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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
livemint.com / 1 year ago
Insurance surety bonds proposed to be added as guarantee instrument for pipeline, city gas projects
Subscribe to enjoy similar stories. New Delhi: The petroleum and natural gas regulator has proposed to add insurance surety bonds to bank guarantees and demand drafts as a financial instrument to ensure the timely completion of city gas distribution (CGD) projects and pipelines for petroleum products. The bonds would work as a financial guarantee, with the insurance company issuing the bond acting as the guarantor.
“The bid and performance bond shall include insurance surety bond from insurance companies in India/demand draft/pay order/bank guarantee from any scheduled bank of India for the amount as specified in the regulation," the Petroleum and Natural Gas Regulatory Board (PNGRB) said in a draft amendment to norms for authorising entities to lay, build, operate or expand petroleum and petroleum product pipelines. If the commissioning deadline of the CGD network is missed or if service obligations are not met, the insurer would pay the regulator the assured bond amount. The bond will remain "in full force initially for three years from date of issue and will be extendable three months before expiry of the same, for next three years and so on until the period of authorization of the CGD network in terms of authorization letter," the regulator proposed.
The guarantee amounts for a CGD network in an area with a population of less than 100,000 would be ₹1.5 crore. For areas with a population of 100,000 to 250,000, the bond amount would be ₹3 crore. The highest slab is ₹50 crore for an area with a population of 5 million or more.
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India has a re-rethink on green bonds. And a new strategy. livemint.com / 1 year ago
E-bus subsidy maybe cut for wider run economictimes.indiatimes.com / 1 year ago
MSMEs in India and the insurance imperative: Closing the protection gap. economictimes.indiatimes.com / 1 year ago
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21.05 / 10:17
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How chronic illness became a starting point for artistic alchemy for Koshy Brahmatmaj
Subscribe to enjoy similar stories.Pain is invisible; the sufferer has to make noise for it to be acknowledged, treated or accepted. Mumbai-based artist Koshy Brahmatmaj, 34, lives with chronic endometriosis, a painful condition that afflicts millions of women around the world.
21.05 / 10:17
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Even at $5 trillion, Nvidia is underappreciated
Subscribe to enjoy similar stories.Nvidia is no longer the only AI chip game in town. But it is the largest by far, and the likelihood that it will be that way for the foreseeable future should count for something.It hasn’t counted for much lately.
21.05 / 10:17
markets
Digital
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
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21.05 / 09:47
markets
IPO
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SpaceX
SpaceX, Anthropic and OpenAI’s sprint to go public defines the AI boom’s big day
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21.05 / 09:47
markets
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Sustainability
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FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
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markets
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‘Should I Marry a Murderer?’ has left audiences stunned but what they saw wasn’t all that bizarre
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Secured credit cards: Unlocking credit and building a credit score for millions
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Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards
Subscribe to enjoy similar stories.Forensic audits have gained significance in today’s world of business as they serve as a useful tool for commercial lenders to investigate fraud by borrowers and/or identify other deep-seated financial irregularities. Forensic auditors are also employed by resolution professionals to report on preferential, undervalued, fraudulent and extortionate (‘PUFE’) transactions for adjudication under India’s Insolvency and Bankruptcy Code (IBC). While there is no single universal definition, several globally recognized organizations have provided widely accepted definitions (and norms) of forensic auditing.
21.05 / 08:45
UPS
Manufacturing
Mobile
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electronic
Why Dixon, Syrma and Kaynes are moving beyond smartphones: margin pressure
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