Notifications & Circulars
Press Information Bureau
03.05.2017
Civil
Cabinet approves MoU signed in 2011 and Renewal of MoU between Institute of Chartered Accountants of India and Higher Colleges of Technology, United Arab Emirates
MANU/PIBU/0495/2017
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for the Memorandum of Understanding (MoU) signed in 2011 and Renewal of MoU between the Institute of Chartered Accountants, of India (ICAI) and Higher Colleges of Technology (HCT), United Arab Emirates.
The renewal of the MoU with the HCT, UAE is on the following terms:-
1. ICAI will provide technical assistance to HCT by reviewing the current curriculum of HCT related to accounting and finance;
2. ICAI will recommend introduction of new/revised courses and modules that will facilitate HCT students to write ICAI's Technical professional Examination with aim to acquire membership of ICAI;
3. ICAI will provide technical assistance in holding ICAI's professional examination for qualified HCT students;
4. ICAI will collaborate to provide seminars and workshops for HCT students and faculty;
5. ICAI will provide specialized relevant Adjunct faculty on mutually agreeable basis;
6. ICAI will provide certification courses for HCT students;
7. HCT will provide facilities to hold ICAI's professional and technical exams;
8. HCT and ICAI will encourage faculty and student exchange programmes;
9. HCT and ICAI will collaborate to hold professional development and technical events, seminars and conferences at various HCT's colleges in UAE. HCT will provide venue for such events and will encourage its students and faculty member to attend these events;
10. HCT and ICAI will collaborate to offer short professional courses in the domain of accounting, finance and audit in UAE via HCT's Centre of Excellence for applied Research and Training (CERT).
The proposal seeks to advance the goals on equity, public accountability and innovation.
Background:
The ICAI is a statutory body established by an Act of Parliament of India namely The Chartered Accountants Act, 1949 to regulate the profession of Chartered Accountancy in India. HCT UAE is a community of more than 23,000 students and 2,000 staff based on 17 modern, technology-enhanced campuses in Abu Dhabi, Al Ain, Dubai, Fujairah, Madinat Zayed, Ras Al Khaimah, Ruwais and Sharjah, making it the largest higher education institution in the United Arab Emirates (UAE). HCT is dedicated to the delivery of technical and professional programs of the highest quality to the students within context of sincere respect for all beliefs and values and has the vision to be an internationally recognized and accredited provider of technical and professional tertiary education. The mission of HCT is to be a key education fundamental pillar on which a modern nation is built.
The ICAI has considered renewal of the MoU between ICAI and HCT, UAE to work together in strengthening the Accounting, Financial and Audit knowledge base within UAE through this MoU. The MoU with HCT was signed on 4th January, 2011 for a period of 5 years.
Tags : MOU Approval Chartered Accountants Institute
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Ministry of Defence
03.05.2017
Civil
Central Government hereby makes a declaration to extend term of office of Khasyol Cantonment Board for a further period of one year
MANU/DEFN/0008/2017
In exercise of the powers conferred by clause (b) of sub-section (1) and sub-section (4) of Section 13 of the Cantonments Act, 2006 (41 of 2006), the Central Government, on being satisfied that for the administration of the Khasyol Cantonment, where the term of the varied Board shall expire on 5th June, 2017, it is desirable to keep the constitution of the Khasyol Cantonment Board varied, hereby makes a declaration to extend the term of office of the said Board for a further period of one year from 6th June, 2017 to 5th June, 2018 or until further orders, whichever is earlier.
Tags : Declaration Extension Term
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Press Information Bureau
03.05.2017
Civil
Cabinet approves National Steel Policy 2017
MANU/PIBU/0493/2017
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for National Steel Policy (NSP) 2017.
The new Steel Policy enshrines the long term vision of the Government to give impetus to the steel sector. It seeks to enhance domestic steel consumption and ensure high quality steel production and create a technologically advanced and globally competitive steel industry.
Key features of the NSP 2017:
1. Create self-sufficiency in steel production by providing policy support & guidance to private manufacturers, MSME steel producers, CPSEs
2. Encourage adequate capacity additions,
3. Development of globally competitive steel manufacturing capabilities,
4. Cost-efficient production
5. Domestic availability of iron ore, coking coal & natural gas,
6. Facilitating foreign investment
7. Asset acquisitions of raw materials &
8. Enhancing the domestic steel demand.
The policy projects crude steel capacity of 300 million tonnes (MT), production of 255 MT and a robust finished steel per capita consumption of 158 Kgs by 2030 - 31, as against the current consumption of 61 Kgs. The policy also envisages to domestically meet the entire demand of high grade automotive steel, electrical steel, special steels and alloys for strategic applications and increase domestic availability of washed coking coal so as to reduce import dependence on coking coal from about 85% to around 65% by 2030-31.
Some highlights of New Steel Policy
The Indian steel sector has grown rapidly over the past few years and presently it is the third largest steel producer globally, contributing to about 2% of the country's GDP. India has also crossed 100 MT mark for production for sale in 2016-17.
The New Steel Policy, 2017 aspires to achieve 300MT of steel-making capacity by 2030. This would translate into additional investment of Rs. 10 lakh Crore by 2030-31.
The Policy seeks to increase consumption of steel and major segments are infrastructure, automobiles and housing. New Steel Policy seeks to increase per capita steel consumption to the level of 160 Kgs by 2030 from existing level of around 60 Kg.
Potential of MSME steel sector has been recognised. Policy stipulates that adoption of energy efficient technologies in the MSME steel sector will be encouraged to improve the overall productivity & reduce energy intensity.
Steel Ministry will facilitate R&D in the sector through the establishment of Steel Research and Technology Mission of India (SRTMI). The initiative is aimed to spearhead R&D of national importance in iron & steel sector utilizing tripartite synergy amongst industry, national R&D laboratories and academic institutes.
Ministry through policy measures will ensure availability of raw materials like Iron ore, Coking coal and non-coking coal, Natural gas etc. at competitive rates.
With the roll out of the National Steel Policy-2017, it is envisaged that the industry will be steered in creating an environment for promoting domestic steel and thereby ensuring a scenario where production meets the anticipated pace of growth in consumption, through a technologically advanced and globally competitive steel industry. This will be facilitated by Ministry of Steel, in coordination with relevant Ministries, as may be required.
Background:
Steel is one of the most important products in the modern world and forms the backbone to any industrial economy. India being one of the fastest growing economies in the world, and steel finding its extensive application right from construction, infrastructure, power, aerospace and industrial machinery to consumer products, the sector is of strategic importance to the country. The Indian steel sector has grown exponentially over the past few years to be the third largest producer of steel globally, contributing to about 2% of the country's GDP and employing about 5 lakh people directly and about 20 lakh people indirectly.
Untapped potential with a strong policy support becomes the ideal platform for growth. Owing to the strategic importance of the sector along with the need to have a robust and restructured policy in present scenario, the new NSP, 2017 became imminent. Though, National Steel Policy 2005 (NSP 2005) sought to indicate ways and means of consolidating the gains flowing out of the then economic order and charted out a road map for sustained and efficient growth of the Indian steel industry, it required adaptation in view of the recent developments unfolding in India and also worldwide, both on the demand and supply sides of the steel market.
Tags : Policy Approval Steel
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Press Information Bureau
03.05.2017
Civil
Cabinet approves cooperation between Indian and Japan on Railway Safety
MANU/PIBU/0494/2017
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval to the signing the Memorandum of Cooperation (MoC) with Japan on Railway Safety. The MoC has already been signed in February, 2017.
The signing of MoC will enable cooperation in the following areas:
i. Track Safety (e.g. rail welding, rail inspection, track circuit etc.)
ii. Latest technology related to railway track safety (automatic inspection technology etc.)
iii. Rolling stock safety (e.g. maintenance etc.)
iv. Any other relevant railway safety matter jointly determined by both the sides within the scope of this MoC with consideration for major railway accident preventions based on the analysis of accident causes.
The MoC would provide a platform for Indian Railways to interact and share the latest development and knowledge in the railway sector. The cooperation under this MoC will involve:
a. Dispatch of experts
b. Training of core staff in Japan
c. Sharing of information and best practices
d. Facilitating the participation of other institutions, organization and ministries, including contribution of National Traffic Safety and Environmental Laboratory of Japan to Research Design and Standards Organisation, Ministry of Railway, Government of India (RDSO), subject to their respective national laws and regulations where appropriate and possible.
Tags : Co-operation Safety Railway
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Ministry of Defence
03.05.2017
Civil
Central Government extended term of office of Pachmarhi Cantonment Board for a further period from 6th June, 2017 to 31st December, 2017 or till the date of constitution of the Board
MANU/DEFN/0009/2017
In exercise of the powers conferred by clause (b) of sub-section (1) and sub-Section (4) of Section 13 of the Cantonments Act, 2006 (41 of 2006), the Central Government, on being satisfied that for the administration of the Pachmarhi Cantonment, where the term of the varied Board shall expire on 5th June, 2017, it is desirable to keep the constitution of the Pachmarhi Cantonment Board varied, hereby makes a declaration to extend the term of office of the said Board for a further period from the 6th June, 2017 to 31st December, 2017 or till the date of constitution of the Board, whichever is earlier.
Tags : Declaration Extension Term
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Press Information Bureau
02.05.2017
Civil
Ministry of Skill Development invites comments/ suggestions of the public on the Sharada Prasad Committee constituted to Review, Rationalize and Optimize the Functioning of Sector Skill Councils
MANU/PIBU/0492/2017
The Ministry of Skill Development has invited comments/ suggestions of the public on the Sharada Prasad Committee constituted to Review, Rationalize and Optimize the Functioning of Sector Skill Councils by 10th of this month. The report has already been submitted to the ministry recently. The same has also been put up in public domain on 25th April, 2017 for engaging the stake holders for Rationalization & Optimization of the Functioning of the Sector Skill Council. The Report is available at http://msde.gov.in/report-ssc.html.
The Report is in three volumes. Volume I is the main report which deals with the major challenges facing the vocational education and training system of the country and convergence, synergy and rationalisation of Sector Skill Councils. Volume 2 contains appendices arranged chapter-wise. Volume 3 Maps of National Classification of Occupations, 2015 with National Industrial Classification, 2008.
The Ministry is now in the process of examining the Report and the recommendations made therein.
Sector Skill Councils (SSCs) are industry led and industry governed bodies which have been mandated to ensure that skill development efforts being made by all the stake holders are in accordance with the actual needs of the industry and develop National Occupational Standards/Competency Standards and Qualification Packs (QPs). Presently, the National Skill Development Corporation (NSDC) has approved formation of 40 SSCs in different Sectors. In order to ensure convergence and optimal functioning of SSCs as per mandate given under the National Policy for Skill Development and Entrepreneurship 2015, it was decided to constitute a Committee to review the functioning of the SSCs and provide a roadmap for their harmonious growth so as to ensure effective development of the skilling ecosystem.
The committee was constituted by the Ministry of Skill Development and Entrepreneurship on 18th May 2016 for Rationalisation and Optimization of the Functioning of the Sector Skill Councils, under the Chairmanship of Sh. Sharada Prasad, Former Director General, Directorate General of Employment & Training, Ministry of Labour & Employment, Government of India.
Tags : Sector Skill Councils Functioning Comments Invitation
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Securities and Exchange Board of India
02.05.2017
Capital Market
Online Registration Mechanism for Securities Market Intermediaries
MANU/SSMD/0013/2017
Dear Sir/Madam,
1. Hon'ble Minister of Finance, Government of India, in his speech while presenting the Budget for FY 2017-18 on February 01, 2017, announced that the process of registration of financial market intermediaries will be made fully online by SEBI.
2. As you are aware, SEBI had already started development of Enterprise SEBI Portal with various custom applications, including online registration modules for various intermediaries and in this regard, had various rounds of consultation with the market participants and received feedback.
3. It has now been decided to operationalize SEBI Intermediary Portal (https://siportal.sebi.gov.in) for the intermediaries to submit all the registration applications online. The SEBI Intermediary Portal shall include online application for registration, processing of application, grant of final registration, application for surrender / cancellation, submission of periodical reports, requests for change of name/address/ other details, etc., Link for SEBI Intermediary Portal is also available on SEBI website.
4. SEBI Intermediary Portal is made operational for following intermediaries:
i. Stock Brokers
ii. Sub-brokers
iii. Merchant Bankers (MB)
iv. Underwriters (UW)
v. Registrar to an Issue and Share Transfer Agents (RTA)
vi. Debenture Trustees (DT)
vii. Bankers To An Issue (BTI)
viii. Credit Rating Agency (CRA)
5. Further, SEBI Intermediary Portal will be operational for depository participants from May 31, 2017.
6. Henceforth, all applications for registration/ surrender/other requests shall be made through SEBI Intermediary Portal only. The applications in respect of stock brokers/ sub-broker and depository participants shall continue to be made through the stock exchanges and depositories respectively.
7. The applicants will be separately required to submit relevant documents viz. declarations/ undertakings required as a part of application forms prescribed in relevant regulations, in physical form, only for records without impacting the online processing of applications for registration.
8. Where applications are made through the stock exchanges / depositories, the hard copy of the applications made by their members shall be preserved by them and shall be made available to SEBI, as and when called for.
9. In case of any queries and clarifications with regard to the SEBI Intermediary Portal, intermediaries may contact on 022-26449364 or may write at portalhelp@sebi.gov.in.
10. Stock exchanges / clearing corporations and Depositories are directed to:
a. take necessary steps to put in place systems for implementation of the circular, including necessary amendments to the relevant bye-laws, rules and regulations;
b. bring the provisions of this circular to the notice of their members and also disseminate the same on their websites;
11. This circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of and to regulate the securities market.
Tags : Registration Online Market intermediaries
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Ministry of Finance
02.05.2017
Customs
Monitoring of export obligation fulfillment under EPCG and Advance Authorization Schemes reg
MANU/CUCR/0016/2017
I am directed to invite your attention to para 2(d) of Circular No. 5/2010-Cus dated 16.03.2010 directing initiation of action to safeguard revenue in case of non-submission of Export Obligation Discharge Certificate within the time period stipulated in the relevant Customs notifications. These directions have been reiterated in para 7 (iii) of Instruction dated 18th January, 2011.
2. Some field formations have expressed difficulty in implementing these instructions stating that when a notice issued (as per time lines prescribed in Customs notifications) to exporter for enforcement of Bond/BG is taken up for decision, the exporters plead that they have submitted documents to DGFT for issuance of EODC and that adjudication process of their SCN may be kept in abeyance till the time EODC is issued to them by DGFT. However, the proceedings cannot be kept pending in Call Book as they do not fulfill criteria prescribed in Circular No. 162/73/95-CX dated 14.12.1995. This leads to confirmation of demand and further litigation. This is avoidable if the time period prescribed in Customs notifications is aligned with time period for issuance of EODC as per FTP/HBP.
3. The matter has been examined. It is noted that during the Chief Commissioner's Conference dated 08-09/01/2016, it has been decided that a simple notice will suffice to the licence/authorization holder who does not submit the EODC/Redemption letter within the period prescribed in the relevant Customs notifications. In these cases also, the principles of natural justice should be followed. Further, this was reiterated during the Chief Commissioner's Conference dated 03.01.2017 wherein it was agreed that in view of time taken by DGFT in issuance of EODC, the practice of issuance of SCN at the first stage itself may be replaced by issuance of a simple notice to defaulters.
4. In all Advance Authorization and EPCG notifications, the Deputy/Assistant Commissioners of Customs have power to extend the period to submit proof of fulfillment of EO without any limit. Thus there is inherent provision in Revenue notifications to keep action of Customs pending till EODC is issued by DGFT. Moreover, the process of issuance of EODC by DGFT itself is linked to submission of BRC by the licence holder. The BRC itself can be submitted as per the period allowed by RBI in terms of the Foreign Exchange Management Act, 1999. The licence/authorization is also subject to extension, if any, by DGFT. Hence, alignment of the time period given in Customs notifications with that given in FTP/HBP may not be required.
5. In view of the above, the field formations may issue simple notice to the licence/authorization holders for submission of proof of discharge of export obligation. In case where the licence/authorization holder submits proof of their application having been submitted to DGFT, the matter may be kept in abeyance till the same is decided by DGFT. Institutional mechanism set up in terms of Instruction F. No. 609/119/2010-DBK dated 18.1.2011 for regular interaction with RA's of DGFT should be used to pursue such cases. However, in cases where the licence/authorization holder fails to submit proof of their application for EODC/Redemption Certificate, extension/clubbing etc., action for recovery may be initiated by enforcement of Bond/Bank Guarantee. In cases of fraud, outright evasion, etc., field formations shall continue to take necessary action in terms of the relevant provisions.
6. Difficulties in implementation, if any, may be brought to the notice of the Board.
Tags : Export obligation Fulfilment
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Telecom Regulatory Authority of India
01.05.2017
Media and Communication
TRAI releases Consultation Paper on 'Network testing before commercial launch of services'
MANU/TRAI/0039/2017
1. The Telecom Regulatory Authority of India (TRAI) has today released a Consultation Paper on 'Network testing before commercial launch of services'.
2. Telecom service providers (TSPs) are bound by roll-out obligations and other licence conditions. The TSPs are required to install applicable systems for providing mobile services to the subscribers. It is important that these systems are tested before commencement of commercial services because a licensee has to ensure that its service meets the Quality of Service (QoS) standards prescribed by the Licensor or TRAI. As per the general practice, the Telecom Service Providers use test SIM Cards to check the quality of network, before the commercial launch of services.
3. The Department of Telecommunications (DoT), through its letter dated 9th September 2016, communicated that at present, network testing is being carried out by licensees on the basis of erstwhile practices followed by DoT/BSNL and test SIM Cards are issued by such licensees to check the quality of network, before the commercial launch of services. However, the present licenses for various services issued by DoT do not mandate any time period for network testing before commercial launch of services by the licensees. Therefore, DoT requested TRAI to provide its recommendations on testing of network before commercial launch of services including enrolment of customers for testing purposes before commercial launch, duration of testing period etc. under the terms of clause 11(1)(a) of TRAI Act 1997 as amended.
4. In view of the above, Consultation Paper on 'Network testing before commercial launch of services' has been released to discuss issues involved, possible solutions and framework to bring clarity on the matter. Written comments on the issues raised in the Consultation. Paper are invited from the stakeholders by 29th May 2017 and counter-comments by 12th June 2017.
5. The comments and counter-comments may be sent, preferably in electronic form at advmn@trai.gov.in. For any clarification / information Shri Sanjeev Banzal, Advisor (Networks, Spectrum 85 Licensing), TRAI may be contacted at Telephone Number +91-11-23210481.
Tags : Consultation Paper release Services
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Ministry of Finance
01.05.2017
Excise
Clarification regarding posting of Central Excise officer in Cigarette units-reg
MANU/EXCR/0004/2017
1. Representations have been received from the field formations and members of the trade and industry regarding practicality of round-the-clock posting of Central Excise officers in the cigarette manufacturing units. In terms of para 10 of instructions dated 24.12.2008 issued vide F. No. 224/37/2005-CX.6, read with para 2.2 of Chapter 4 of the CBEC Manual, mandatory, round-the-clock presence of Central Excise officer in the factory has been prescribed to ensure that the goods are not removed without his authorisation and also exercise supervision and control over operations as per instructions contained in the Commodity Manual for cigarettes. In view of the limited number of officers posted in the range, problems are being faced to post officers in the cigarette manufacturing units round-the-clock, resulting in delays in production/ clearance of goods.
2. The above issue has been examined. Rule 6 of the Central Excise Rules, 2002 lays down that in case of cigarettes, the Superintendent or Inspector of Central Excise shall assess the duty payable before the removal of goods by the assessee. Further, Rule 11 of the Central Excise Rules, 2002 prescribes that in case of cigarettes, each invoice signed by the owner of the factory or his authorized agent shall also be countersigned by the Superintendent or Inspector of Central Excise before the cigarettes are removed from the factory.
3. On plain reading of the said two rules, it is clear that the presence of Central Excise officers is required for discharging the twin functions of assessment of duty to be paid by the assessee and countersigning the invoices before the goods are removed from the factory. There is no requirement in law of round-the-clock posting of Central Excise officers in the cigarette manufacturing units. Some field formations are taking a view that production in a cigarette factory can take place only in such shifts where the Central Excise officer is physically present. Such interpretation is not correct. Further, under the Goods and Services Tax (GST) regime, no such requirement of round-the-clock posting of officers has so far been envisaged on tobacco product dealers/manufacturers who would be paying GST and/or compensation cess.
4. In view of above, it is clarified that round-the-clock presence of Central Excise officers in the cigarette factories is not mandatory but directory. Those field formations which cannot post officers round-the-clock in cigarette factory shall use the preventive wing within their respective jurisdiction to maintain discreet preventive vigilance on the cigarette units round-the-clock. The presence of Superintendent or Inspector of Central Excise in all cases would be mandatory at the time of clearance of goods from the factory for the purpose of assessment of duty and countersigning the invoice.
5. Past circulars/ instructions/ provisions in manual in conflict with the above instructions shall stand rescinded to the extent of their conflict. Difficulty, if any, in implementation of the above instructions may please be brought to the notice of the Board. Hindi version would follow.
Tags : Officer Posting Clarification
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