Question

What is required for premiums on policies covering baggage or valuables in transit to be collected in rupees?

a.

The policy holder must be a person normally resident outside India

b.

The premiums must be paid in foreign currency

c.

The premiums must be collected in rupees derived by surrender of foreign currency

d.

The premiums must be collected in foreign currency

Posted under IC 14 Regulations of Insurance Business

Answer: (c).The premiums must be collected in rupees derived by surrender of foreign currency Explanation:Premiums on policies covering baggage or valuables in transit may be collected in rupees only if they are derived by surrender of foreign currency to an authorised dealer in foreign exchange or authorised money-changer. This provision allows for the collection of premiums in rupees under specific conditions, ensuring compliance with currency regulations.

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Q. What is required for premiums on policies covering baggage or valuables in transit to be collected in rupees?
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