Tax refunds interest slashed to 6%
New Delhi: Corporates and high net worth individuals are not likely to find it attractive to park their surplus funds with the taxman, with the finance ministry slashing the interest rate on refunds to 6 per cent per year from the existing 8 per cent, reports have said.

It may not be all that profitable now for corporate treasurers to deploy surplus cash by way of making liberal advance tax payments in the hope of obtaining a high return through subsequent refunds. Simultaneously, the government has also reduced the interest chargeable by assessees on their overdues. The interest on such overdue amounts would be charged at 12 per cent against 15 per cent.
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Mediclaim coverage to include pre-existing illnesses
Mumbai: Government-owned insurance companies have proposed to extend mediclaim coverage to include pre-existing illnesses. Those suffering from diseases when buying the policy will now get coverage for the treatment of these diseases under the new cover. At the same time, the overall sum assured, currently capped at Rs 5 lakh, will be raised.

National Insurance Company Chairman and Managing director H S Wadhwa was quoted as saying: "We plan to waive the clause that excludes coverage of pre-existing diseases. At the same time, we intend to enhance the cover to more than Rs 5 lakh." Some private insurance companies already offer coverage of pre-existing illnesses at a higher premium or after a couple of years. Royal Sundaram allows for pre-existing illnesses after five "no-claim" years.
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Fourth ATM sharing alliance soon
Mumbai: The fourth announcement of ATM network sharing alliance will happen soon. Canara Bank plans to form an ATM network sharing association with four other public sector banks — Central Bank of India, Indian Overseas Bank, Union Bank of India and UCO Bank.

There has been a spate of ATM network sharing announcements off late. Banks are entering into strategic alliances with a view to provide their customers the convenience of a countrywide ATM network. This allows customers to conduct transactions such as cash withdrawal, balance inquiry, mini-statement, PIN change, statement and chequebook requests at more locations across the country.
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