Notifications & Circulars
Press Information Bureau
27.09.2018
MRTP/ Competition Laws
Competition Commission of India imposes penalty upon Esaote S.p.A and Esaote Asia Pacific Diagnostic Pvt. Ltd. for abusing dominant position
MANU/PIBU/1367/2018
The Competition Commission of India (CCI) has imposed a penalty of Rs. 9.33 lac upon Esaote S.p.A and Esaote Asia Pacific Diagnostic Pvt. Ltd. ('Esaote') for abusing dominant position in supplying dedicated standing/ tilting MRI machines.
The Final Order was passed by CCI on 27.09.2018 on information filed by House of Diagnostics LLP (HoD).
The Informant - House of Diagnostics LLP - which is engaged in the business of medical diagnostic imaging services, filed information before CCI against Esaote alleging inter alia supply of old machines with various manufacturing and other defects. The Informant also alleged that Esaote charged huge sum of money for supplying spare parts and by refusing to perform its obligations under the contract. Essentials terms of the contract were also alleged to have been changed unilaterally by Esaote.
Holding Esaote to be the only manufacturer who was found to supply standing/ tilting MRI machines in India, CCI held Esaote to be dominant in this market.
The CCI further found Esaote to have misled HoD by supplying old machines instead of new machines as ordered by the Informant. The CCI also held that Esaote acted unfairly and thereby abused its dominant position by refusing to provide Head Coils with the machines to the Informant.
The CCI also found Esaote to have demanded arbitrary charges in derogation of its contractual obligations for comprehensive maintenance contract in respect of G-Scan MRI machines. The CCI also noted that Esaote S.p.A has given exclusive distribution rights to its Indian subsidiary in respect of G-Scan MRI machines. Such exclusivity was found to limit provision of services in after sale market besides denying market access to third party service providers.
Accordingly, a penalty was imposed upon Esaote. Besides, a Cease and Desist Order was also issued against them. While imposing the penalty, the Commission applied the principle of relevant turnover and based the penalty on the revenue generated by Esaote from sale of G-Scan MRI Machines in India only. The penalty was imposed by the Commission @ 10% of the average relevant turnover of the preceding three financial years of Esaote.
The Final Order was passed by a majority of 2-1 with the Chairperson issuing a Dissenting Note. In his Dissenting Note, the Chairperson held that the relevant market cannot be narrowed to standing/ tilting MRI machines alone as any market delineation would have to necessarily include all MRI machines irrespective of some additional features or functionalities. In the absence of market power, the question of abuse of dominance did not arise, added the Chairperson in his Dissent Note.
Order of the Commission (Majority Order and Dissent Note) was passed in Case No. 09 of 2016 and a copy thereof has been uploaded on the website of CCI at www.cci.gov.in.
Tags : Penalty Imposition Dominant position
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Reserve Bank of India
27.09.2018
Banking
Initiation of proactive steps after the assessment of financial markets
MANU/RPRL/0086/2018
Based on its assessment of the financial markets, the Reserve Bank of India has taken several proactive steps in the last few days. The Reserve Bank has conducted/will be conducting Open Market Operation (OMO) in successive weeks on September 19 and September 27, 2018. As abundant caution, the Reserve Bank has also provided a liberal infusion of liquidity through term repos in addition to the usual provision via the Liquidity Adjustment Facility (LAF). As of September 26, banks had availed of Rs. 1.88 trillion through term repos from the Reserve Bank. As a result of these steps, the system liquidity is in ample surplus. Further, the increase in Facility to Avail Liquidity for Liquidity Coverage Ratio (FALLCR), announced today for effect from October 1, 2018, from the existing 11 per cent to 13 per cent will take the carve out from SLR available to banks to 15 per cent of their NDTL. This should supplement the ability of individual banks to avail of liquidity, if required, from the repo markets against high-quality collateral. This, in turn, will help improve the distribution of liquidity in the financial system as a whole.
Going forward, the Reserve Bank stands ready to meet the durable liquidity requirements of the system through various available instruments depending on its dynamic assessment of the evolving liquidity and market conditions.
Tags : Proactive steps Initiation assessment Financial markets
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Press Information Bureau
26.09.2018
Commercial
Finance Ministry Launches Mobile Application "Jan Dhan Darshak"
MANU/PIBU/1361/2018
Department of Financial Services (DFS), Ministry of Finance and National Informatics Centre (NIC) has jointly developed a mobile app called Jan Dhan Darshak as a part of financial inclusion (FI) initiative . As the name suggests, this app will act as a guide for the common people in locating a financial service touch point at a given location in the country.
While locator apps are a common feature for many individual banks and financial service providers, in this era of inter-operable banking services, Jan Dhan Darshak app will be in a unique position to provide a citizen centric platform for locating financial service touch points across all providers such as banks, post office, CSC, etc. These services could be availed as per the needs and convenience of the common people.
While over 5 lakh FI touch points (Bank branches, ATMs, Post Offices) have been mapped on this App, approx. 1.35 lakh Bank Mitras would be on-boarded by 01.12.2018. Some of the salient features of this App are as follows:
Find nearby Financial touch points, based on current location (Branches/ATM/Post offices)
Search by place name
Search by place name also available with Voice Interface
Phone number of bank branches available in app, with the facility of call button for integrated dialing.
Users' feedback will go directly to the concerned bank for carrying out the necessary updation in data on financial touch points.
Tags : Mobile App Launch Jan Dhan Darshak
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Press Information Bureau
26.09.2018
Law of Medicine
Cabinet approves MoU between India and Uzbekistan on cooperation for establishment of Uzbek-Indian Free Pharmaceutical Zone in the Andijan region of Uzbekistan
MANU/PIBU/1352/2018
The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the Memorandum of Understanding (MoU) between India and Uzbekistan for establishment of the Uzbek-Indian Free Pharmaceutical Zone in the Andijan Region of Uzbekistan. The MoU will be signed during the visit of President of Uzbekistan to India on 1st October 2018.
In view of the importance of the growth of the pharmaceuticals and biopharmaceutical industry in both countries and the importance of mutual cooperation in trade, industry and production in the pharmaceutical and biopharmaceutical sectors, both the countries have been trying to establish a formal mechanism of bilateral cooperation. The MoU will create an enabling framework of cooperation for setting up an Uzbek-Indian Free Pharmaceuticals Zone in Andijan region of Uzbekistan. It will also facilitate Indian pharmaceutical and biopharmaceutical companies to invest in and establish production facilities in the Uzbek-Indian Free Pharma Zone of Andijan for manufacture of Pharmaceutical Products.
Tags : MOU Approval Pharmaceutical Zone
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Press Information Bureau
26.09.2018
Civil
Cabinet apprised of the MoU between India and South Korea for enhancing cooperation in Applied Science and Industrial Technology
MANU/PIBU/1351/2018
The Union Cabinet chaired by Prime Minister Shri Narendra Modi has been apprised of the Memorandum of Understanding (MoU) between India and South Korea on cooperation in Applied Science and Industrial Technology. The MoU was signed in New Delhi on 9th July 2018 during the visit of the President of South Korea to India.
The aim and objective of this MOU is to promote bilateral cooperation in the fields of applied science and industrial technologies for the purposes of promoting sustainable development and enhanced quality of life.
Tags : MOU Approval Applied science Industrial technologies
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Press Information Bureau
24.09.2018
Civil
High Level Committee recommends completion of homes in the stalled projects of Noida, Greater Noida and Yamuna Expressway
MANU/PIBU/1345/2018
Recommendations to help completion of the projects & deliver possession to home buyers at the earliest at the cost already conveyed to them by the developers/builders
A High-Level Committee of the Uttar Pradesh government has come out with recommendations aimed at providing solution to the completion of homes in the stalled projects of Noida, Greater Noida and Yamuna Expressway. The Committee was constituted by the State government vide order dated 18th June, 2018 under the chairpersonship of Secretary, Ministry of Housing and Urban Affairs (MoHUA) in order to address the issues of home buyers and affected parties of Noida, Greater Noida and Yamuna Expressway. The mandate of the Committee was to identify the problems and to make clear recommendations to solve the issues raised by homebuyers. The committee held deliberations with all the stakeholders Home Buyers Association, Developers & their Association, Bankers, concerned administrative Authorities etc. before finalization its report.
It is being noticed that on various social media platforms the recommendations of the Report have not been clearly understood and it has been alleged that it favors the developers/builders.
In this regard, it is important to note that main problem of home buyers of Noida, Greater Noida and Yamuna Expressway is that of the 'stalled projects' and the only relief for home buyers is to 'get these completed and give possession of their booked home' as early as possible. Therefore, each recommendation has been made keeping the interest of home buyers only. The Committee has made a total of 10 recommendations.
It is evident that the main reason of the stalled projects is the 'lack of fund' and 'non-availability of last mile funding', therefore the Committee's first recommendation pertains to RBI for issuing guidelines to enable Banks to fund this gap. It will help home buyers to get their homes.
Presently, nobody wants to put the money in stalled projects as there is no guarantee of the return on their investment. Second recommendation of the Committee pertains to Last-In First-Out (LIFO) model for execution of Stress Fund to ensure the confidence of investor to put its money in order to complete the stalled projects, as it will also help home buyers to get their homes.
Third recommendation was related to introduction of Project Settlement Policy (PSP) by State Government of Uttar Pradesh with certain modifications. It is important to know that PSP was launched earlier by the Authorities but no developer availed the same. Now, the situation is more critical than before, therefore PSP for fixed 6 months' period has been recommended, wherein the developer has to give a written undertaking to complete the projects within 3 years, otherwise the benefits of PSP shall be taken back and all the dues shall be recovered from developer by the concern Authority. This would ensure that the PSP helps in completion of the stalled projects and its benefits not misused by the developers. The provision to introduce co-developers to complete the stalled projects is to ensure early completion of the projects to help home buyers only.
Fourth recommendation to avoid multiple sale of single property, the "Agreement to Sale" to be registered in the office of concern Sub-registrar with nominal registration fee will ultimately secure the interest of Home Buyers.
Fifth recommendation is related to establishment of one Real Estate Regulatory Authority in Noida or Greater Noida, to readdress the issue of home-buyers of the Noida, Greater Noida, Ghaziabad and nearby area on a regular basis.
Sixth recommendation is to permit the affected home buyers to get the title deed registered on stamp duty at the rate prevailing at the time of committed date of the completion of the project by the developer. It will give huge monetary benefits to each affected individual home buyer.
Seventh recommendation relates to policy for taking over their unused land/FAR of stalled projects by the Authorities, wherein no third-party interest has been created, is to instil a sense of discipline among the developers and penalise the defaulters.
Ninth recommendations pertain to preparation of a panel Lawyers of RERA to assist the homebuyers in pursuing their cases before RERA Authorities at reasonable fees.
Tenth recommendation pertaining to survey by NBCC (India) Limited of other developer's stalled projects in Noida and Greater Noida and take up few selected viable projects upon its independent audit/survey in order to complete the same. This would directly benefit the homebuyers in the selected stalled projects.
None of the recommendations puts any additional burden on the homebuyers, rather they will smoothen completion of the projects to deliver possession to home buyers at the earliest at the cost already conveyed to them by the developers/builders.
Tags : Homes Completion Stalled projects
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Press Information Bureau
24.09.2018
Civil
Defence India Startup Challenge Deadline Gets Extended
MANU/PIBU/1346/2018
The last date for submission of applications to the Defence India Startup Challenge (DISC), being organised by the Defence Innovation Organisation (DIO) has been extended till October 31, 2018.
The Defence India Startup Challenge has been launched by the Defence Innovation Organisation with support from Department of Defence Production, Ministry of Defence and Atal Innovation Mission, NITI Aayog for the Innovations for Defence Excellence (iDEX) scheme.
The challenge was launched on August 04, 2018 by Raksha Mantri, Smt. Nirmala Sitharaman and calls for proposals to address specific technological needs of the Indian defence establishment. Applicants (startups/MSMEs & individuals) showing capability, intent, and promise to be able to produce functional prototypes or to productise existing technologies in areas listed below will be awarded up to Rs. 1.5 crores, strictly on a milestone basis in the form of grant/equity/debt/other relevant structures along with incubation and mentoring support.
The Defence India Startup Challenge has 11 problem statements by Ministry of Defence, thrown open for prospective solutions to be provided by the Indian start up eco-system. The problem statement sectors are as below: -
i. Individual Protection System with built-in sensors
ii. See Through Armour
iii. Carbon Fibre Winding (CFW)
iv. Active Protection System (APS)
v. Secure hardware based offline Encrypt or Device for Graded Security
vi. Development of 4G/LTE based Tactical Local Area Network
vii. Development of Advanced Technology Based Desalination System (Water Purification) and Bilge Oily Water Separation System
viii. Artificial Intelligence in Logistics & SCM
ix. Unmanned Surface and Underwater Vehicles
x. Remotely Piloted Airborne Vehicles
xi. Laser Weaponry
Applications can be submitted at aim.gov.in/idex, by October 31, 2018, in the online form.
Tags : Start-up Challenge Defence India Extension
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Press Information Bureau
24.09.2018
Direct Taxation
Extension of date for filing of Income Tax Returns and Audit Reports from 30th September, 2018 to 15th October, 2018
MANU/PIBU/1344/2018
The due date for filing of Income Tax Returns and Audit Reports for Assessment Year 2018-19 is 30th September, 2018 for certain categories of taxpayers. Upon consideration of representations from various stakeholders, the Central Board of Direct Taxes (CBDT) extends the 'due date' for filing of Income Tax Returns as well as reports of Audit (which were required to be filed by the said specified date) from 30th September, 2018 to 15th October, 2018 in respect of the said categories of taxpayers. However, there shall be no extension of the due date for the purpose of section 234A (Explanation 1) of the I.T. Act, 1961 pertaining to Interest for defaults in furnishing return, and the assessee shall remain liable for payment of interest as per provisions of section 234A of the Act.
Tags : Date Extension IT Returns Filing
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