6 November 2017


Notifications & Circulars

Press Information Bureau

01.11.2017

Banking

Approval of framework for consolidation of Public Sector Banks

MANU/PIBU/1311/2017

An Alternative Mechanism for consolidation of the Public Sector Banks (PSBs) has been constituted under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley. The composition of the Alternative Mechanism will be as under:

Chairperson: Shri Arun Jaitley, Minister of Finance and Corporate Affairs.

Member : Shri Piyush Goyal, Minister of Railways and Coal.

Member : Smt. Nirmala Sitharaman, Minister of Defence.

The proposals received from banks for in-principle approval to formulate schemes of amalgamation will be placed before the Alternative Mechanism. A Report on the proposals cleared by Alternative Mechanism will be sent to the Cabinet every three months.

Alternative Mechanism may also direct banks to examine proposals for amalgamation. Alternative Mechanism will receive inputs from Reserve Bank of India (RBI) before according in-principle approval. Alternative Mechanism shall devise its own procedure for appraisal of amalgamation proposals by banks, and be guided overall by the objectives of the Nationalisation Acts {Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980}. The Final Schemes formulated will be approved by the Central Government, and laid in both the Houses of Parliament. Alternative Mechanism will be serviced by the Department of Financial Services for this purpose.

Tags : Framework Approval Consolidation PSBs

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Press Information Bureau

01.11.2017

Civil

Shipbuilding Financial Assistance Policy: Shipping Ministry launches revamped software and updated guidelines to facilitate implementation

MANU/PIBU/1308/2017

To promote Government of India's ambitious 'Make in India' programme and to encourage domestic shipbuilding by providing a level playing field vis-a-vis foreign shipyards, the Government had approved the Shipbuilding Financial Assistance Policy for Indian Shipyards in December 2015. This policy provides Rs. 4000 Crores financial assistance to shipyards for 10 years for contracts secured between 01.04.2016 and 31.03.2026 (including these dates).

The Shipyards Association of India had raised certain issues with regard to the previous web application which had been launched in June 2016 for processing applications for financial assistance under the policy. The Ministry of Shipping held a series of consultations with the stakeholders and has now rolled out an updated version of the web application, along with an amended set of guidelines, for applying under the policy.

Under the amended guidelines, increased numbers of days are now available with the shipyards to apply under the policy, as well as to obtain and submit valuation reports. The updated web application also generates a wider choice of international valuers by whom the valuation of a vessel can be carried out. The upgraded version of the web application will be administered and monitored by the Directorate General of Shipping, Mumbai.

Tags : Software Launch Policy Implementation

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Press Information Bureau

01.11.2017

Direct Taxation

CBDT notifies rules in respect of Country-by-Country reporting and furnishing of Master File

MANU/PIBU/1313/2017

In keeping with India's commitment to implement the recommendations of 2015 Final Report on Action 13, titled "Transfer Pricing Documentation and Country-by-Country Reporting", identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, section 286 of the Income-tax Act, 1961 ('the Act') was inserted vide Finance Act, 2016, providing for furnishing of a Country-by-Country report in respect of an international group by its constituent or parent entity. Section 92D of the Act was also amended vide Finance Act, 2016 to provide for keeping and maintaining of Master File by every constituent entity of an international group, which was to be furnished as per rules prescribed in this regard.

Subsequent to the aforesaid amendments to the Act, comments and suggestions were invited on the proposal to insert rules 10DA, 10DB and form nos. 3CEBA to 3CEBE in the Income-tax Rules, 1962 ('the Rules'), laying down the guidelines.

After examining the recommendations of the Committee set up in this regard, and comments and suggestions received from stakeholders and general public, the Central Board of Direct Taxes has notified the rules for maintaining and furnishing of transfer pricing documentation in the Master File and Country-by-Country report.

Since it is the first reporting year for furnishing of the Country-by-Country report, the due date for filing the Country-by-Country report for reportable accounting year 2016-17 has already been extended to 31st of March, 2018 vide Circular No. 26/2017 dated 25.10.2017. Similarly, the date of compliance for furnishing the Master File for FY 2016-17 has been extended to 31st of March, 2018 as a one-time relief measure.

The salient features of the Country-By-Country Report and Master File rules are as under:

The threshold for the Country-By-Country Report is total consolidated group revenue of Rs. 5,500 crore or more.

The threshold for the Master File is consolidated group revenue exceeding Rs. 500 crore and either the aggregate value of international transactions as per the books of accounts exceeding Rs. 50 crore or aggregate value of international transactions in respect of intangible property exceeding Rs. 10 crore.

Report of Master File has to be submitted in Form 3CEAA and the Country-by-Country Report in Form 3CEAD. An international group having multiple Indian constituent entities may designate one constituent entity to file the Master File. Part A of Form 3CEAA is to be filled by every constituent entity of an international group regardless of whether it qualifies under the threshold for furnishing Master File. However, to reduce the compliance burden, such international group having multiple Indian constituent entities can designate one constituent entity to file Part A on its behalf. Form 3CEAD for furnishing Country-by-Country Report follows OECD template.

Tags : Rules Notification Master file Furnishing

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Press Information Bureau

01.11.2017

Education

Cabinet approves amendment in the National Council for Teacher Education Act, 1993

MANU/PIBU/1312/2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of a Bill in Parliament to amend the National Council for Teacher Education Act, 1993, namely the National Council for Teacher Education (Amendment) Act, 2017 to grant retrospective recognition to the Central/State/Universities who are found to be conducting teacher education courses without NCTE permission. The amendment seeks to grant retrospective recognition to the Central/State/Union Territory funded Institutions/Universities conducting Teacher Education Courses without NCTE recognition till the academic year 2017-2018. The retrospective recognition is being given as a onetime measure so as to ensure that the future of the students passed out/enrolled in these institutions are not jeopardized.

The amendment will make students studying in these Institutions/Universities, or already passed out from here, eligible for employment as a teacher. With a view to achieve above mentioned benefits, Deptt. of School Education & Literacy, Ministry of Human Resource Development has brought about this amendment.

All institutions running Teacher Education Courses such as B.Ed. and D.El.Ed. have to obtain recognition from the National Council for Teacher Education under section 14 of the NCTE Act. Further, the courses of such recognised Institutions/Universities have to be permitted under section 15, of the NCTE Act.

NCTE wrote to all Central Universities and /State Obvernrnents / State Universities / District Institutes of Education and Training (DIETs) informing them about the legal provisions making it mandatory to seek prior permission for starting Teacher Education Courses and giving them time till 31-03-2017 to inform NCTE if any such Institution/University is running a course without permission of NCTE, for a one-time resolution of past issues.

Background:

The NCTE Act, 1993 came into force on 1st July, 1995 and is applicable throughout the country, except the State of Jammu and Kashmir. The main objective of the Act Is to provide for the establishment of a NCTE to achieve planned and coordinated development of the teacher education system, regulation and ensure proper maintenance of norms and standards in the said system. In order to achieve the objectives of the Act, separate provisions have been, made in the Act, for recognising Teacher Education courses and to lay down guidelines for compliance by recognized Institutions/Universities.

Tags : Amendment Act Approval

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Press Information Bureau

31.10.2017

MRTP/ Competition Laws

CCI finds the conduct and practice of AIFEC, FWICE and its affiliates and producer associations to be in contravention of Competition Law

MANU/PIBU/1307/2017

The Competition Commission of India (CCI) has found All India Film Employees Confederation (AIFEC), Federation of Western India Cine Employees (FWICE) & its affiliates and three producer associations i.e. Indian Motion Picture Producers Association (IMPPA), Film and Television Producers Guild of India (FTPGI) and Indian Film and Television Producers Council (IFTPC) to be in contravention of provisions of Section 3 of the Competition Act, 2002 (Act) which prohibits anti-competitive agreements.

The Final Order was passed on an information filed by Shri Vipul Shah who alleged that specific provisions of the MoU dated 01.10.2010 (MoU) signed between FWICE and producer associations i.e. IMPPA, FTPGI, and IFTPC relating to member-to-member working, fixation of wages, charging for extra-shift, etc. to be anti-competitive. The conduct of FWICE and its affiliated craft associations in enforcing these provisions was also alleged to be anti-competitive.

CCI found Clause 6, which mandated that the producer can only engage with the members of FWICE and its affiliates, and Clause 18, which provided for the constitution of vigilance committee to enforce Clause 6, of the MoU as violative of Section 3(3)(b) read with Section 3(1) of the Act. Further, the directive to engage dancers/fighters in the ratio of 70:30 was also found to be in contravention of Section 3(3)(c) read with Section 3(1) of the Act. Clauses relating to fixation of wages, payment for extra shift, etc. were not found to be anti-competitive.

CCI also noted in its order that trade unions enjoy no immunity or exemption for their conduct which contravenes the provisions of the Act and accordingly, the plea of the trade unions being governed only by the provisions of Trade Union Act, 1926 was rejected.

CCI has issued a cease and desist order against the associations in respect of the conduct found to be in contravention of the Act. However, no monetary penalty was imposed on any of the associations.

Tags : Conduct Laws Contravention

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Press Information Bureau

30.10.2017

Civil

Government of India and World Bank sign $200 Million Loan Agreement for the Assam Agribusiness and Rural Transformation Project

MANU/PIBU/1301/2017

The Government of India and the World Bank today signed a $200 million Loan Agreement for the Assam Agribusiness and Rural Transformation Project. The Project will support the Government of Assam to facilitate agri-business investments, increase agriculture productivity and market access, and enable small farm holders produce crops that are resilient to recurrent floods or droughts in the state.

The Agreement for the Project was signed by Mr. Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India; Mr. Ravi Kota, Principal Secretary, Finance, Government of Assam, on behalf of the Government of Assam; and Mr. Hisham Abdo, Operations Manager, World Bank India, on behalf of the World Bank.

After the Agreement, Mr Khare, Joint Secretary, Department of Economic Affairs, Ministry of Finance said that Assam is simplifying several regulatory procedures related to doing business, agricultural marketing, and fisheries amongst others. He said that the project will help the State increase agricultural productivity by strengthening the farming systems, raise private sector investments to promote agri-enterprises which will create better job opportunities for the youth in the State.

The Project will be implemented in over 16 Districts of Assam. Over 500,000 farming households will directly benefit from the Project. At least 30 percent women are expected to participate in project activities. Specific focus will be given to women-led enterprises and their participation in the decision-making process of farmer producer organizations.

Speaking on the occasion, Mr. Hisham Abdo, Operations Manager, World Bank said that the Government of Assam aims to double farm incomes in the State and transform the agricultural sector into a stable source of growth and economic development. He said that this project will serve as the nucleus to fulfill the State's much larger vision of an agriculture-based rural transformation.

The focus on geographic clustering of the production base for certain commodities will help agri-enterprises take advantage of existing and future market opportunities that they may not necessarily achieve alone. The cluster approach will allow for combining efforts, making use of synergies, and pooling resources to increase the competitive advantage of these products, while at the same time share the risks involved in introducing improved products or entering previously untapped markets. Successful clusters will also continuously innovate and adapt 'best practices' across agricultural value chains.

Mr. Manivannan Pathy, Senior Agricultural Specialist and World Bank's Team Leader for the Project said that the value addition and market led production systems supported through the project are expected to play a vital role in enhancing the competitiveness of the agriculture sector. He said that this will be done by facilitating policy reforms, fostering private-public dialogue and catalyzing a wider private sector development in the agribusiness ecosystem of Assam.

Another key component of the project will be to promote market-led production that can deal with the vagaries of climate change. Assam's agriculture sector is highly vulnerable to climate variability and the state experiences recurrent floods and droughts. Currently, more than 50 percent of the paddy growing areas are prone to flooding, submergence and drought. A market-led production system will take advantage of the rapidly changing market, introduce crops that are resilient to climate change, increase production and manage risks for farmers. The $200 million loan from the International Bank for Reconstruction and Development (IBRD), has a 7-year grace period, and a maturity of 16.5 years.

Tags : Loan Agreement Signing of Project

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Press Information Bureau

30.10.2017

Civil

Shri Giriraj Singh launches MSME Delayed Payment Portal - MSME Samadhaan

MANU/PIBU/1303/2017

Union Minister of State (Independent Charge) Shri Giriraj Singh launched MSME Delayed Payment Portal - MSME Samadhaan (http://msefc.msme.gov.in) here today, empowering micro and small entrepreneurs across the country to directly register their cases relating to delayed payments by Central Ministries/Departments/CPSEs/State Governments. Shri Arun Kumar Panda, Secretary, Ministry of MSME along with other dignitaries and senior officials from the Ministry were also present.

Speaking on the occasion, Shri Giriraj Singh said that the Micro, Small and Medium Enterprise Development (MSMED) Act, 2006 contains provisions to deal with cases of delayed payment to Micro and Small Enterprises (MSEs). As per the provisions, the buyer is liable to pay compound interest with monthly rests to the supplier on the amount at three times of the bank rate notified by Reserve Bank in case he does not make payment to the supplier for the supplies of goods or services within 45 days of the day of acceptance of the goods/service or the deemed day of acceptance.

Background:

The Portal will give information about the pending payment of MSEs with individual CPSEs / Central Ministries, State Governments, etc. The CEO of PSEs and the Secretary of the Ministries concerned will also be able to monitor the cases of delayed payment under their jurisdiction and issue necessary instructions to resolve the issues. The portal will greatly facilitate the monitoring of the delayed payment in a more effective manner. The information on the portal will be available in public domain, thus exerting moral pressure on the defaulting organisations. The MSEs will also be empowered to access the portal and monitor their cases.

Tags : Payment Portal MSME Samadhaan Launch

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Ministry Of Home Affairs

30.10.2017

Service

Andhra Pradesh Public Employment (Organisation of Local Cadres and Regulation of Direct Recruitment) Amendment Order, 2017

MANU/HOME/0146/2017

In exercise of the powers conferred by clauses (l) and (2) of article 371 D of the Constitution, the President hereby makes the following Order further to amend the Andhra Pradesh Public Employment (Organisation of Local Cadres and Regulation of Direct Recruitment) Order, 1975, namely:-

1. (1) This order may be called the Andhra Pradesh Public Employment (Organisation of Local Cadres and Regulation of Direct Recruitment) Amendment Order, 2017.

(2) It shall come into force at once.

2. In the Andhra Pradesh Public Employment (Organisation of Local Cadres and Regulation of Direct Recruitment) Order, 1975, in paragraph 7, in sub-paragraph (3), for the words "within a period of three years", the words "within a period of five years" shall be substituted.

Tags : Recruitment Order Amendment

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