Press Information Bureau

30.03.2018

Company

Insolvency and Bankruptcy Board of India commences conduct of online valuation examinations for registration of Valuers

MANU/PIBU/0670/2018

Insolvency and Bankruptcy Board of India (IBBI) is commencing on tomorrow, 31st March, 2018, the conduct of online Valuation examination related to for registration of Valuers under the Companies ( Registered Valuers and Valuation) Rules, 2017.

IBBI, being the Authority, in pursuance of the first proviso to rule 5 (1) of the Rules, is commencing the valuation examinations for the Asset Classes of (a) Securities or Financial Assets, (b) Land and Building, and (c) Plant and Machinery on 31st March, 2018. These examinations are computer based online examinations and are available from several locations across India. Candidates can register and schedule the examination on IBBI website.

Background

The Central Government notified the commencement of section 247 (relating to valuers) of the Companies Act, 2013 with effect from 18th October, 2017. It also notified the Companies (Registered Valuers and Valuation) Rules, 2017 on 18th October, 2017.

Vide a notification dated 23rd October, 2017, the Central Government issued the Companies (Removal of Difficulties) Second Order, 2017 to provide that valuations required under the Companies Act, 2013 shall be undertaken by a person who, having the necessary qualifications and experience, and being a valuer member of a recognised valuer organisation, is registered as a valuer with the Authority. Vide another notification on the same date, the Central Government delegated its powers and functions under section 247 of the Companies Act, 2013 to the Insolvency and Bankruptcy Board of India (IBBI) and specified the IBBI as the Authority under the Companies (Registered Valuers and Valuation) Rules, 2017.

The rules require that for conducting valuations required under the Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016, a person is to be registered with the IBBI as a registered valuer. For registering with IBBI, a person must have necessary qualification and experience, has to be enrolled as a valuer member with a Registered Valuer Organisation (RVO), has to complete a recognised educational course conducted by the RVO, and pass valuation examination conducted by IBBI. A person, who is rendering valuation services under the Companies Act, 2013, may continue to do so without a certificate of registration up to 30th September, 2018.

A registered valuer may conduct valuations under any other law, if required or permitted under that law or the concerned authority.

IBBI, being the Authority, in pursuance of the first proviso to rule 5 (1) of the Rules specified the details of educational course for the Asset Classes of (a) Securities or Financial Assets, (b)L and and Building, and (c) Plant and Machinery in December, 2017. These courses would be delivered by the RVOs in not less than 50 hours. In pursuance of the rule 5 (3) of the Rules, IBBI also published the syllabus, format and frequency of the valuation examination for the three asset classes in December, 2017.

Tags : Online examinations Registration Valuers

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Press Information Bureau

27.03.2018

Civil

Booking to Tatkal Tickets and Measures to Avoid Misuse of Tatkal Scheme

MANU/PIBU/0622/2018

On Indian Railways, reserved accommodation including Tatkal accommodation can be booked through computerised Passenger Reservation System (PRS) on first come first served basis. During peak rush periods/days when demand outstrips the availability, reserved accommodation especially in higher classes and on popular routes gets exhausted within short duration of opening of reservation. However, during lean periods, on non-popular and lower classes, the accommodation remains available for longer duration. The phenomenon is more relevant for Tatkal where limited accommodation is earmarked. This happens as the available limited accommodation is accessed simultaneously through more than 10,300 counters at 3465 computerised Passenger Reservation Centers as well as through internet.

To avoid misuse of Tatkal Scheme, there are some inbuilt features in Tatkal scheme which includes provision of not granting refund on cancellation of confirmed Tatkal tickets except in case of certain special circumstances indicated in the scheme, not allowing any modification of Tatkal ticket, etc. Some additional steps have also been taken to facilitate the passengers and to avoid the misuse, some of which are:-

Staggering of the timings of reservation under Tatkal scheme.

Captcha implementation in Registration, Login and Booking page to check fraudulent booking through automation software.

Imposition of minimum time limit before proceeding for payment gateway as well as after making payment while booking tickets through internet.

Making OTP (one time password) compulsory for all net Banking Payment options.

Disabling authorised agents to book Tatkal tickets during first half an hour of opening of reservation.

To keep a check on the activities of touts, preventive as well as regular checks are conducted jointly/individually by Vigilance, Security and Commercial Departments, and the action against the culprits is taken as per provisions of Section 143 of Railways Act, 1989.

Tags : Tatkal Tickets Booking Measures

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Press Information Bureau

27.03.2018

Civil

Regulation of E-Cigarettes

MANU/PIBU/0623/2018

As per a report prepared by WHO, Electronic Nicotine Delivery Systems (ENDS) (also known as e-cigarettes) emits nicotine, the addictive component of tobacco products. In addition to dependence, nicotine can have adverse effects on the development of the foetus during pregnancy and may contribute to cardiovascular disease. The WHO report further says that although nicotine itself is not a carcinogen, it may function as a "tumour promoter" and seems to be involved in the biology of malignant disease, as well as of neurodegeneration. Foetal and adolescent nicotine exposure may have long-term consequences for brain development, potentially leading to learning and anxiety disorders. The evidence is sufficient to warn children and adolescents, pregnant women, and women of reproductive age against ENDS use and nicotine.

Tags : Report E-Cigarettes Regulation

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Press Information Bureau

27.03.2018

Education

Decrease in number of out of school children substantially

MANU/PIBU/0626/2018

Census 2011 has reported that 8.4 crore children do not go to school in the age group of 5 - 17 years. However, under the Right of Children to Free and Compulsory Education (RTE) Act, 2009 the mandated age group for free and compulsory elementary education in a neighbourhood school is 6-14 years. According to Census 2011, the number of children who do not attend schools (including never attended and attended before) in the age group of 6-13 years are 3.81 crore. Census 2011 has shown a marked decline in the number of out of school children in this age group from 5.8 crore in 2001 to 3.8 crore in 2011, a 35% decline over a period of ten years.

As per an independent survey commissioned in 2014 by the Ministry of Human Resource Development (MHRD), 60.64 lakh children were estimated to be out of school in the age group of 6-13 years. The number of out of school children has declined from 134.59 lakh in 2005 to 60.64 lakh in 2014 in the same age group.

The differences in the number and proportion of out-of-school children mainly arise from differences in the definitions used by different data sources, inter-state variations in schooling systems, timing of survey and differences in data collection and estimation processes.

The RTE Act covers all children in 6-14 age group, 19.67 crore children were enrolled at elementary level as per Unified District Information System for Education (UDISE), 2015-16.

As per an independent survey commissioned in 2014 by the Ministry of Human Resource Development (MHRD), poverty,need to work for supplementing house-hold income etc. were some of the reasons for children not attending the school. In order to address these issues, Universalization of elementary education through Sarva Shiksha Abhiyan (SSA), which is the designated scheme for supporting implementation of the Right of Children to Free and Compulsory Education (RTE) Act, 2009 is implemented in partnership with states and UTs. Section 4 of the RTE Act, 2009 provides for special training for age appropriate admission of out of school children. Those children who have missed out certain academic years either for having never enrolled to school or having dropped out of school, have a right to Special Training in residential and non residential mode, subsequently to be mainstreamed in formal schools in age appropriate class. SSA has been successful in achieving considerable progress in its goal of universal access and retention with 99.36% habitations having schools at primary and 98.20% habitations having schools at upper primary level. Kasturba Gandhi Balika Vidyalayas, which are residential schools for girls at upper primary level, have also been sanctioned to the States for improving access to marginalised girls particularly out of school, either dropped out or never enrolled.

Under SSA, provisions have also been made for residential schools/hostels and transportation/escort facility for children living in sparsely populated areas, children living in areas where schools cannot be opened due to unavailability of land and children in need of care and protection. Special training is also provided to all such children who are school dropouts and long absentees and they are enrolled in "back to school" camps.

Additionally, other strategies adopted under SSA such as strengthening school infrastructure, improving pupil-teacher ratios, providing incentives like free textbooks, uniforms for eligible category of children and mid-day meal in schools have proved to be useful in increasing the enrolment of children in elementary schools.

Tags : School children Decrease Survey

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Press Information Bureau

26.03.2018

Direct Taxation

Government of India issues clarification regarding requirement for furnishing of Country-by Country Report under Section 286(4) of Income Tax Act, 1961

MANU/PIBU/0621/2018

In keeping with India's commitment to implement the Recommendations of the 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, which provides for furnishing of a Country-by-Country (CbC) Report in respect of an International Group.

The CbC Report is to be furnished by the ultimate parent entity of an International Group in the country or territory of its residence. As specified under sub-section (2) of Section 286, the said Report is to be furnished on or before the due date specified under Section 139(1) of the Act for furnishing of return of income for the relevant accounting year. The date for furnishing of CbC Report under sub-section (2) of Section 286 for FY 2016-17 was subsequently extended to 31st March, 2018 vide CBDT Circular No. 26 of 2017 dated 25th October, 2017.

Sub-section (4) of Section 286 specifies situations in which the said report shall be furnished in India by the constituent entity of an international group, resident in India, namely, those in which there is failure to obtain CbC Report on account of the parent entity being resident of a country or territory with which India does not have an agreement providing for exchange of CbC reports or where there has been a systemic failure of the country or territory and the same has been intimated to such constituent entity.

It has been brought to the notice of the Government that Constituent Entities of International Groups, resident in India, have apprehensions that the due date of furnishing of CbC Report under sub-section (4) of Section 286 is also 31st of March, 2018.

In order to allay the aforesaid apprehensions, it is hereby clarified that the due date of 31st March, 2018 applies for furnishing of CbC Report under sub-section (2) of Section 286 only and not under sub-section (4) of the said Section.

It is further stated that the Finance Bill, 2018 (as passed by the Lok Sabha) has proposed that the due date for furnishing of CbC Report under sub-section (4) of Section 286 shall be as prescribed. Accordingly, the time for furnishing of CbC Report under sub-section (4) of Section 286 of the Act is proposed to be prescribed after the enactment of Finance Bill, 2018.

Tags : Clarification Furnishing of Report

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Securities and Exchange Board of India

26.03.2018

Capital Market

Guidelines for Liquidity Enhancement Schemes (LES) in Commodity Derivatives Contracts

MANU/SDER/0007/2018

1. SEBI vide its circular CIR/MRD/DP/14/2014 dated April 23, 2014, has prescribed revised guidelines for Liquidity Enhancement Schemes (LES) in Equity Cash and Equity Derivatives segments.

2. Based upon feedback from exchanges, it has been decided to permit LES in commodity derivatives contracts subject to the requirements stipulated vide abovementioned SEBI Circular dated April 23, 2014.

3. In addition to the conditions and other requirements stipulated in the abovementioned circular, with regard to the eligibility of commodity derivatives contracts for LES, following additional requirements shall apply:-

3.1. Any commodity that is classified as 'Sensitive Commodity' by the Exchange, shall not be eligible for LES.

3.2. If any commodity derivative product is 'liquid' on any of the exchanges i.e. there is at least one exchange where the average daily turnover in Options or/and Futures on similar underlying commodity is more than or equal to INR 200 crore for agricultural and agri-processed commodity, and INR 1000 crore for non-agricultural commodity during the last six months, then no other exchange is eligible to launch LES on the same derivative product, unless the exchange where the product is liquid, has itself also launched a LES on said product.

3.3. For the present, schemes which incentivise brokers based on activation of new UCC (Unique Client Codes), number of trades or open interest shall not be permissible under LES.

3.4. Exchanges shall put in place a mechanism to ensure that the LES does not create artificial volumes, does not take away liquidity form the market, is not manipulative in nature and shall not lead to mis-selling of the product in the market.

4. The provisions of this circular shall come into effect from the date of the circular.

5. The Exchanges are advised to:

i. take steps to make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the same.

ii. bring the provisions of this circular to the notice of the members of the Exchange and also to disseminate the same on their website.

6. This circular is issued in exercise of 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. 7. This circular is available on SEBI website.

Tags : Guidelines Schemes Liquidity Enhancement

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Press Information Bureau

26.03.2018

Civil

ISA and India sign the Host Country Agreement

MANU/PIBU/0620/2018

The International Solar Alliance (ISA) and the Ministry of External Affairs (MEA), signed the Host Country Agreement here, today. The Agreement will give ISA a juridical personality and gives it power to contract, to acquire and dispose off movable and immovable properties, to institute and defend legal proceedings. Under this agreement, ISA shall enjoy such privileges, applicable tax concessions and immunities as are necessary for ISA's Headquarter to independently discharge its function and programmes. ISA shall be deriving its status, privileges and immunities as per Article 10 of Framework Agreement.

The agreement was signed by General (Dr.) V.K. Singh, Minister of State, Ministry of External Affairs and Shri Upendra Tripathy, Interim Director General, ISA in the gracious presence of Shri R K Singh, Union Minister of State (IC) Power and New & Renewable Energy.

Congratulating the signatories, Shri R.K. Singh said that ISA has potential to change developmental paradigm in the world. He said that energy will now be available to less developed tropical countries at affordable rates and in an easily deployable manner. The Minister also mentioned that many countries have shown interest to learn from India's experience in renewable energy. He emphasized the need for our industry to go and set up infrastructure in these countries and talked about doing necessary de-risking in this regard.

General (Dr.) V.K. Singh also congratulated ISA and stated that ISA has an onerous task at hand to mobilise over US $ 1000 billion of investment into the Solar Sector and deploying over 1000 GW of Solar capacity. He also stated that ISA need to firm up financial partnership deals with more multilateral and bilateral donor agencies in order to meet its stated objectives.

Shri Upendra Tripathy called the signing of Host Country Agreement an important milestone and thanked the Government of India for its wholehearted support.

Secretary, MNRE; Secretary (ER), MEA were among the dignitaries present at the event.

Background:

The International Solar Alliance is an initiative jointly launched by the Prime Minister of India and President of France on 30th November 2015 at Paris, in the presence of the Secretary General of the UN, on the side lines of COP21 UN Climate Change Conference. The main objective of ISA is to undertake joint efforts required to reduce the cost of finance and the cost of technology, mobilize more than US $ 1000 billion of investments needed by 2030 for massive deployment of solar energy, and pave the way for future technologies adapted to the needs of 121 countries lying fully or partially between the Tropics.

ISA has presently four ongoing programmes: Scaling Solar Applications for Agricultural Use, Affordable Finance at Scale, Scaling Solar Mini Grids and Scaling Solar Rooftop catering to the needs of solar energy in specific areas.

The Framework Agreement coming into force on 6th December 2017, the ISA became the first international intergovernmental treaty based organization to be headquartered in India. ISA celebrated its founding day on 11th March, 2018.

Tags : Host Country Agreement Signing of

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Ministry of Finance 

23.03.2018

Customs

Refund of IGST on Export-Extension of date in SB005 alternate mechanism cases and clarifications in other cases

MANU/CUCR/0008/2018

CBEC has issued Circular No 5/2018-Customs dated 23-02-2018 which provided for an alternative mechanism with officer interface to resolve invoice mismatch cases. In the said circular, it was provided that the mechanism would be available for the shipping bills filed till 31.12.2017. Although the cases having SB005 error have now greatly reduced due to continuous outreach done by the Board and increased awareness amongst the trade, but some exporters have nevertheless, have committed errors in filing invoice details in shipping bill and GST returns. Therefore, keeping in view the difficulties likely to be faced by the exporters in case SB005 are allowed to be corrected through officer interface for SBs filed up to 31.12.17, it has been decided to extend this facility to those shipping bills filed till 28.02.2018.

2. Further, representations have also been received from:

(i) field formations seeking resolution of SB006 errors due to discontinuance of transference copy of shipping bill. It has been proposed by the field formations that in lieu of transference copy either the final Bill of Lading issued by the shipping lines or written confirmation from the custodian of the gateway port, may be treated as valid document for the purposes of integration with the EGM. The proposal from the field formation has been examined in the Board. The proposal sent from field formation in such EGM error cases has been agreed.

(ii) exporters that by mistake they have mentioned the status of IGST payment as "NA" instead of mentioning "P" in the shipping bill. In other words, the exporter has wrongly declared that the shipment is not under payment of IGST, despite the fact that they have paid the IGST. As a one-time exception, it has been decided to allow refund of IGST through an officer interface wherein the officer can verify and satisfy himself of the actual payment of IGST based on GST return information forwarded by GSTN. DG (Systems) shall open a physical interface for this purpose.

3. Difficulties if any should be brought to the notice of the Board.

Tags : Refund IGST Export Date Extension

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