Notifications & Circulars
Press Information Bureau
31.07.2019
Arbitration
Cabinet approves signing of the UN Convention on International Settlement Agreements resulting from mediation by India
MANU/PIBU/1323/2019
The Union Cabinet chaired by Prime Minister Narendra Modi has approved the signing of the United Nations Convention on International Settlement Agreements (UNISA) resulting from mediation by the Republic of India scheduled to be held at Singapore on 7th August, 2019, or at United Nations Headquarters.
Benefit:
Signing of the Convention will boost the confidence of the investors and shall provide a positive signal to foreign investors about India's commitment to adhere to international practice on Alternative Dispute Resolution (ADR).
Initiatives to promote ADR Mechanisms:
In order to encourage international commercial arbitration in India, to evolve a comprehensive ecosystem of arbitration the Government is establishing the New Delhi International Arbitration Centre (NDIAC) as a statutory body. The Commercial Courts Act, 2015, has been further amended and legislative exercise to further amend the Arbitration and Conciliation Act, 1996, is currently underway. These initiatives are being taken with a view to encourage the settlement of commercial disputes, domestic and international, in India through ADR Mechanism of Arbitration, Conciliation and Mediation. A new Chapter (IIIA) has been inserted in the Commercial Courts Act, 2015, for mandatory pre-institution mediation and settlement in certain category of cases. Therefore, the provisions of the 'Convention' are in line with the domestic laws and the efforts made to strengthen Alternative Dispute Resolution Mechanisms.
Background:
The United Nations General Assembly adopted the United Nations Convention on International Settlement Agreements Resulting from Mediation ("the Convention") on 20th December 2018. The General Assembly authorized that the Convention will open for signature at a signing ceremony to be held on 7thAugust 2019 in Singapore and will be known as the "Singapore Convention on Mediation" (the Convention).
The Convention provides a uniform and efficient framework for the enforcement of international settlement agreements resulting from mediation and for allowing parties to invoke such agreements, akin to the framework that the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958) (the "New York Convention") provides for arbitral awards. The Convention defines two additional grounds upon which a court may, on its own motion, refuse to grant relief. Those grounds relate to the fact that a dispute would not be capable of settlement by mediation or would be contrary to public policy.
Tags : Mediation UN Convention Settlement Agreements
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Press Information Bureau
31.07.2019
Civil
Cabinet approves Memorandum of Understanding between India and Bahrain on Cooperation in the Exploration and Uses of Outer Space for Peaceful Purposes
MANU/PIBU/1325/2019
The Union Cabinet chaired by Prime Minister Narendra Modi was apprised about the signing of Memorandum of Understanding between India and Bahrain on Cooperation in the Exploration and Uses of Outer Space for Peaceful Purposes.
The MoU was signed in March 11, 2019 at Bengaluru by India and on March 28, 2019 at Manama by Bahrain.
Details:
This MoU shall enable the following potential interest areas of cooperation such as, space science, technology and applications including remote sensing of the earth; satellite communication and satellite based navigation; Space science and planetary exploration; use of spacecraft and space systems and ground system; and application of space technology.
This MoU would lead to set up a Joint Working Group, drawing members from DOS/ISRO and the Bahrain National Space Science Agency (NSSA) of the Government of the Kingdom of Bahrain, which will further work out the plan of action including the time-frame and the means of implementing this MoU.
Implementation Strategy and Targets:
The signed MoU would lead to concluding specific implementing Arrangement and setting up of Joint Working Group, to work out the plan of action including the time-frame and the means of implementing this MoU.
Impact:
The signed MoU will provide impetus to explore newer research activities and application possibilities in the field of remote sensing of the earth; satellite communication; satellite navigation; space science and exploration of outer space.
Expenditure involved:
The financial contribution with respect to each specific activity would depend on the nature of Joint activity and will be detailed in corresponding Implementing Agreements (Arrangements) / Contracts.
Benefits:
Cooperation with the Government of the Kingdom of Bahrain through this MoU would lead to develop a joint activity in the field of application of space technologies for the benefit of humanity. Thus, all sections and regions of the country will get benefited.
Background:
Chief of the Bahrain National Space Science Agency (NSSA) and the Minister of Transportation and Telecommunication of Bahrain have expressed interest to have space cooperation with ISRO to Indian Ambassador in April 2018.
As a follow up, on the request of MEA in July 2018, an MoU for India-Bahrain Space Cooperation was drafted and shared with MEA. Subsequently, Bahrain side has given its concurrence and both sides have arrived at mutually agreed version for signing.
Tags : MOU Approval Uses Outer Space
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Press Information Bureau
29.07.2019
Motor Vehicles
Draft Notification Issued Allowing Motor Vehicles and their Parts to be Affixed with Microdots
MANU/PIBU/1317/2019
The Ministry of Road Transport & Highways has issued a draft notification GSR 521(E) dated 24th July 2019, amending Central Motor Vehicle Rules, allowing motor vehicles and their parts, components, assemblies, sub-assemblies to be affixed with permanent and nearly invisible microdots that can be read physically with a microscope and identified with ultra violet light source.
Microdot technology involves spraying the body and parts of the vehicle or any other machine with microscopic dots, which give a unique identification. Use of this technology will help check theft of vehicles and also use of fake spare parts.
The microdots and adhesive will become permanent fixtures/affixation which cannot be removed without damaging the asset, that is the vehicle itself. The notification says that the microdots, if affixed, will have to comply with AIS 155 requirements.
The Ministry has sought comments / objections on the draft notification within thirty days.
Tags : Draft Notification Vehicles Parts Microdots
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Press Information Bureau
29.07.2019
Civil
India and Mozambique Sign Two MoUs to Further Strengthen Defence Co-Operation
MANU/PIBU/1316/2019
Raksha Mantri Shri Rajnath Singh is currently on an official visit to Maputo, Mozambique from July 28-30, 2019. This is Shri Rajnath Singh's first visit abroad as Raksha Mantri and the first-ever visit of Defence Minister of India to Mozambique.
Today, the Raksha Mantri (RM) called on Mr. Carlos Agostinho do Rosario, the Prime Minister of Mozambique. He also held delegation-level talks with his counterpart Mr. Atanasio Salvador M'tumuke. After the talks, two Memoranda of Understanding - agreement on sharing white shipping information and co-operation in the field of Hydrography - were signed between Government of India and Government of the Republic of Mozambique. The signing of the two MoUs will further strengthen the ongoing Indo-Mozambican Defence co-operation.
The visit witnessed the growing defence co-operation between Mozambique and India, and the potential such collaboration offers for enhancing security in the Indian Ocean Region.
The Raksha Mantri announced assistance of communication equipment and highlighted the importance of working together to prevent non-traditional threats like smuggling, terrorism, piracy, poaching, etc. and overall co-operation in the maritime domain.
Defence Minister of Mozambique, Mr. Atanasio Salvador M'tumuke briefed Raksha Mantri Shri Rajnath Singh on the internal security situation and the ongoing Disarmament, Demobilisation and Reintegration (DDR) process. The Raksha Mantri conveyed best wishes for the ongoing peace process.
RM discussed the entire spectrum of bilateral relations while meeting the Mozambican leaders and noted the excellent Government-to-Government ties, strong business exchanges, vibrant development partnership, and long-standing people-to-people links between the two countries.
Mozambique sought co-operation from India to deal with the growing menace of terrorism and radicalisation. Shri Rajnath Singh assured co-operation and reiterated commitment to work together in this regard.
An elaborate ceremony was held today at Mozambican Naval Headquarters to hand over two India-made Fast Interceptor Boats (FIBs) to Mozambique. The handing over certificate was signed by the Director General, Coast Guards of India and Chief of Mozambican Navy. A four-member ICGS team is also assisting with training and support for maintenance and operation of the two boats. Mozambican Defence Minister expressed gratitude for India's support for Mozambican Defence Forces, in particular, for the boats being used for coastal surveillance.
On his arrival on 28th July, Raksha Mantri Shri Rajnath Singh was accorded Guard of Honour at the Mozambican Army Head Quarters.
In the evening, RM addressed a gathering of Indian Diaspora and interacted with the community.
The Raksha Mantriis accompanied by a high-level delegation including Defence Secretary, DG, Coast Guards and senior officials of Ministries of Defence and External Affairs.
India shares close, warm and friendly relations with Mozambique which is cemented by robust development partnership and a large presence of the Indian Diaspora. The visit of RM is expected to further strengthen relations with Mozambique.
Tags : MOU Approval Defence Co-Operation
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Press Information Bureau
29.07.2019
Direct Taxation
Income Tax Department detects Foreign Assets in recent search
MANU/PIBU/1314/2019
Income Tax Department conducted searches on 23rd July, 2019 in a group covering 13 premises across 3 States (Delhi, Haryana & Himachal Pradesh).
The group, controlled by persons who have significant political presence in a neighbouring State for decades and are occupying responsible political positions, has been generating large amounts of undisclosed income over several decades. Evidence detected so far reveals undisclosed cash dealings of huge amounts in immovable property transactions, construction etc.
The black money generated in India through various means has been stashed abroad in the form of lavish properties in the names of foreign trusts/companies located in tax havens.
Such foreign holdings of the main persons have remained hidden for decades beneath complex multi - layered structures, located in different countries including BVI, Panama, UK, UAE & Jersey. These structures have involved various front men and corporations across Continents. One of the persons covered during the search operation was trying to obtain citizenship of a Caribbean Island.
The investigation, which has successfully lifted the mask, has detected undisclosed foreign assets of the said persons of more than Rs. 200 crore, apart from domestic tax evasion of more than Rs. 30 crore which, may, inter alia lead to severe criminal consequences under the Black Money Act, 2015, apart from action under the Income Tax Act, 1961. These findings may also have multi agency ramifications.
Tags : Search Detection Foreign Assets
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Reserve Bank of India
01.08.2019
Banking
Exim Bank agreed to provide Government of India supported Line of Credit of USD 38 million to the Government of the Republic of Mozambique
MANU/APDR/0028/2019
1. Export-Import Bank of India (Exim Bank) has entered into an agreement dated March 20, 2019 with the Government of the Republic of Mozambique for making available to the latter, a Government of India supported Line of Credit (LoC) of USD 38 million (USD Thirty Eight Million only) for the purpose of financing construction of 1600 Borewells with Handpumps and 8 small water systems in the Republic of Mozambique. Under the arrangement, financing of export of eligible goods and services from India, as defined under the agreement and its amendments, if any, would be allowed subject to their being eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement. Out of the total credit by Exim Bank under the agreement, goods, works and services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India and the remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India.
2. The Agreement under the LoC is effective from July 10, 2019. Under the LOC, the terminal utilization period is 60 months after the scheduled completion date of the project.
3. Shipments under the LoC shall be declared in Export Declaration Form as per instructions issued by the Reserve Bank from time to time.
4. No agency commission is payable for export under the above LoC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners' Foreign Currency Account for payment of commission in free foreign exchange. Authorised Dealer Category-I (AD Category-I) banks may allow such remittance after realization of full eligible value of export subject to compliance with the extant instructions for payment of agency commission.
5. AD Category - I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain complete details of the LoC from the Exim Bank's office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005 or from their website.
6. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.
Tags : Agreement Line of Credit Support
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