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Friday, October 31, 2008

Insurance Bill 2008, General Insurance Act 1972, IRD Act 1999 in Cabinet

Govt approves insurance bill; to hike FDI cap to 49 %- Insurance news-Insurance-Personal Finance-The Economic Times

The above bills will allow FDI to increase from 26 to 49. It may begin debate. It will increase the hold of the foreign insurance companies on Indian companies which are mainly joint ventures and secondly it will bring in more money to the capital market. There is proposal to use the pension funds and PF funds for capital market. In light of recent developments in brouses, the decision will definitely start a debate and become the issue of questions in 2009 mains.

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