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(From Business Line)
NEW DELHI, Oct. 15. THE Insurance Regulatory and Development Authority (IRDA) will cease to enjoy the freedom of parking its annual surpluses in banks. It will, instead, have to mandatorily park them in the Public Account of India.
A final ruling to this effect came from the Law Ministry late last week, marking an end to the three-month long row on the issue between IRDA and the Finance Ministry.
The move will help the Government tide over its temporary cash flow problems. Other regulators - including SEBI - may also have to fall in line and deposit their surpluses in the public account as the Finance Ministry plans to issue …