Top headlines: India's FY21 CEO earnings, Russia's suspension from UNHRC

The insurance regulator wants the removal of the minimum entry capital requirement of Rs 100 crore for setting up business. More on that story in our top headlines.

Corporate India's leading earners got a total paycheck of Rs 3,222.4 crore - up from Rs 2,424.9 crore a year ago. Meanwhile, Russia has been suspended from top human rights body over violations in Ukraine. More on those stories in our top headlines this morning.

India's top CEOs took home 32.9% more in FY21 amid rally on the bourses

Financial year 2020-21, while dominated by Covid-19 that adversely impacted economic activity and the job market, proved fruitful for India’s top chief executive officers (CEOs) and chief experience officer (CXOs). CEOs’ salary recorded a strong double digit growth in line with a rally on the bourses and big jump in corporate earnings.

The average CEO salary was up 19 per cent in FY21, and listed companies together paid Rs 9,763 crore to their top management during the fiscal — up from around Rs 8,200 crore a year ago. Read more here

UN General Assembly suspends Russia from top human rights body

The UN General Assembly voted Thursday to suspend Russia from the world organisation's leading human rights body over allegations of horrific rights violations by Russian soldiers in Ukraine, which the United States and Ukraine have called tantamount to war crimes.

The vote was 93-24 with 58 abstentions, significantly lower than the vote on two resolutions the assembly adopted last month demanding an immediate cease-fire in Ukraine, withdrawal of all Russian troops and protection for civilians. Both of those resolutions were approved by at least 140 nations. Read more here

Run-up to monetary policy review: Nudging but not rocking the boat

Monetary policy setting is undoubtedly challenging when the growth forecasts have to be revised downwards, but the opposite has to be done for the inflation forecasts as the energy and food price shocks pass through the system.

RBI MPC is going to be presented with a similar dilemma in the April meeting. On top of it, while the primary source of the rise in inflation forecasts would be “supply side”, the characteristics of inflation embodied in the 3 P’s of persistence, pervasiveness and perception are now demanding the attention of monetary policymakers. Read more here

Demand of over Rs 500 crore additional tax slapped on PE/VC funds

Large global funds, including those dealing in private equity, have misused tax treaties with the Mauritius, Singapore, and Cyprus and under-reported income, the Income-Tax (I-T) Department has said. The additional tax demand on these fund houses is more than Rs 500 crore, according to an estimate.

The tax authorities gave assessment orders to at least 12 such houses last week, and initiated penalty proceedings against them. Read more here

Irdai seeks to remove Rs 100 crore entry cap for new players in insurance business

The insurance regulator wants the removal of the minimum entry capital requirement of Rs 100 crore for setting up an insurance business in a bid to facilitate the entry of multiple players such as standalone micro insurers and niche players.

Debasish Panda, chairman, Insurance Regulatory and Development Authority of India (Irdai), said it should be left to the regulator instead to decide what should be the entry fee for interested players, depending on the size of the business and operations. Read more here