Press Information Bureau

30.05.2017

Civil

Committee to Enquire Serious Issues against ST Employees Should Have Minimum of Two Members from ST Community

MANU/PIBU/0575/2017

National Commission for Scheduled Tribes (NCST) has asked the Department of Personnel and Training to constitute a committee having minimum of two members from ST community to investigate any matter requiring penalty on employees belonging to Scheduled Tribes community. The decision was taken in a meeting of the commission held in New Delhi today under the chairmanship of Shri Nand Kumar Sai.

The Joint Secretary of the commission Shri Sisir Kumar said that commission has taken the decision so that natural justice is not denied to any ST employee. As per the recommendations of the commission if ST officers are not available in the Department or Ministry than ST officers from other Departments may be included in the committee.

The commission has also asked the Department of Personnel and Training to issue instructions to all Departments and Ministries so that they take necessary action on the recommendations of NCST. If the Department face any problem than before approaching the High Court they should take permission of the concerned Ministry.

In another case NCST took suo motto cognizance of admission of malnourished ST children of Poriahur village of Kanker District of Chhattisgarh in hospital. The commission has sought the detail report from the State Government. Expressing concern over the incidents of mal nutrition among ST children the commission has recommended a detailed study of the issue. The commission has asked Union Rural Devolvement Ministry to link Tribal areas with road connectivity on priority basis so that necessary medicines and food products could be supplied in time to Tribal dominated areas.

Tags : Investigation Committee Constitution

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Press Information Bureau

30.05.2017

Civil

New National Commission for Backward Classes to be constituted in same manner as National Commissions for SCs and STs

MANU/PIBU/0576/2017

The new National Commission for Backward Classes will be constituted under Article 338B and will commence functioning as a constitutional authority, in the same manner as the National Commission for Scheduled Castes under article 338 and the National Commission for Scheduled Tribes under Article 338A. This was stated by Shri Thaawarchand Gehlot, Minister for Social Justice and Empowerment while interacting with media persons on the three year's achievements of his ministry here today. The new Commission will exercise the function of hearing the complaints/grievances of socially and educationally backward classes. It will have the powers of a Civil Court for this purpose. It will have the duty of advising of the socio economic development of the socially and educationally backward classes and evaluate the progress of their development, unlike the present Commission which does not have this role.

The Minister of State for Social Justice & Empowerment, Shri Ramdas Athawale, the Secretary, Ministry of Social Justice and Empowerment, Smt. G. Latha Krishna Rao and the Principal Director General (M&C), Press Information Bureau, Shri A.P. Frank Noronha and senior officers of M/o SJ&E were also present.

He informed the media persons that the objective of Venture Capital Fund for Scheduled Castes is to promote entrepreneurship amongst the Scheduled Caste and to provide concessional finance to them. The projects/units are promoted in manufacturing and services sector ensuring asset creation. The Scheme provides higher level of loans ranging from Rs. 50 lakhs to Rs. 15 crores. Till date loans amounting to Rs. 242.36 crores were sanctioned to 65 Scheduled Cast entrepreneurs and Rs. 118.99 crores has been disbursed.

The Minister said that the Skill Training is under taken by the three corporations of the Ministry viz. National Scheduled Caste Finance and Development Corporations (NSFDC), National Backward Classes Finance and Development Corporation (NBCFDC) and National Safai Karamcharis Finance and Development Corporation (NSKFDC). During the last three years i.e. from 2014-15 to 2016-17, 2.5 lakh beneficiaries have been trained under the skill development programme of the Corporations and the Scheduled Castes Sub Plan. Out of these beneficiaries, 48.42% have got wage/self-employment.

Ministry of Social Justice & Empowerment has released scholarships to 3.45 crore students through Direct Benefit Transfer (DBT) providing direct benefit to the students. Amount released is Rs. 18000 crores in the last 3 years.

He said that the five places relating to Dr. Ambedkar such as Janam Bhoomi, Mhow; Shiksha Bhoomi 10, King Henry Road, London; Deeksha Bhoomi, Nagpur; Chaitya Bhoomi, Mumbai; and Parinirvan Bhoomi, 26 Alipur Road, New Delhi were declared 'Panchtirth' by the Government of India. Besides this, the Dr. Ambedkar Foundation under Ministry of Social Justice and Empowerment had sponsored 100 students for study tour to Universities of Columbia and London School of Economics (UK) where Dr. Ambedkar studied.

The Minister informed that the Government of India declared 26th November as Constitution Day. Various programmes by Ministries/Departments/State Government's were organised throughout the country and Indian Mission abroad. It has been decided to increase income limit from Rs. 1.00 Lakh to Rs. 2.50 Lakh on yearly basis to provide assistance to families under Dr. Ambedkar Medical Aid Scheme. Under Dr. Ambedkar Scheme for Social Integration through inter-caste marriage, 126 Married couple benefited during the last three years. The Ministry of Social Justice and Empowerment has enhanced Overseas Scholarship for boys and girls belonging to SC/ST community from 60 to 100 for pursuing higher studies aboard.

He said that his Ministry has launched the Rashtriya Vayoshri Yojana for the welfare of Senior Citizens, which aims at providing Senior Citizens, belonging to BPL category and suffering from any of the age related disabilities/infirmities viz. Low vision, Hearing impairment, Loss of teeth and locomotor disabilities, with such assisted-living devices which can restore near normalcy in their bodily functions, overcoming the disability/infirmity manifested. The Minister said that the Department of Empowerment of Persons with Disabilities has created 4 Guinness World Records, during the year 2016-17, as detailed in the list below:-

1. First record, created by Biggest Wheelchair Logo/Image by 1000 PwDs at Navsari, Gujrat;

2. Second world record, created by fitting 1200 Hearing Aids to 600 persons within 8 hours at a single location at Navsari, Gujrat;

3. Third world record, created in Gujrat by lighting most oil lamps simultaneously at a single venue by Divyangjans; and

4. Fourth Guinness World Record was created when 3911 persons with hearing impairment were fitted with hearing aids in 8 hours in Manipur.

The Minister informed that the financial assistance under Voluntary Organisations working for Welfare of SCs is released to NGOs/VOs to provide an environment for Socio-Economic upliftment and overall development of Scheduled Castes (SCs). Also, the Ministry introduced the Self Employment Scheme for Rehabilitation of Manual Scavengers (SRMS) in January 2007, with the objective to rehabilitate the remaining manual scavengers and their dependents in alternatives occupations.

He said that Scheme for Prevention of Alcoholism and Substance (Drugs) Abuse aims at creating awareness and educate people about the ill-effects of alcoholism and substance abuse on the individual, the family, the workplace and society at large. There are 431 Drug-de-addiction centres functioning through NGOs, supported by the Ministry.

Tags : Backward Classes Commission Constitution

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Securities and Exchange Board of India

30.05.2017

Capital Market

Disclosure Requirements for Issuance and Listing of Green Debt Securities

MANU/SDIP/0002/2017

Disclosure Requirements for Issuance and Listing of Green Debt Securities

1. SEBI (Issue and Listing of Debt Securities) Regulations, 2008 ("SEBI ILDS Regulations"), govern public issue of debt securities and listing of debt securities issued through public issue or on private placement basis, on a recognized stock exchange.

2. For public issue and listing of Green Debt Securities and listing of privately placed Green Debt Securities, in addition to the requirements as prescribed under SEBI ILDS Regulations and Circulars made thereunder, following shall be applicable:

2.1. Definition of Green Debt Securities :

A Debt Security shall be considered as "Green” or "Green Debt Securities”, if the funds raised through issuance of the debt securities are to be utilised for project(s) and/or asset(s) falling under any of the following broad categories:

a. Renewable and sustainable energy including wind, solar, bioenergy, other sources of energy which use clean technology etc.

b. Clean transportation including mass/public transportation etc.

c. Sustainable water management including clean and/or drinking water, water recycling etc.

d. Climate change adaptation

e. Energy efficiency including efficient and green buildings etc.

f. Sustainable waste management including recycling, waste to energy, efficient disposal of wastage etc.

g. Sustainable land use including sustainable forestry and agriculture, afforestation etc.

h. Biodiversity conservation

Any other category as may be specified by Board, from time to time.

2.2. Disclosures in Offer Document/ Disclosure Document and other requirements

The issuer of a Green Debt Securities shall make following disclosures:

a. A statement on environmental objectives of the issue of Green Debt Securities

b. Brief details of decision-making process issuer has followed/would follow for determining the eligibility of project(s) and/or asset(s), for which the proceeds are been raised through issuance of Green Debt Securities. An indicative guideline of the details to be provided is as under:

i. process followed/ to be followed for determining how the project(s) and/or asset(s) fit within the eligible green projects categories as provided at para 2.1 above ;

ii. the criteria, making the project(s) and/or asset(s) eligible for using the Green Debt Securities proceeds; and

iii. environmental sustainability objectives of the proposed green investment.

c. Issuer shall provide the details of the system/procedures to be employed for tracking the deployment of the proceeds of the issue.

d. Details of the project(s) and/or asset(s) or areas where the issuer, proposes to utilise the proceeds of the issue of Green Debt Securities, including towards refinancing of existing green project(s) and/or asset(s), if any.

e. The issuer may appoint an independent third party reviewer/certifier, for reviewing /certifying the processes including project evaluation and selection criteria, project categories eligible for financing by Green Debt Securities, etc. Such appointment is optional and is at the part of issuer, however any such appointment of reviewer/certifier shall be disclosed in the offer document.

2.3. Continuous disclosure requirements

An issuer who has listed its Green Debt Securities, alongwith compliances as under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), shall provide following disclosures along with its annual report and financial results:

a. Following shall be provided along with the half yearly and annual financial results :

i. Utilisation of the proceeds of the issue, as per the tracking done by the issuer using the internal process as disclosed in offer document/disclosure document. The utilisation of the proceeds shall be verified by the report of an external auditor, to verify the internal tracking method and the allocation of funds towards the project(s) and/or asset(s), from the proceeds of Green Debt Securities.

ii. Details of unutilized proceeds

b. Following additional disclosures have to be provided along with annual report:

i. List of project(s) and/or asset(s) to which proceeds of the Green Debt Securities have been allocated/invested including a brief description of such project(s) and/or asset(s) and the amounts disbursed. However, where confidentiality agreements limit the amount of detail that can be made available about specific project(s) and/or asset(s), information shall be presented about the areas in which such project(s) and/or asset(s) fall into.

ii. Qualitative performance indicators and, where feasible, quantitative performance measures of the environmental impact of the project(s) and/or asset(s). If the quantitative benefits/impact cannot be ascertained, then the said fact may be appropriately disclosed along with the reasons for non-ascertainment of the benefits/impact on the environment.

iii. Methods and the key underlying assumptions used in preparation of the performance indicators and metrics;

2.4. Responsibilities of the issuer

An issuer of Green Debt Securities shall:

a. maintain a decision-making process which it uses to determine the continuing eligibility of the project(s) and/or asset(s). This includes, without limitation a statement on the environmental objectives of the Green Debt Securities and a process to determine whether the project(s) and/or asset(s) meet the eligibility requirements.

b. ensure that all project(s) and/or asset(s) funded by the proceeds of Green Debt Securities, meet the documented objectives of Green Debt Securities.

c. utilise the proceeds only for the stated purpose, as disclosed in the offer document.

3. An issuer of Green Debt Securities or any agent appointed by the issuer, if follows any globally accepted standard(s) for the issuance of Green Debt Securities including measurement of the environmental impact, identification of the project(s) and/or asset(s), utilisation of proceeds, etc., shall disclose the same in the offer document/disclosure document and/or in continuous disclosures.

4. This Circular is issued in exercise of powers conferred under Section 11(1) of Securities and Exchange Board of India Act, 1992 read with Regulation 31(1) of SEBI ILDS Regulations.

5. This Circular is available on SEBI website. under the categories "Legal Framework" and under the drop down "Corp Debt Market".

Tags : Securities Green debt Requirement

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Press Information Bureau

29.05.2017

Indirect Taxation

Workshop on impact of GST on the Oil and Gas Sector held

MANU/PIBU/0571/2017

Minister of State (I/C) for Petroleum and Natural Gas, Shri Dharmendra Pradhan reviewed the impact of GST on the Oil & Gas Sector. A workshop was organized by the Ministry after various public and private sector stakeholders from upstream, downstream and midstream segment raised several concerns on the likely impact of GST on the Oil and Gas Industry. Secretary for Petroleum and Natural Gas, Shri K D Tripathi was also present during the review.

While welcoming GST as a progressive form of taxation, the Industry representatives referred to several provisions in the GST which could have adverse impact on upstream, midstream and downstream sectors. Several petroleum products namely Crude Oil, Petrol, Diesel, ATF and Natural Gas have been kept out of the GST. It was brought to the notice of the Ministry by the Industry representatives during the workshop, that, this exclusion will result in huge stranded taxes in the hands of oil industry due to non-availability of Input Tax Credit towards non-GST products.

The Industry representatives highlighted that GST in its present form needs few amendments and clarifications as it may have negative impact on the Domestic Oil and Gas production, manufacturing, capital investment, pipeline expansion plans etc. It was also brought to the notice of the Ministry that exclusion of pipeline network from the definition of Plant & Machinery may adversely affect long term capital investment in the pipeline infrastructure projects. A suggestion was made that Green fuels like Natural Gas, CNG, Bio-Diesel and Ethanol Blended Petrol should be zero rated to promote environment friendly fuels.

The Petroleum Minister, Shri Dharmendra Pradhan noted the concerns raised by the Industry and assured them to convey this to Hon'ble Finance Minister for agreeable resolution of the issues involved. Minister also asked the representatives of the industry to raise their concerns with respective state governments particularly oil and gas producing states to agree to make changes in those provisions pertaining to Oil & Gas Sector which may affect the new investments and employment generation.

Tags : Workshop GST Impact

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Press Information Bureau

29.05.2017

Indirect Taxation

Union Finance Minister said Goods and Services Tax is an efficient tax system which not only checks tax evasion but also helps evolving India to become very strong society

MANU/PIBU/0572/2017

Inaugurating the National Academy of Customs, Indirect Taxes and Narcotics (NACIN) Campus in the Bengaluru today, the Union Finance Minister Shri Arun Jaitley said that Indirect Taxation regime in the country will play a key role and is undergoing a vital change. He said that the present multiple taxation system is transformed into the Goods and Services Tax (GST) and all the taxes are amalgamated. Speaking further, the Finance Minister said that the new GST regime will come into effect from July 1, 2017. GST is an efficient tax system which not only checks tax evasion but it also help evolving India to become very strong society.

Speaking further on the occasion, the Finance Minister Shri Jaitley said that the new Indirect Tax is a product of federal India. He added that the Centre and the States will jointly administer and decide the taxes. Coordination between taxation authority of Centre and States is also important. He said that the tax training academy NACIN, which has come-up in Bengaluru to impart training to officers of Central and State Governments and PSUs has to play a vital role.

Participating on the occasion, Smt.Vanaja N. Sarna, Chairperson, CBEC highlighted the contributions of NACIN. Shri D.P.Nagendra Kumar, Principal Director General, NACIN, gave an overview of the new NACIN Complex. Shri S.Ramesh, Member (Admn.), CBIC welcomed the dignitaries on this occasion while Shri P. K. Dash, Pr. Additonal Director General, NACIN, proposed vote of thanks.

Tags : GST Efficient Tax evasion Checks

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Press Information Bureau

29.05.2017

Indirect Taxation

CSCs To Function As GST Suvidha Providers

MANU/PIBU/0573/2017

A workshop on "CSCs as GST Suvidha Provider" to train the top performing VLEs and the State level representatives of CSC SPV for enabling implementation of GST scheme especially in rural India through CSC was organized here today. Common Services Centers are proposed to act as a GST Suvidha Provider. CSCs have been identified to facilitate the roll out of GST especially in rural India. CSCs will help merchants' registration, filing returns and support them in fulfilling various requirements under GST. They will mobilize, conduct training and create advocacy of GST implementation across the country.

The Union Minister for Electronics & IT and Law Justice, Shri Ravi Shankar Prasad inaugurated the event, appreciated the efforts of the enterprising VLEs in providing key services to the grassroots. He Said the Village Level Entrepreneurs are Rapid Action Force for Digital India and hoped they will truly be the harbingers of digital revolution in India and enable us to create digitally and financially inclusive society. India does not want to miss the digital revolution and, in fact, aims to become the leader of the revolution and CSCs will lead us in this endeavor.

He said VLEs are important component of Government's strategy to provide all services at village level and the day is not far off when even private entrepreneurs would approach CSCs for reaching the unreached customers. Talking about employment potential of the initiative he said at present 2,50,000 CSCs are employing nearly 10 lac persons. The number is likely to touch 25 lac mark in the near future as more services from both private and public sectors are put in their basket.

The Hon' Minister said, "GST means one nation, one tax. He said that GST Suvidha Provider service that is being rolled out today is a big opportunity for VLEs." He hoped that the VLEs would rise to the occasion and help the government in reaching out to the merchants.

He said, "CSC is a big army in this country. In Prime Minister housing scheme, Government has received 4.5 lakh applications for housing through CSC. I have suggested to Smt. Sushma Swaraj, Hon'ble Minister of External Affairs that CSCs should do the work of verification of e-Sanad certificates. Apart from this, CSCs will help to provide legal services to the poor." He added, "I always say that companies should use the vast network of CSCs. In the Digital era, the role of CSCs is tremendous. Today, 2 crore people have downloaded BHIM App. CSCs should make it popular in their community. In the digital economy, the demand of CSCs' services will become tremendous. Every VLEs should train one woman from tribal and backward communities."

Hon'ble Minister also inaugurated the Bharat Bill Payment Operating Unit service through CSCs. Bharat Bill Payment Operating Unit is an authorized operational unit working as per the standards set by BBPS. BBPOUs will onboard billers, aggregators and payment gateways to handle bill payments through different delivery channels.

The Hon' Minister was addressing around 100 VLEs and 70 CSC representatives from across India. The workshop organised at the India Habitat Centre has also brought together Government Officials, Private Players, Civil Society Organizations, and GST experts.

While welcoming the participants to the workshop Shri Dinesh Tyagi, CEO, CSC SPV said, "GST is a revolutionary reform in this country. The role of GST Service Provider is to mobilse merchants, advocacy, capacity building and solving the problems through CSCs. GST is a challenging task. This work is on the shoulders of our VLEs. GST is very important as well as a great business for our VLEs. It will also enhance the credibility of VLEs in their community." On the occasion, a book on GST was also launched by the Hon' Minister and other dignitaries.

The event was also attended by Sh. Sanjeev Mittal, Joint Secretary-MeitY, Krishnan Dharamarajan, ED- CDFI, Navneet Khurana, Dy Commissioner - GST and Col. Pankaj from GSTN among others.

Tags : GST scheme Implementation Function Workshop

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Ministry of Finance 

29.05.2017

Direct Taxation

TDS and filing of ITR in case both the parents are dead of minor

MANU/CBDT/0049/2017

1.It has been brought to the notice of CBDT that in cases of minors whose both the parents have deceased, TDS deductors/Banks are clubbing the interest income accrued to the minor in the hand of grandparents and issuing TDS certificates to the grandparents, which is not in accordance with the law as the Income-tax Act envisages clubbing of minor's income with that of the parents only and not any other relative. Ideally in such type of situations, the income should be assessed in the hands of the minor and the income-tax returns be filed by the minor through his/her guardian.

2. Under sub-rule (5) of Rule 31A of the Income-tax Rules, 1962, the Director General of Income-tax (Systems) is authorized to specify the procedures, formats and standards for the purposes of furnishing and verification of the statements or claim for refund in Form 26B and shall be responsible for the day-to-day administration in relation to furnishing and verification of the statements or claim for refund in Form 26B in the manner so specified.

3. In exercise of the powers delegated by the Central Board of Direct Taxes (Board) under sub-rule (5) of Rule 31A of the Income-tax Rules, 1962, the Principal Director General of Income-tax (Systems) hereby specifies that in case of minors where both the parents have deceased, TDS on the interest income accrued to the minor is required to be deducted and reported against PAN of the minor child unless a declaration is filed under sub-rule(2) of Rule 37BA of the I.T. Rules, 1962 to that effect.

4. This issues with the approval of the Principal Director General of Income-tax (Systems).

Tags : Filing Return Minor

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Ministry of Finance 

29.05.2017

Customs

Exemption from drawal of samples for the purpose of grant of drawback to the AEO certificate holders

MANU/CUCR/0018/2017

I am directed to invite your attention to Circular No. 5/2017-Cus dated 28.2.2017, wherein exporters who have been accorded Authorized Economic Operator (AEO) certificate (Tier II & Tier III) in terms of Circular No. 33/2016-Customs dated 22.07.2016 have been exempted from the requirements of drawal of samples for the purpose of grant of drawback, except in case of any specific information or intelligence.

2. In continuation of above mentioned Circular, and as a measure of further facilitation, it has been decided to extend the exemption from the requirements of drawal of samples for the purpose of grant of drawback to Authorized Economic Operator (AEO) holding Tier-I certificate, except in case of any specific information or intelligence.

3. Suitable Public Notice and Standing Order should be issued for guidance of the trade and officers. Any difficulty faced should be intimated to the Board.

Tags : Exemption Drawl Samples

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