IRDA---INSURANCE REGULATORY DEVELOPMENT AUTHORITY its functions ?>> A. IRDA is the regulatory authority of insurance business its functions are a--protectinginterest of policy holders b--specifing proper training,qualification etc to insurance people c--levying fees ,commision etc for conducting insurance business d--specifing the manner in which insurance company maintain their books of accounts e--specifing margin of solvency f--specifing general and life insurance business which company can takeShadow Banking ?>> A.shadow banking means those financial transactions which are not regulated ..... hence the risk involoved in these are very high..........shadow banking deals in money market instruments......and hence need money for early repayment .......... now what happens is they invest for long term .....and borrow for short term.......so this match creates problem coz of lack of liquidity...........and second thing as they are not regulated so they cant take help from any other organisation like for eg central banks.........the crisis which world faced during was coz of shadow banking also.Shadow clearance ?>> A. m explaining it by way of example suppose sbi got 5 cheques from its customers for clearance and these cheques are of uco bank ...........no what sbi will do is they make a bundle of these cheques and send it to uco bank for clearance ......meanwhile sbi will make entry in their customer account that cheques are being sent for clearance and this entry is termed as shadow clearance..............and when uco bank makes payment then sbi will regularise this shadow clearance and transfer the payment in customer\s account........types of bank audit and appointment of auditor ?>> A. broadly banks have 3 types of audit--- 1--internal audit 2--external audit 3--audit conducted by banks when some person takes loan to check whether he actually own the property which he is going to mortgage or not now coming to their appointment external auditors or u can say statutory auditors are appointed by banks itself but there is some process means banks have to get the list of auditors from CAG and then have to get consent from auditors whether they are willing to work or not and they must not be disqualified to act as such .........and once they get consent banks have to send their names to rbi for approval ..... in case of RRB bank have to get approval from central government internal auditors are appointed by board of directors........Double taxation avoidance agreement ? >>A. double taxation aviodance agreement ie dtaa is concerned with international taxation for eg--- a person from india wants to setup his induatry in mauritus so now he have to pay tax as per indian law and as per mauritus law ..... so he is paying tax twice ..... so to avoid this double taxation dtaa is signed by various countries......now he dont have to pay tax to the tax twice for same income....
Posted on: Wed, 26 Mar 2014 22:50:54 +0000
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