Annuities market thrown open
New Delhi: The government has permitted private insurance companies to provide annuities to beneficiaries of approved superannuation funds run by corporates. Corporates, which run such approved funds, will also qualify for income-tax exemptions.

The decision to open up the annuities market for the approved funds marks an end to the monopoly hitherto enjoyed by the Life Insurance Corporation of India (LIC).

Annuities are monthly payouts made by the annuity providers to the beneficiary of a superannuation fund against the pension assets accumulated in the person's account during the working life.

The Central Board of Direct Taxes (CBDT) has also amended the relevant Income-Tax Rules 1962 to allow private players in the insurance sector to run group gratuity schemes where companies having approved gratuity funds can make contributions.
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Sops for SEZ units
New Delhi: The finance ministry has given its consent to extending a host of sops to special economic zones (SEZs) including service tax exemption and income-tax breaks.

The department of economic affairs has also cleared the proposal to permit the setting up of offshore banking units in SEZs as part of the exim policy package. Indian banks can open branches in the SEZs and these will be licensed by the Reserve Bank of India as overseas branches of the banks.

A special dispensation for capital goods imports for mega projects (of Rs 100 crore or more) under the export promotion capital goods scheme has also been approved.
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NTPC, ONGC to set up 150 MW plant in Bengal
Kolkata: West Bengal Power Development Corporation Ltd is signing an MoU with National Thermal Power Corporation (NTPC) and the Oil and Natural Gas Corporation (ONGC) for setting up a coal-bed methane-based power plant.

The proposed power plant would be a 150 MW unit located at the fuel source in the Asansol-Ranigunj belt. The project cost is being estimated at around Rs 450 crore.

In the proposed joint venture, while ONGC will be responsible for the exploration part, NTPC will implement the project.
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