Notifications & Circulars

Press Information Bureau

08.03.2018

Civil

Government Revises Model Concession Agreement for PPP in Major Ports

MANU/PIBU/0414/2018

In order to make port projects more investor friendly and make investment climate in the Major Port sector more attractive, the Government has approved the revised Model Concession Agreement (MCA) for Public Private Participation (PPP) projects in Major Ports on 3.1.2018. Salient features of the revised MCA are as follows :

Providing exit route to developers by way of divesting their equity upto 100% after completion of 2 years from the Commercial Operation Date (COD). This is now similar to the MCA provisions of Highway Sector.

Under provision of additional land to the Concessionaire, land rent has been reduced from 200% to 120% of the applicable scale of rates for the proposed additional land.

Concessionaire would pay Royalty on "per MT of cargo/TEU handled" basis which would be indexed to the variations in the WPI annually. This will replace the present procedure of charging royalty which is equal to the percentage of Gross revenue, quoted during bidding, calculated on the basis of upfront normative tariff ceiling prescribed by TAMP. This will help to resolve the long pending grievances of PPP operators that Revenue share is payable on ceiling tariff and price discounts are ignored. The problems associated with fixing storage charges by TAMP and collection of Revenue share on storage charges which has plagued many projects will also get eliminated.

Concessionaire would be free to deploy higher capacity equipment/facilities/technology and carry out value engineering for higher productivity and improved utilization and/or cost saving of Project assets.

"Actual Project Cost" would be replaced by "Total Project Cost".

The new definition of "Change in Law" will also include (i) imposition of standards and conditions arising out of TAMP guidelines/orders, Environmental Law & Labour Laws and (ii) increase and imposition of new taxes, duties, etc for compensating the Concessionaire. Since the viability of the project was affected, concessionaire will now be compensated for the increase and imposition of new taxes, duties etc. except in respect of imposition/increase of a direct tax, both by Central & State Government.

Provision for commencement of operations before Commercial Operation Date(COD). This will lead to better utilization of assets provided by the Port in many projects before the formal completion certificate. Provision regarding refinancing is aimed at facilitating availability of low cost long term funds to Concessionaire so as to improve the financial viability of the projects.

Extending the provision of SAROD-PORTS for redressal of disputes to the existing Concessionaires also by introducing the Supplementary Agreement to be signed between the Concessionaire and the Concessioning Authority.

Introduction of Complaint Portal for the use of port users.

A Monitoring Arrangement has been introduced for keeping periodical status report of the project.

Tags : Concession Agreement Major Ports Revision

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Press Information Bureau

08.03.2018

Education

New AICTE rules for admission in and approval of institutions

MANU/PIBU/0417/2018

In order to grant approval to new Technical Institutions and extension of approval to existing Technical Institutions, detailed Approval Process for the Academic Year 2018-19 have been notified in the Official Gazette of India on 05.12.2017. The Approval Process Hand Book for 2018-19 is available on AICTE Website https://www.aicte-india.org/sites/default/files/APH 2018-19.pdf. The revisions incorporated in the latest edition of APH 2018-19 include revision of intake in Pharmacy Courses and Fellowship Program in Management, reduction of approved intake to 50% for Institutions having admission less than 30 for five continuous years, conversion of Post Graduate Diploma in Management to MBA Courses, introduction of Built up Area concept instead of Land Area in Metro and Mega Cities and revision of penal actions in case of violation of AICTE Regulations and Approval Process Norms.

Tags : AICTE rules Admission Approval Institutions

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Securities and Exchange Board of India

08.03.2018

Capital Market

Separate limit of Interest Rate Futures (IRFs) for Foreign Portfolio Investors (FPIs)

MANU/SIPM/0004/2018

1. Reserve Bank of India, in its Statement on Developmental and Regulatory Policies, released on August 02, 2017, proposed to allocate a separate limit of INR 5,000 crore to Foreign Portfolio Investors (FPIs) for taking long position in Interest Rate Futures (IRFs) in order to facilitate further market development and to ensure that FPIs' access to bond futures remains uninterrupted during the phase when FPI limits on Government securities are under auction.

2. Accordingly, it has been decided to allocate a separate limit of INR 5,000 crore to FPIs for taking long position in IRFs. Para 13 (d) of Annexure 1 to SEBI Circular CIR/MRD/DRMNP/35/2013 dated December 05, 2013 and Para 13 (c) of Annexure 1 to SEBI Circular CIR/MRD/DRMNP/11/2015 dated June 12, 2015 stand partially modified to that extent.

3. This limit will be calculated as follows:

a. For each interest rate futures instrument, position of FPIs with a net long position will be aggregated. FPIs with a net short position in the instrument will not be reckoned.

b. No FPI can acquire net long position in excess of INR 1,800 crore at any point of time.

4. For monitoring the limit as mentioned in Paragraph '3' above and in SEBI Circular CIR/MRD/DRMNP/2/2014 dated January 20, 2014, Stock Exchanges, after consulting amongst themselves, shall adhere to the following mechanism:

a. Stock Exchanges shall put in place necessary mechanism for monitoring and enforcing limits of FPIs in IRFs.

b. Stock Exchanges shall aggregate net long position in IRF of all FPIs taken together at end of the day and shall jointly publish/ disseminate the same on their website on daily basis.

c. Once 90% of the limit is utilized, Stock Exchanges shall put in place necessary mechanism to get alerts and publish on their websites the available limit, on a daily basis.

d. In case, there is any breach of the threshold limit, the FPI/s whose investment caused the breach shall square off their excess position/s within five trading days or by expiry of contract, whichever is earlier.

5. The limits prescribed for investment by FPIs in Government Securities (currently INR 301,500 crore) shall be exclusively available for investment in Government Securities.

This circular shall come into effect immediately. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992.

A copy of this circular is available at the web page "Circular" on our website. Custodians are requested to bring the contents of this circular to the notice of their FPI clients.

Tags : Interest Rate FPIs Separate limit

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Press Information Bureau

08.03.2018

Civil

Union Home Minister reviews FCRA and e-Visa schemes

MANU/PIBU/0420/2018

Union Home Minister Shri Rajnath Singh here today reviewed the progress of schemes being implemented by the Foreigners Division of MHA with a view to improve the efficiency and transparency of various services being provided to Indian and foreign nationals.

Shri Rajnath Singh appreciated the fact that the e-Visa scheme, introduced in the year 2014 for Tourism category, has been extended to cover Business and Medical categories also and this facility is now available for nationals of 163 countries for entry into India through 25 International Airports and five Sea Ports in the country. Integrated Online Visa System under the Immigration, Visa, Foreigners Registration and Tracking (IVFRT) project has been operationalised in 163 out of 178 Indian Missions abroad. Biometric enrolment has been implemented in 115 Indian Missions. This system facilitates easy sharing and monitoring of visa data on real time basis across various immigration offices. A scheme to provide various visa services online to foreign nationals is also under implementation.

Shri Rajnath Singh noted the fact that the revamped FCRA website is more user friendly, transparent and ensures hassle-free interaction of the user with the Government. The website ensures that all FCRA services are available through online mode only. For better coordination of the incoming Foreign Contributions (FC), the banks have been integrated with the FCRA System. Union Home Secretary Shri Rajiv Gauba, besides Senior Officers of MHA, MEA and Security Agencies were present.

Tags : Reviews FCRA E-Visa Schemes

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Press Information Bureau

07.03.2018

Service

Cabinet approves two percent Dearness Allowance to Central Government employees

MANU/PIBU/0395/2018

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval to release an additional installment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners w.e.f. 01.01.2018 representing an increase of 2% over the existing rate of 5% of the Basic Pay/Pension, to compensate for price rise. This will benefit about 48.41 lakh Central Government employees and 61.17 lakh pensioners. The combined impact on the exchequer on account of both Dearness Allowance and Dearness Relief would be Rs. 6077.72 crore per annum and Rs. 7090.68 crore in the financial year 2018-19 (for a period of 14 months from January, 2018 to February, 2019). This increase is in accordance with the accepted formula, which is based on the recommendations of the 7th Central Pay Commission.

Tags : Two percent Dearness Allowance Approval

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Reserve Bank of India

07.03.2018

Banking

Reserve Bank of India imposes monetary penalty on State Bank of India

MANU/RPRL/0027/2018

The Reserve Bank of India (RBI) has imposed, on March 01, 2018, a monetary penalty of ` 4 million on State Bank of India (the bank) for non-compliance with the directions issued by RBI on Detection and Impounding of Counterfeit Notes. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A (1) (c) read with Section 46(4) (i) of the Banking Regulation Act, 1949.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The currency chest inspection of two branches of the bank revealed, inter alia, violation of the instructions issued by RBI on Detection and Impounding of Counterfeit Notes. Based on the inspection report and other relevant documents, a Notice, dated January 05, 2018, was issued to the bank advising it to show cause as to why penalty should not be imposed on it for non-compliance with directions issued by RBI. After considering the bank's reply and oral submissions made in the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions/ guidelines were substantiated and warranted imposition of monetary penalty.

Tags : Penalty Imposition SBI

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Press Information Bureau

07.03.2018

Power and Energy

Cabinet approves an MoU between India and Hellenic on Renewable Energy Cooperation

MANU/PIBU/0394/2018

The Union Cabinet chaired by Prime Minister Shri. Narendra Modi has been apprised of the Memorandum of Understanding (MoU) on Cooperation in the field of Renewable Energy between India and Hellenic. The MoU was signed by the External Affairs Minister, Smt. Sushma Swaraj, Government of India and H.E. Nikos Kotzias, Minister of Foreign Affairs of the Hellenic Republic during the latter's visit to New Delhi in November, 2017. Both sides aim to establish the basis for a cooperative institutional relationship to encourage and promote technical bilateral cooperation on new and renewable issues on the basis of mutual benefit equality and reciprocity. The MoU envisages establishing a Joint Working Group to review, monitor and discuss matters relation to areas of cooperation. The MoU aims for exchange of expertise and networking of information.

Tags : MoU Approval Renewable Energy

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Press Information Bureau

07.03.2018

Civil

Cabinet approves promotion of agricultural mechanisation for in-situ management of crop residue in the States of Punjab, Haryana, Uttar Pradesh and NCT of Delhi

MANU/PIBU/0396/2018

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi, has given its approval for promotion of Agricultural Mechanization for in-situ Management of Crop Residue in the States of Punjab, Haryana and Uttar Pradesh and NCT of Delhi.

The total outgo from the Central funds would be Rs. 1151.80 crore (Rs. 591.65 crore in 2018-19 and Rs. 560.15 crore in 2019-20).

Components of the Scheme

(i) Establish Farm Machinery Banks for Custom Hiring of in -situ crop residue management machinery. Financial assistance @80% of the project cost will be provided to the cooperative societies of the farmers, FPOs, Self Help Groups, Registered Farmers Societies/ Farmers Group, Private Entrepreneurs, Group of Women Farmers.

(ii) Financial Assistance to the farmers for Procurement of Agriculture Machinery and Equipment for in -situ crop residue management. Financial assistance @50% of the machinery/ equipment will be provided to individual farmer for crop residue management.

(iii) Information, Education and Communication for awareness on in-situ crop residue management. Financial assistance will be provided to the State Government/ KVKs, ICAR Institutes, Central Government Institutes, PSUs, etc. for the activities to be undertaken towards information, education and communication. The activities will involve mass awareness campaigns through short and long films, documents, radio and TV programmes, demonstration camps at various levels, capacity building programme, advertisement in print media, star campaigning, award for Village/ Gram Panchayat for achieving Zero Straw Burning, panel discussions on Doordarshan, DD Kisan and other private channels, etc.

Beneficiaries

(i) Respective State Governments through District Level Executive Committee (DLEC) will identify various beneficiaries and location - specific agricultural equipment depending on the farming system and will identify and select beneficiaries for establishment of Farm Machinery Bank for Custom Hiring and procurement of machines on individual ownership basis to avail the benefit in transparent and time bound manner.

(ii) The State Nodal Department / DLEC may tie up with the Banks for credit requirements of the beneficiaries. Name and details of selected beneficiaries will be documented at district level indicating Aadhar/UID numbers and the financial assistance will be paid through Direct Benefit Transfer (DBT).

Implementing Agencies

(i) At the Central level the scheme will be administered by Department of Agriculture, Cooperation and Farmers Welfare.

(ii) A National Steering Committee headed by Secretary, DAC&FW will formulate the policy and give overall directions and guidance to the implementation of the scheme by the State Government and will monitor and review its progress and performance.

(iii) Executive Committee chaired by Additional Secretary will oversee the activities of the scheme.

(iv) At the State level the nodal implementing agency will be the Department of Agriculture of the concerned State Government. State Level Executive Committee (SLEC) chaired by Principle Secretary (Agriculture)/ Agriculture Production Commissioner shall oversee the implementation of the scheme in their State through regular meeting and will provide inputs to Executive Committee for appropriate policy formulation. The SLEC shall ensure that no crop residue burning takes place in the farmer field.

(v) The District Level Executive Committee shall be responsible for carrying forward the objectives of the scheme for project formulation, implementation and monitoring in the districts and will constitute Surveillance Committees involving farmers group / progressive farmers to mobilize farmers for not burning the crop residue and will also ensure active participation of Panchayati Raj Institutions.

(vi) The DAC&FW will empanel the manufacturer of machines and equipment, identified for in-situ management of crop residue alongwith their costs.

Background:

As per budget 2018-19 announcement, a special scheme to support the efforts of the Governments of Punjab, Haryana and Uttar Pradesh and NCT of Delhi to address air pollution and to subsidize machinery required for in-situ management of crop residue, a new Central Sector Scheme (100% Central share) in this regard in the States of Punjab, Haryana and Uttar Pradesh and NCT of Delhi for the period 2018-19 to 2019-20 has been proposed.

Tags : Approval Promotion Agricultural mechanisation

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