Insurance Regulatory and Development Authority of India clarified that it has only granted an extension period by up to 30 days. Refuting reports that individuals can deposit their insurance renewal premium in now defunct Rs 500/1000 currency notes, Insurance Regulatory and Development Authority of India (Irdai) on Tuesday clarified that it has only granted extension of grace period by up to 30 days. Irdai said it has been brought to its notice regarding a news item floating in the press that the Authority has instructed insurers to accept old Rs 500 and Rs 1000 notes for depositing insurance premium. "The circular does not mention acceptance of the said old notes and it merely extends the grace period of the policies issued by life insurers,"Irdai said in a circular. Policyholders are allowed a grace period of 30 days to submit their insurance renewal premium, however, in this case it has been extended by similar days.

Source: dna November 29, 2016 18:00 UTC