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Bank officials point to identify the original notes

Karmarata all commercial banks in the country, officials / employees' way to recognize the real banknotes, the central bank has asked to teach.

On Thursday, the central bank's currency management department has issued a circular in this regard. Instruction has been sent to the chief executives of all scheduled banks.

According to the circular, the original concept of the security features of bank notes to the bank's annual training program, the way to recognize the real bank notes, "is the direct inclusion. Related departments to take necessary steps in this regard must be informed.

However, banks only those who worked in the cache has the necessary knowledge of bank notes. But like the rest of us do not know much about it. Therefore, banks have been asked to include the issue in the manual training program. So that all officials know about the security features of banknotes.

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Bank officials point to identify the original notes

Bank officials point to identify the original notes...

Karmarata all commercial banks in the country, officials / employees' way to recognize the real banknotes, the central bank has asked to teach. On Thursday, the central bank's currency management department has issued a circular in this regard. Instruction has been sent to the chief executives of all scheduled banks. According to the circular, the original concept of the security features of bank notes to the bank's annual training program, the way to recognize the real bank notes, "is the direct inclusion. Related departments to take necessary steps in this regard must be informed. However, banks only those who worked in the cache has the necessary knowledge of bank notes. But like the rest of us do not know much about it. Therefore, banks have been asked to include the issue in the manual training program. So that all officials know about the security features of banknotes. ...

Bangladeshi scheme will train insurance practitioners

Bangladeshi scheme will train insurance practitioners...

Bangladeshi nationals who want to become insurance practitioners can now receive professional education through two recently established private academic institutions. The Academy of Learning and the Bangladesh Institute for Professional Development have been set up to provide professional education to insurance practitioners. The activities of the two institutions have been approved by the Insurance Development and Regulatory Authority (IDRA), which will also oversee the operations of the two institutions. The two centres will provide training to insurance agents and their employers. The country’s insurance sector has been lagging behind in the supply of efficient manpower that is capable of facing the challenges of competitive local and global markets. ...

Bangladesh eyes insurance for 21 million public servants

Bangladesh eyes insurance for 21 million public servants...

The Bangladesh government has announced plans to provide 2.1 million public servants with life and health insurance starting from the next fiscal year. Banking secretary M Aslam Alam was quoted as saying that meetings with stakeholders have already been held with regards to the introduction of an insurance package for the country’s civil servants. Alam stressed that it was difficult to introduce the new insurance system for all government workers. The policy also needed more time for examination before its implementation, he added. Based on the results of the meeting of the government’s bank and financial institutions division last week, the Insurance Development and Control Authorities, Jiban Bima Corporation, Sadharan Bima Corporation, Bangladesh Insurance Association and Bangladesh Insurance Academy will all submit proposals regarding the insurance package to the banking division, which will then finalise a proposal based on feedback from the finance division. Alam was hopeful that the new insurance package will reduce the incidents of corruption among public servants in the country. ...

Bangladesh cancels insurance licence for first time

Bangladesh cancels insurance licence for first time...

For the first time in the history of Bangladesh’s insurance sector, an insurance company has lost its operating licence for failing to comply with the mandatory reinsurance regulation. The Insurance Development and Regulatory Authority (IDRA) has cancelled the operating licence of Standard Insurance after the insurer failed to satisfactorily explain why it failed to comply with mandatory reinsurance of its three policies worth Tk463 million (US$5.95 million). The insurer was first placed on a three-month suspension in early June but the suspension was increased by two more months. On Monday, however, IDRA had withdrawn the licence of Standard Insurance, which means that the company will never be able to do insurance business in Bangladesh. The non-life insurance company had been listed on the local bourse since 2008. Sources at IDRA said that the insurance company failed to satisfactorily explain to regulators about its facultative reinsurance. ...

Bangladesh orders MetLife to raise capital by almost 500%

Bangladesh orders MetLife to raise capital by almost 500%...

MetLife Bangladesh will have to raise its paid-up capital by almost five times to Tk3.5 billion (US$44.6 million), under instructions from the Insurance Development and Regulatory Authority (IDRA), according to a report. The regulator has instructed MetLife Bangladesh, which currently has paid-up capital of Tk720 million, to raise its paid-up capital as part of efforts to safeguard the interests of policyholders. MetLife Bangladesh has close to one million insured members and more than 12,000 agents. IDRA chairman Shefaque Ahmed was quoted as saying that the regulator arrived at the figure using its new solvency margin rules. IDRA has also instructed MetLife Bangladesh to show its increased paid-up capital in its 2015 accounts. MetLife has been active in Bangladesh since 1952 with a market share of more than one-quarter of the industry’s total industry’s premium. ...

Prudential, Taiyo pull out from Bangladesh entry

Prudential, Taiyo pull out from Bangladesh entry...

Prudential and Taiyo have not contacted the Bangladeshi insurance regulator for some months, leading it to believe that they are now withdrawing from their plan to invest more into the saturated, but underdeveloped domestic market. Shefaque Ahmed, chairman of Bangladesh’s Insurance Development and Regulatory Authority, revealed that neither UK-based Prudential nor Japan-based Taiyo has had any communication with it in recent months. According to Ahmed, Taiyo may have withdrawn its plan because it was not allowed by the regulator to revise its current stakes in its local venture Taiyo Summit Life. In the case of Prudential, Ahmed said it has not contacted him for the past four months amid concerns about terrorist activities. At present, the Bangladesh insurance market is oversaturated with 74 companies, 42 of which are non-life and 32 are life companies. Still, the market is considered as having potential as it is very underdeveloped and poorly regulated. In 2010, an insurance law was passed to facilitate the entry of foreign insurers so that it could draw on their knowledge and technical know-how. ...

 Insurer RSA gets a Brexit sterling boost

Insurer RSA gets a Brexit sterling boost...

The insurer RSA has reported a boost from the plunging pound, which has flattered its results around the world as it continues to restructure its business. RSA, which makes two-thirds of its profits outside the UK, said the post-Brexit weakness in sterling was lifting its overseas earnings. "Brexit provides us an attractive tailwind from overseas earnings translation, in the context of an otherwise challenging environment,” said chief executive Stephen Hester. The pound has fallen between 5pc and 9pc over the past nine months against the Canadian dollar, euro and Swedish and Danish krone from which RSA derives its income. Most of this decline came after the EU referendum on June 23.  Net premiums at the insurer were £4.8bn in the three months to the end of September, or 5pc lower than last year, owing to disposals in Brazil, India, Colombia and Italy that have shrunk the business over the past two years. The remaining “core” business posted a 6pc rise in net premiums. British sales were “slightly down” on last year as RSA withdrew from brokered car insurance, although telematic insurance, which tracks the driver’s movements, gained in popularity. “What’s possibly more important than the narrow details of the update is that RSA today is in a very good place compared to where it was historically and even as recently as a year ago,” said Mr Hester. “Instead of a company that’s being turned around, it’s a company that’s en route to being best in class. In an industry that’s generally flat, our results have been rising nicely.”   The group is exploring options for a £1bn portfolio of insurance covering industrial risks such as asbestos, dating as far back as the 1950s, and Mr Hester said he aims to have a decision in time for RSA’s full-year results. RSA was the subject of a £5.6bn takeover approach last year from Swiss competitor Zurich, which gave up its pursuit in September 2015 after encountering problems in its own business. Since then, shares in RSA have increased from  around 400p to 546p. The FTSE 100 firm said the squeeze in corporate bond values compared to risk-free sovereign debt, known as the spread, had knocked its capital levels under the new Solvency II rules. Its capital ratio fell from 158pc in June to 151pc, although this was still at the high end of its target. ...

Self-employed? Here's the three things you need to know about your finances

Self-employed? Here's the three things you need to know about your finances...

Going it alone has never been more popular. Record numbers of workers are shunning traditional employment for the freedom of running their own business. The appeal is obvious. No more commuting, flexible hours, setting your own pay, being able to stay at home to look after children. There are now 4.6 million self-employed workers, according to the Office for National Statistics. The number has risen steadily since 2000, when the figure was just 3.2 million. And it's not only young people who are ditching the office culture of their parents: there is evidence that the surge is being driven by older workers, too. About half the "new" self-employed are part time, led by people in their 50s, 60s and 70s who don't want - or can't afford - to retire fully. But there are hidden drawbacks to joining one of the 15pc who are their own boss. Without an employer, all the financial perks often taken for granted slip away: pension contributions, life insurance, tax breaks and easy access to mortgages. For more on savings rates, options and advice: get our weekly newsletter However, these benefits and perks can often be recreated when you go it alone. "When you're your own boss, it gives you lots of freedom to work how and when you want," said Chris Bryce, chief executive of Ipse, the trade body for the self-employed. "But it also means you're responsible for your own tax submissions, retirement savings and a whole host of other things. You also need to be ready if something unexpected, such as an injury or jury service, stops you from working." Pensions and savings Membership of a pension scheme has been the bedrock of workplace benefits for decades. The logic is simple: without the means to retire, older, more expensive staff stay in their jobs longer, blocking the career progression of others. In the past, company pension schemes were run by with trustees, who included bosses as well as ordinary staff. Often these pensions were on a "defined benefit" basis, meaning that members received a proportion of their final salary at a fixed retirement date. Almost all these generous schemes are now closed in the private sector, replaced by "defined contribution" pensions. Here, firms pay a proportion of salary in, as do staff, and the Government provides tax relief on both contributions. Even though the amount you will receive once you start to draw an income is not guaranteed, this is an extremely tax-efficient way to save. As a self-employed worker, you can set up your own pension, though, of course, you will not receive an employer contribution. Even so, having a private pension is essential. Options include a personal pension or, for those who want more freedom to invest in a broader range of assets, a self-invested personal pension (Sipp). It is also possible to join Nest, the government-backed scheme. This "auto-enrolment" scheme is designed for the workplace but accepts individual members, too. Savers benefit from a cap on fees (0.75pc a year). However, your investment choice will be limited and a basic Sipp is likely to cost you less, particularly for larger pots. "Full" Sipps are most expensive of all, but will allow far more flexibility, including the ability to hold commercial property within your pension. Martin Tilley, of Sipp firm Dentons, said: "If you have any business premises, perhaps where you leave delivery vans or stock, why not put the building in your Sipp and pay your rent into the pension? Rather than pay someone else, pay yourself and you get tax relief on the payments - it makes perfect sense." Without an employer contribution, the tax relief becomes even more important. Your pension provider will claim basic-rate relief at 20pc automatically, so your £80 contribution becomes £100, but if you pay the higher rate you will have to claim extra relief through your tax return. If you pay 40pc income tax, you have to pay in only £60 to make a £100 contribution. (The £60 net contribution comes from an initial payment to your scheme of £80, then a £20 tax rebate via self-assessment.) The new state pension is good news for the self-employed. As part of changes that took effect in April, workers qualify for the full £155.65 a week "flat rate" if they have 35 years of National Insurance contributions. Under the old system the maximum they could get was £119.30. ...

 Life insurance is cheaper than you think

Life insurance is cheaper than you think...

As a nation we protect our homes, our belongings and even our pets more than we do our lives, with a worryingly small proportion of the adult population investing in suitable life insurance. Well, research from SunLife suggests that much of this could be due to a dramatic overestimation of the cost involved, so it could be time to reconsider your priorities. Lack of awareness The figures show that respondents typically overestimated the cost of life insurance by a massive 394%, so it's no wonder so few people take out this kind of protection! On average, respondents thought that £100,000 of life cover would cost £50.98 per month – almost five times more than the average premium of just £10.31. Overall, 47% of people have no idea how much life insurance costs, a figure that rises to more than half (53%) of those who cited affordability as the reason why they have no life cover, and to 58% among those aged 55-65 years-old. But, that doesn't stop people worrying – 26% of those who don't have life cover are concerned that they don't have it, with 11% saying that their family would lose all or most of its income if the worst were to happen, while 8% admitted that they didn't know what the financial implications would be. Worryingly, this kind of thing isn't only a concern for the uninsured, either – even among those who do have life insurance, just 39% of people are certain they have enough cover, while 11% said they know they're underinsured and 15% don't know how much cover they have in place. "Our research shows people are not protecting themselves with life cover because they think it is much more expensive than it is; this misconception needs to be addressed," said Dean Lamble, managing director at SunLife. "It is worrying that there are many families out there who either have no life cover or insufficient cover in place simply because they are overestimating how much it costs." He calls on the industry to "make life insurance more accessible so that more people realise they can afford it", particularly given the fact that so many people are concerned that they're not covered. The overriding message is clear – make sure you're covered! Knowing that your family is protected should the worst happen can be a huge weight off your mind, and as the figures show, it can cost far less than you think. ...

 Lack of life insurance raises alarm bells

Lack of life insurance raises alarm bells...

Many of us realise that we should have life insurance, yet far too few actually take the plunge and invest in a policy. This could be a big mistake, as failing to have sufficient protection could put your family's finances in jeopardy should the worse happen. Research from Specialists4Protection.co.uk show that 44% of those with children aged 18 or under, and/or who are married and in a long term relationship, don't have any form of life insurance, a figure which rises to 72% when considering those without critical illness cover. Not only that, but even those who do have such a policy may be dangerously under-insured, with 23% of those with life insurance only having enough to cover one year's salary, while a further 19% are insured for the equivalent of just two years' income and 30% would be covered for between three and five years. Given that the advisory firm suggests that people should have nearer 20 times their annual salary in life cover – something that just 3% of those with life insurance have – the vast majority clearly lack sufficient protection. "It's alarming to see how many people who should have life insurance don't, but also how underinsured most people with this cover are," said Paul Litster of Specialists4Protection.co.uk. "If you have dependents, having adequate life insurance is one of the most important financial decisions you will ever make, but many people tend to just pluck a figure from the air when deciding on their level of cover without working out what their loved ones would need." Don't be one of them! It's not only vital to have a life insurance policy, but it's just as essential to get the right level of cover, otherwise you're paying for something that will have limited value should the worst happen. Make sure to speak to the experts so you can be confident you're making the right decision – start the process by using our life insurance quote tool to see the kind of policies available, and take it from there. ...

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