union budget 13

iii. In April, 2004, NIC signed an agreement with Nainital Bank for distribution of its general insurance products through the bank's branches in Uttarakhand, Haryana and New Delhi. iv. National Insurance Company Ltd (NIC) is one of the leading public sector insurance companies of India, carrying out non life insurance business. v. NIC's foreign operations are carried out from its branch offices in Nepal. vi. As of 2010, NICL has a AAA rating from Indian rating agency, CRISIL, a subsidiary of Standard and Poor's Company NICL has a range of coverage policies targeting different sectors i. Personal Insurance policies include medical insurance, accident, property and auto insurance coverage ii. Rural Insurance policies provide protection against natural and climatic disasters for agriculture and rural businesses iii. Industrial Insurance policies provide coverage for project, construction, contracts, fire, equipment loss, theft, etc. iv. Commercial Insurance policies provide protection against loss and damage of property during transportation, transactions, etc 2. The New India Assurance Company Limited: The New India Assurance Co. Ltd., based in Mumbai is one of the five Government-owned assurance companies of India. It was founded by Dorab Tata in 1919, and was nationalised in 1973. Chairman& MD: Shri G. Srinivasan (headquarter –Mumbai) i It is the "largest general insurance company of India on the basis of gross premium collection inclusive of foreign operations". ii. New India Assurance operates both in India and foreign countries. In the recent past it has collaborated with some of the leading public sector banks of India such as State Bank of India, Central Bank of India, Corporation Bank and United Western Bank to increase its distribution network. 3. The Oriental Insurance Company Limited: was incorporated at Bombay on 12th September 1947. i. The Company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business. ii. The Company was a subsidiary of Life Insurance Corporation of India from 1956 to 1973 ( till the General Insurance Business was nationalized in the country). iii. In 2003 all shares of our company held by the General Insurance Corporation of India has been transferred to Central Government. Chairman & MD: Dr. A.k Saxena (headquarter –New Delhi) 4. United India Insurance Company Limited(UIIC): is the one among the 4 public General Insurance Companies of India and a leading General Insurance player including public and private sector. i. With the networth of Rs 4,587 crores as on September 30, 2011, The company has more than three decades of experience in Non-life Insurance business. ii. It was formed by the merger of 22 companies, consequent to the nationalisation of General Insurance companies in India. Its Head Quarters is at Chennai, India. Chairman & MD: Shri Milind A Kharat.
5. UNION BUDGET 2013-14 The Union Budget 2013-14 presented by Finance Minister P Chidambaram. Amount Allotted for Major Sectors:
SNO.
Sector
Amount (in Crores)
1.
Total budget
1665297
2.
Planned expenditure
555322
3.
Unplanned expenditure
1109975
4.
Kisan credit card
7 Lac
5.
Defence
203672
6.
Rural development Scheme
80194
7.
Human resource department(HRD)
65869
8.
MGNREGA
33000
9.
Sarva shiksha abhyan
27258
10.
Pradhan mantri gram sadak yojana
21700
11.
RIDF(Rural Infrastructure Development Fund)
20000
12.
Integrated child development scheme
17700
13.
Drinking water and sanitation
15260
14.
Indira Awaj Yojana
15184
15.
JNNURM
14873
16.
Public sector banks
14000
17.
Mid day meal
13215
18.
SIDBI
10000
19.
Agriculture development project
9954
1. The revised expenditure target is Rs 14,30,825 crore. 2. No change in income tax slabs. 3. Relief of Rs 2,000 for tax payers in tax bracket of Rs. 2-5 lakh. 4. Headline WPI inflation to 7 % and core inflation to 4.2 %. 5. Average economic growth rate in 11th Plan period is 8 %, highest ever in any Plan period 6. Rs 14,873 crore for JNNURM for urban transportation in 2013-14 against Rs 7,880 crore in the current fiscal. 7. Current year's economic growth rate will be below India's potential growth rate of 8 %. 8. Concessional 6% interest on loans to weavers. 9. Tax free bonds issue to be allowed up to Rs 50,000 crore in 2013-14 10. Rs 500 crore would be allocated for addressing environmental issues faced by textile industry. 11. Fiscal deficit: i. Fiscal deficit - 5.2 % of GDP in 2012/13. ii. Fiscal deficit - 4.8 % of GDP in 2013/14. iii. Fiscal deficit - 3 % by 2016/17 12. Revenue Deficit: i. Revenue Deficit - 3.9 % 2012-13. ii. Revenue Deficit - 3.3 % 2013-14. iii. Revenue deficit -1.9% by 2016-17. iv. Taxes: Service tax (12%), Custom duty (10%) & Excise duty (12%) remains unchanged. v. Tax benefits in RGESS extended to 3 years: 13. Rajiv Gandhi Equity Savings Scheme (RGESS) 1. The Rajiv Gandhi Equity Savings Scheme (RGESS) will be liberalised to enable first time retail investors to invest in mutual funds and listed shares and not in one year alone, but for three successive years. 2. Under the scheme, an individual with an income of less than Rs 12 lakh would get tax incentives for investing up to Rs 50,000 in the stock market.
3. Also, the limit for investors wanting to invest in RGESS has been raised to Rs 12 lakh from Rs 10 lakh earlier.