IndAS 117 is based on high quality global standard IFRS 17, Insurance Contracts issued by the International Accounting Standard Board of IFRS Foundation. IFRS 17 which was originally issued in May 2017 has become globally effective from 1 January 2023. It is expected to help investors and others better understand insurers’ risk exposure, profitability and financial position.


Smt Meenakashi Lekhi also added that the G20 working group has to deliberate upon the impediments in the way of repatriation of treasures. These are human treasures and these treasures are important not just from the economic point of view but are connected to cultural ethos of the country. Accordingly, time has come for the G20 countries to move beyond discussions and draw up an action plan to facilitate repatriation of antiquities which have been taken out of a country.

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