Financial Services & Taxation Headlines – November 2019

1. DIN System of CBIC comes into existence

The Documentation Identification Number (DIN) system of Central Board of Indirect Taxes
(CBIC) came into existence from 8th November 2019.
This path breaking system in indirect tax administration has been created as per the
direction of Finance Minister Nirmala Sitharaman.
Now, any CBIC communication will have to have a Documentation Identification Number.

My Opinion:
The DIN system is aimed at bringing transparency and accountability in the indirect tax
administration through widespread use of information technology.
The DIN can be used for search authorization, summons, arrest memo and letter issued in
the course of any enquiry. It will provide the taxpayer a digital facility to verify any
communication from CBIC.

2. ICICI Lombard partners with FINO PayTech Ltd

Continuing with their health insurance focus, ICICI Lombard and FINO are launching a
Dengue and Malaria policy.
It covers treatments pertaining to these diseases up to Rs. 10,000 at a premium as low as
Rs. 49.
They are introducing comprehensive insurance for bikes and scooters thereby giving FINO’s
customers access to ICICI Lombard’s range of motor insurance solutions at affordable rates.

My Opinion:
Having such a low premium for an insurance policy covering expensive treating diseases like
Dengue and Malaria is a very commanding business strategy. Such an insurance policy is
affordable to the masses of the society and that will help this partnership to create a vast
customer base for their business.
Further, the policy is completely paperless avoiding wet signatures and there will be an
instant handover of the policy documents, so it adds more value to the customer with
simplified claims process with less documentation.