Gold Deposit Scheme (GDS): Salient Features Include-All Designated Banks can Operate GDS as per Guidelines Issued by RBI; Banks Issue a Passbook/Certificate to Depositor; Resident Indians Can Invest etc.

Gold Deposit Scheme (GDS): Salient Features Include-All Designated Banks can Operate GDS as per Guidelines Issued by RBI; Banks Issue a Passbook/Certificate to Depositor; Resident Indians Can Invest etc.

The Central Government, with a view to bring privately held stock of gold in circulation, to reduce the country’s reliance on import of gold and to provide its owners with some income apart from freeing them from the problems of storage, movement and security of gold in their possession, had notified the Gold Deposit Scheme (GDS) on September 15, 1999. Some of the salient features of the scheme inter-alia include the following:----------------

Task Force on Financial Redressal Agency

Task Force on Financial Redressal Agency

The Government has set up a Task Force on Financial Redress Agency (FRA), as recommended by the Financial Sector Legislative Reforms Commission (FSLRC), on June 5, 2015, with the following Terms of Reference: -

Review the international best practices in consumer grievance redress, including ombudsmen and other dispute resolution mechanisms, with a focus on the financial sector. ........................................

• Review the present practices of management of financial consumer redress in India. ...............................................................................

• Support the Ministry of Finance in procuring the services of competent consultant(s) to operationalise the FRA. .......................................

• Guide and monitor the consultant(s) in order to develop the design, business model, funding, financial controls, risk management plan, administrative plan, process manuals, information technology system and accountability and reporting mechanisms, etc. .......................................................

• The Task Force will complete its task within one year. .........

This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today(24-07-2015).............................

Code of Conduct for Insurance Agents

Code of Conduct for Insurance Agents

The Insurance Regulatory and Development Authority of India (IRDAI) has informed that as per Sec 42(3)(h) of Insurance Act, 1938 amended vide Insurance Laws (Amendment) Act, 2015, an agent who has violated the code of conduct as may be specified by the regulations will be disqualified to act as an Agent. Therefore, the Authority has notified Guidelines on Appointment of Insurance Agents, 2015 vide IRDA/AGTS/CIR/GLD/046/03/2015 dated 16th March 2015. In terms of the said guidelines, a code of conduct for agents has been prescribed with a view to ensure that the agents act fairly in the process of insurance solicitation and strictly adhere to the terms and conditions to which their appointment is subjected to. As per Clause VIII.1) a) v) of Guidelines on Appointment of Insurance Agents, 2015 the insurance agent has to disclose the scales of commission in respect of insurance products offered for sale, if asked by the prospect. .................................................................................

This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today(24-07-2015)......................