fails to submit the required documents, it will also fall under the category of closed claims.

Closed claims are classified not only in the case of health insurance but also in the case of other types of insurance. Insurance companies do this to reduce the number of rejected claims.

The claim settlement is based on the ratio of an insurance company to the extent to which it is generous in awarding a claim. It should be noted that if the claim settlement ratio is high, the company will allow a higher rate of claims in proportion to the number of claims received. Closed claims will not be considered when calculating the claim settlement ratio. This helps the insurance companies to increase the ratio. At the same time, not all insurance companies classify as closed claims.

To make a claim, you need to fill up the relevant form and submit it to the insurance company. If the required documents are not submitted along with it, the insurance company will request it. The insurance company usually specifies that the documents must be submitted within the stipulated time. At the same time, a claim cannot be denied simply because the documents were not submitted within the stipulated time. If the reason for the delay in submitting the documents is proved, the insurance company will be ready to settle the claim.

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Companies’ fixed deposit schemes are an option for investors who want higher interest rates than the rates offered by banks. These investment schemes earn two to three per cent more interest than the banks. For example, SBI charges an annual interest rate of 4.9 per cent on a one-year fixed deposit, while Bajaj Finance, a leading non-banking financial institution, pays 8 per cent. 3.1 per cent more interest.

At the same time, you should not choose company fixed deposits based solely on high interest rates. Such investment plans should be selected only after examining the credibility of the companies, track record and the nature of the management.

It should also be noted that the Reserve Bank of India guarantees fixed deposits of banks up to Rs. 1 lakh. But there is no such guarantee in the case of company fixed deposits. Withdrawing such deposits before maturity is not easy. Banks offer the facility to withdraw fixed deposits prematurely. It is also possible to get a loan on fixed deposits. But such facilities are not available for company fixed deposits.

In recent years, investors in some companies’ investment schemes have not been able to repay the loan on time. Some companies have also defaulted on repayments. Companies that have suffered a setback in their business and are in deep debt have failed to repay investors.

Those who invested without knowing the quality of the companies or their financial security suffered setbacks. Investors need to keep in mind that investing without checking the credit quality and rating of the company’s investment plans is a very risky venture.

There are certain conditions for companies to accept investment through fixed deposit schemes. In addition to mandating the rating of credit rating agencies for such investment schemes, there is a limit to the amount of investment that can be made in proportion to the net assets and profitability of companies. The government introduced these provisions in the Companies Act, 2013.

As an investor you should invest only in companies with an AA or above rating. Examples are fixed deposit schemes of companies such as Bajaj Finance, Mahindra & Mahindra Financial Services, HDFC, DHFL. These companies have not yet failed to repay the investment.

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Reports indicate that there has been a recent increase in the number of customers switching from one financial institution to another. According to reports, there has been a 20 per cent increase in such changes in housing loans.

The customer has to take a loan from another bank or financial institution to repay the remaining loan amount. After that the EMI of the new loan has to be repaid. This is done when the loan is available at a lower rate than the interest rate of the existing loan.

Some people use it to pay off debts even when they have a large sum of money. Those who pay off their mortgage before the end of the term should take steps to reduce the debt burden only after verifying that they are actually benefiting from doing so. It is only when you look at the term of the loan and the interest payable that it becomes clear whether it is profitable to repay the loan early.

It is best to repay the loan in the first few years after taking out a loan. Most of the equivalent monthly installments in the first year of the loan period go to pay the interest. If we look at the structure of the equivalent month, thisnis clear.

Those who want to repay their mortgage early need to plan their loan accordingly. Repayment of a loan after taking a loan for a longer period of time can lead to higher interest payments.

For a borrower at a floating rate, the interest rate may vary depending on the liability and the equivalent monthly interest rate. However, it is more profitable to invest that amount more effectively than to repay the loan after half of the loan period.

Tax deduction under Income Tax Act 24 (a) for home loan borrowers is up to Rs. 2 lakhs per annum. Those in the higher tax slab can save up to Rs 60,000 on this tax. Therefore, such tax-deductible benefits should be considered before the maturity of the mortgage.

Before using the cash on hand to repay the loan to relieve the debtor, it is important to consider the benefits of investing it effectively before deciding whether or not to repay the loan before the loan expires.

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Banks offer personal loans, especially with no collateral. Therefore, the interest rates on such unsecured loans are very high. At the same time, life insurance companies, including LIC, offer personal loans as a fixed percentage of the surrender value of insurance policies.

The interest rates on such secured loans are lower than the interest rates on bank personal loans and bank loans on the security of insurance policies. This is one of the reasons why LIC stands with banks in providing personal loans.

Loans are available only those who have endowment policies and moneyback policies. Loans are not guaranteed on term policies that do not have a surrender value or on ULIPs that fluctuate in value of the investment due to fluctuations in the stock market.

The loan is available only after a certain number of years after taking out the policy. If the policy is terminated before the end of the term, the loan holder will receive 85-90 per cent of the surrender value.

Flexible conditions have been devised for the repayment of LIC loan amount and interest. Policyholders can apply interest free repayment every year by deducting the loan amount from the amount received at the end of the policy term. At the same time, if such loans are taken from banks, the interest rates and repayment rules vary from bank to bank. The method of deducting the loan amount from the settlement without repaying the loan is very beneficial to the policyholders. Such a loan is a way for policyholders to find money for urgent needs.

The advantage of such loans is that they are easily and quickly available with minimal procedures. There is no problem with loan denial. It is a reliable way of lending to people with low credit score and poor creditworthiness.

At the same time, policyholders should keep in mind that if the loan is not repaid immediately, the nominees will not receive the full benefit of the insurance at the claim stage.

LIC is one of the largest lenders of personal loans in India. It shows the size of the life insurance industry and related financial business in the country.

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“It’s easy to advise that it’s a good habit to start investing early, but it’s possible if you have the money to invest.” Such an approach to investment is taken out of the perception that a large amount of money is required to invest.

Many people are reluctant to start investing because they do not have enough money to invest. Those who take the approach of earning a very small amount of money often set aside even the smallest amount of money that can be earned.

But there is one thing that these people need to understand as the basic principle of financial planning – they can start investing no matter how small the amount. For example, to invest in mutual funds under the Systematic Investment Plan (SIP) every month, it is sufficient to set aside Rs.500 per month.

Waiting until you have enough money to invest will cause the investment to be delayed indefinitely. For those who earn only a small amount, there is no point in waiting for a large amount of money to accumulate to invest. The first step is to start the investment as soon as possible with the small amount of money that can be earned.

You should try to start investing as soon as you start earning income. Delaying the start of investment can lead to delays in the realisation of life goals.

Once you start investing, you need to make sure you do it regularly. Care should be taken to reduce costs so as not to hinder continued investment.
If we can reduce the cost by one rupee today, it is equivalent to getting one rupee extra tomorrow. Even if you could set aside a portion of the cost of watching a movie and wandering around the city to kill time during your holidays, it would be a saving for tomorrow. Small savings do not bring big gains in the short term. But in the long run it will make a big difference.

Care should be taken to increase investment as income increases. Many face rising expenditure as their incomes increase. This is because the expenditure hasn’t been adjusted according to the income or it is not taken care of. Therefore, if expenditure ins not adjusted according to the increase in income, it will not be possible to earn in proportion to the increase in income.

It is important to wait patiently for the investment to grow. Care must be taken to be patient according to the duration of the goals. Investors should be prepared to wait a long time to get the best results from investment methods such as Systematic Investment Plan. Investors should realise that the value fluctuations in mutual funds investing in the stock market are natural.

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It is generally said that investing in large-cap stocks or shares of large companies is safe. Therefore, financial advisers generally advise mutual fund investors to give large consideration to large-cap funds that prioritize large-cap stocks.

At the same time, high-risk investors need to adjust their portfolio in such a way as to maximize returns. Mutual fund investment ratio adjustments are also subject to change due to high risk willingness. Over the last three years, small- and medium-cap stocks or midcap-smallcap stocks have made significant gains. One factor that often influences investors is recent performance. Therefore, such investors are increasingly interested in funds that invest heavily in small and medium stocks.

At the same time, the risk of midcap-smallcap funds investing in small- and medium-sized stocks is high. Just as midcap-small cap funds offer high returns when such stocks perform well, the decline in such stocks is also strongly reflected in the NAV of these funds. Therefore, multicap funds, which are almost equally important for small-, medium- and large-cap stocks, are ideal for high-risk investors who want small- and medium-sized stocks to dominate their portfolio.

The feature of multicap funds is that they offer the potential to make higher-than-average returns through stocks that perform well in different climates. Small- and medium-sized stocks may not perform well in years when the shares of large companies are performing well. Similarly, small- and medium-sized stocks may have performed better in the years when the performance of large companies was sluggish. Examining the performance of the Large Cap Index and the Mid-Small Cap Index over the last ten years, the Large Cap Index has performed well for one year and the Mid-Small Cap Index for the next year. The advantage of multicap funds investing in both these categories of stocks is that they perform well on any of the large-cap and mid-small-cap indices.

Their performance history shows that midcap-smallcap funds perform better than largecap funds in years when they perform better than midcap-smallcap funds in years when largecap funds perform better.

High-risk investors can invest 50-60% in multicap funds. Remember that any category of funds should choose funds with excellent track record, high asset management and best fund managers.

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Navi General Insurance has launched a ‘2-Minutes’ online retail health insurance product. Customers can buy health insurance via the Navi Health Insurance App through a quick and completely paperless process that takes just 2 minutes, with the policy issued to them instantly on the app.

The product offers customisable health insurance cover ranging from Rs.2 Lakh to Rs.1 Crore for individuals and families. Claims can be initiated by calling the helpline, with most Cashless Claims being approved within 20 minutes. Navi Health Insurance has an industry-leading Claim Settlement Ratio of 98% for Health claims and a network of 10,000+ cashless hospitals across 400+ locations in India. Customers can download the Navi Health Insurance app from Google Play Store. Download link here.

Navi Health offers comprehensive health insurance that covers more than 20 health benefits including in-patient hospitalization, pre and post hospitalization expenses, COVID 19 hospitalization, domiciliary hospitalization, 393 day-care procedures, road ambulance cover, vector-borne disease cover and optional critical illness, maternity and newborn baby cover.

Customers can make any number of claims in a year subject to the upper limit of the Sum Insured opted for. Customers can also get reimbursed for treatment availed in any non-network hospital in India with claims settlement in 4 hours subject to complete documentation. The plan offers lifetime renewal without having to undergo medical check-up on each renewal, unless the customer wishes to enhance the Sum Insured on renewal. 100% of the base Sum Insured is automatically reinstated upon exhaustion once during each policy year. All processes are completely online with no agents involved.

The product also offers an ‘Extra Care’ Cover, an in-built additional Sum Insured of Rs.20,000 for hospitalization due to dengue, malaria, swine flu and other listed vector borne diseases, without impacting the Base Sum Insured.

According to Ramchandra Pandit, MD & CEO, Navi General Insurance “With our health insurance offering, our objective is to radically simplify health insurance for individuals and families. From purchasing a paperless policy within minutes via the app, to easily understandable but comprehensive policies, to hassle-free claims settlement, Navi Health aims to completely change customers’ perception that buying and availing health insurance is complex and cumbersome. With more and more people preferring digital channels for all their needs, we believe our online health insurance product offering transparent benefits, speed, simplicity and convenience will be well received by customers.”

Navi’s mission is to leverage the intersection of finance and technology to offer customers financial services that are simple, affordable and accessible. Founded by Sachin Bansal and Ankit Agarwal, Navi is headquartered in Bangalore.

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Family floater policies are unique in that they cover all members of the family under one policy, rather than taking out individual health insurance policies. For example, if there are three members in a family, instead of taking special policies with a coverage of Rs.1 lakh per person, you can take a family floater policy with floating coverage of up to Rs.3 lakh for three persons.

The advantage of taking out a Family Floater policy that covers the whole family together is that the cost of the premium item is reduced. The Family Floater policy comes with a lower premium than the one you have to pay for a particular policy. Doing so can save up to 30% of the premium.

Let us see how the Family Floater policy works. For example, a family with a family floater policy of Rs.3 lakh can get floating coverage of up to Rs.3 lakhs. Suppose the head of the family is admitted to the hospital and the hospital expenses are Rs.2.5 lakhs. The entire cost can be claimed under the Family Floater Policy. At the same time, if individual policies are taken out with a coverage of Rs.1 lakh per person in the family, the head of the family will get a maximum claim of only Rs.1 lakh.

However, family floater policies have some drawbacks. Family floater policies are renewed based on the age of the senior member of the family. Most family floater policies cannot be renewed after the age of 60 for a senior member of the family. This means that when a senior member of the family turns 60, he or she will have to take out a special policy for senior citizens and individual policies for other members.

When taking out new policies, one has to wait for 3-4 years to get coverage for existing diseases. No claim bonus will also be forfeited on non-claim basis.

Statistics show that the demand for family floater policies is on the rise as the cost of health insurance continues to rise. This trend is reflected in the figures of those health insurance sales. The sale of family floater policies is more profitable for the insurance companies as it is very rare for a claim to be made for the entire sum insured.

Care should be taken to ensure adequate coverage when taking out a health insurance policy. The coverage amount needs to be increased adequately in the event of a surge in hospital accommodation and medical expenses.

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Care should be taken to update the KYC (Know Your Customer) details when changing jobs and moving to another city. Documents relating to deposits, insurance, banking transactions, etc. should be updated as soon as possible in order to be received at the new address.

You should remember to update the changes in your email and phone number. Since most communications are by phone and e-mail, if this is not updated, you may miss out on a lot of important information.

Recently, mutual funds have been sending investment statements to investors. If you have a demat account, you can list mutual funds, stocks and other products listed on one of the National Securities Depository Limited (NSDL) and other Depository Accounts and other Depository Bond, and May be received regularly by mail. Therefore, if there is a change in the e – mail address to receive it without delay, be sure to update it immediately.

The KYC Update Form can be downloaded from the website camskra.com. You can fill this form and submit it to the office of the mutual fund or to the office of the depository party such as a bank or stock broker. You need to approach the institution with the deposit or demat account to submit the application.

Mutual funds can approach the Registrar who provides these services to submit the KYC form. Applications can be submitted to the offices of Computer Age Management Services (COMS) and Carvey Computershare.

Changes to mobile numbers can be recorded when KYC is updated. In doing so, some fund houses will retain both the numbers if you have previously provided another mobile number. Some fund houses may only record the newly issued number or e-mail address. At the same time, if there is a change in the address, only the new one will be kept in the records.

Many people think that once KYC submits, it can be forgotten. But updating every change accurately is essential if we are to be able to know our financial transactions accurately.

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