Budget- Jaitley announces merger of 3 Public Sector Insurance Companies

Speed Post News Network

New Delhi : Finance Minister Arun Jaitley, in his budget speech on February 1, 2018, announced that 2017-18 disinvestment target of Rs  72,500 crore has been exceeded and expected receipts of Rs 1,00,000 crore. He set disinvestment target of Rs 80,000 crore for 2018-19.

Three Public Sector Insurance companies- National Insurance Co. Ltd., United India Assurance Co. Ltd., and Oriental India insurance Co. Ltd., will be merged into a single insurance entity.
The Finance Minister announced that a comprehensive Gold Policy will be formulated to develop gold as an asset class. The Government will also establish a system of consumer friendly and trade efficient system of regulated gold exchanges in the country. Gold Monetization Scheme will be revamped to enable people to open a hassle-free Gold Deposit Account, according to a PIB release.
Emoluments of the President, Vice -President : The Budget proposes to revise emoluments to Rs 5 lakh for the President, Rs 4 lakh for the Vice President and Rs.3.5 lakh per month to Governor. These emoluments were last revised in 2006.
With regard to the emoluments paid to the Members of Parliament, the Finance Minister proposed necessary changes to refix the salary and allowances with effect from April 1, 2018. He said the law will also provide for automatic revision of emoluments every five years indexed to inflation and hoped that the Members will welcome this initiative.