Notifications & Circulars
Press Information Bureau
27.11.2019
Civil
Cabinet approves extension of norms for mandatory packaging in jute materials
MANU/PIBU/1735/2019
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi has accorded its approval for mandatory packaging of foodgrains and sugar in jute material for the Jute Year 2019-20.
The Government has retained the scope of mandatory packaging norms under the Jute Packaging Material (JPM) Act, 1987 as per last year. The decision of the Cabinet mandates that 100% of the food grains and 20% of the sugar shall be mandatorily packed in diversified jute bags.
Benefits:
The decision to pack sugar in diversified jute bags will give an impetus to the diversification of the jute industry. Further, the decision also mandates that initially 10% of the indents of jute bags for packing foodgrains would be placed through reverse auction on the GeM portal. This will gradually usher in a regime of price discovery.
The approval will benefit farmers and workers located in the Eastern and North Eastern regions of the country particularly in the states of West Bengal, Bihar, Odisha, Assam, Andhra Pradesh, Meghalaya and Tripura.
Background:
Nearly 3.7 lakh workers and several lakh farm families are dependent for their livelihood on the jute sectors. The government has been making concerted efforts for the development of jute sector; increasing the quality and productivity of raw jute, diversification of jute sector and also boosting and sustaining demand for jute products.
The jute industry is predominantly dependent on Government sector which purchases jute bags of value of more than Rs. 7,500 crore every year for packing foodgrains. This is done in order to sustain the core demand for the jute sector and to support the livelihood of the workers and farmers dependent on the sector.
Other Support provided to the Jute Sector:
In order to improve the productivity and quality of raw jute through a carefully designed intervention, called the Jute ICARE, the Government has been supporting approximately two lakh jute farmers by disseminating improved agronomic practices such as line sowing using seed drills, weed management by using wheel-hoeing and nail-weeders, distribution of quality certified seeds and also providing microbial assisted retting. These interventions have resulted in enhancing the quality and productivity of raw jute and increasing income of jute farmers by Rs. 10,000 per hectare.
In this connection, to support jute farmers, a grant of subsidy of Rs. 100 crore for two years starting from 2018-19 has been approved to enable JCI to conduct MSP operations and ensure price stabilization in the jute sector.
With a view to support diversification of jute sector, the National Jute Board has collaborated with National Institute of Design and a Jute Design Cell has been opened at Gandhinagar. Further, promotion of Jute Geo Textiles and Agro-Textiles has been taken up with the State Governments particularly those in the North Eastern region and also with departments such as Ministry of Road Transport and Ministry of Water Resources.
With a view to boost demand in the jute sector, Government of India has imposed Definitive Anti-Dumping Duty on import of jute goods from Bangladesh and Nepal with effect from 5th January, 2017.
With a view to promoting transparency in jute sector, Jute SMART, an e-govt initiative was launched in December, 2016, providing an integrated platform for procurement of B-Twill sacking by Government agencies. Further, the JCI is transferring 100% funds to jute farmers online for jute procurement under MSP and commercial operations.
Tags : Extension Norms Mandatory packaging
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Press Information Bureau
27.11.2019
Civil
Lok Sabha passes the Special Protection Group (Amendment) Bill, 2019
MANU/PIBU/1741/2019
As per original Act, SPG cover solely meant for security of the Prime Minister; Amendment to make SPG more efficient in securing PM: Shri Amit Shah Threat Perception, not vendetta politics, determines level of Security Cover; Z+ cover of CRPF with ASL and Ambulance provision maintained for Gandhi Family: Home Minister SPG has been turned into a status symbol; Act has been amended each time earlier only to ensure continued SPG cover for a family: Shri Amit Shah.
The Lok Sabha passed the Special Protection Group (Amendment) Bill, 2019, after negating all the proposed amendments today.
Initiating the debate on the Special Protection Group (Amendment) Bill, 2019 today in the Lok Sabha, Union Home Minister Shri Amit Shah said that SPG shall provide proximate security to the Prime Minister and his immediate family members residing with him at his official residence. The Bill says that family members of a former Prime Minister who reside with him at his allotted accommodation will get security cover of the SPG only for five years, from the date he/she ceases to hold the office of Prime Minister.
Replying to the debate, the Home Minister noted that there is a perception in the country that the amendment in SPG Act is only for the purpose to remove the SPG security cover for the Gandhi family. Contrary to this, the change of the security cover has been done only on the basis of yearly security threat perception review by the government. Such a security review has been a part of the original act, he added.
Shri Shah emphasized that the security cover of the Gandhi family has not been reduced or taken away, rather it has just been changed from SPG cover to Z Plus security cover by the CRPF, along with ASL and ambulance, across the country. The level of the security cover has been maintained and not even one security personnel has been reduced. He also said that the SPG security cover is being formed by the same security personnel who comprise of the Z plus security cover.
Shri Shah further stated that the Modi government never takes decision of providing security cover on the basis of vendetta politics but on scientific threat analysis for a particular individual. He also said that security cover has been provided to members of all political parties based on individual case based threat analysis. Security cover must not be treated as a status symbol by individuals. The security cover meant specifically for the Prime Minister, must not be enjoyed by any other individual. Moreover, the three protectees of the Gandhi family who have been specially mentioned here, have been on many trips without informing SPG, the Home Minister pointed out.
Talking about the rationale behind bringing the amendment, Shri Shah informed the House that in the Act, there is no cut off period for providing the SPG protection to former Prime Ministers or members of their immediate families. Thus, the number of individuals to be provided SPG cover can potentially become quite large. In such a scenario, there can be severe constraint on the resources, training and related infrastructure of SPG. This can also impact the effectiveness of SPG in providing adequate cover to the principle protectee, the Prime Minister in office.
Shri Shah said that the main aim of bringing this amendment is to make SPG more efficient. This would ensure that no omission happens in carrying out its core mandate, as the security of the Prime Minister, as Head of the Government, is of paramount importance for Government, governance and national security. The Bill says that when the proximate security is withdrawn from a former Prime Minister, such proximate security shall also stand withdrawn from members of his or her immediate family.
Tags : SPG Amendment Bill
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Securities and Exchange Board of India
27.11.2019
Capital Market
Guidelines for preferential issue of units and institutional placement of units by a listed Real Estate Investment Trust
MANU/SIPM/0006/2019
Regulation 2(1)(zd) of Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 ("REIT Regulations"), defines a "preferential issue" as an issue of units to a select persons on a private placement basis. This circular details the guidelines in respect of a preferential issue of units and institutional placement of units by a listed REIT.
GUIDELINES
1. "Institutional Placement" shall mean a preferential issue of units by a listed REIT only to Institutional Investors, as defined under REIT Regulations or circulars issued thereunder.
Conditions for issuance
2. A listed REIT may make a preferential issue of units or an institutional placement of units under these guidelines, if it satisfies the following conditions:
2.1. A resolution of the existing unitholders approving the issue of units, in accordance with Regulation 22(6) of the REIT Regulations has been passed.
2.2. Units of the same class, which are proposed to be allotted have been listed on a stock exchange for a period of at least six months prior to the date of issuance of notice to its unit holders for convening the meeting to pass the resolution in terms of clause 2.1 above:
Provided in case of issuance of units through "institutional placement" the minimum listing period required shall be 12 months.
2.3. The REIT has obtained in principle approval of the stock exchange(s) for listing of units proposed to be issued under these guidelines.
2.4. The REIT is in compliance with all the conditions for continuous listing and disclosure obligations under the REIT Regulations and circulars issued thereunder.
2.5. None of the respective promoters or partners or directors of the sponsor(s) or manager or trustee of the REIT is a fugitive economic offender declared under section 12 of the Fugitive Economic Offenders Act, 2018 (17 of 2018).
2.6. The REIT shall not make any subsequent institutional placement until the expiry of six months from the date of the prior institutional placement made pursuant to one or more special resolutions.
Manner of issuance of units
3. Any issuance of units under these guidelines shall be done in the following manner:
3.1. The units shall be allotted in the dematerialized form only and shall be listed on the stock exchange(s) where the units of the REIT are listed.
3.2. Any offer or allotment through private placement shall not be made to more than 200 investors (excluding institutional investors) in a financial year.
3.3. Other than to the extent of the issue of units that is proposed to be made for consideration other than cash, full consideration for the units issued shall be paid by the prospective allottees prior to the allotment of the units, through banking channels. All such monies shall be kept by the Trustee in a separate bank account in the name of the REIT and shall only be utilized for adjustment against allotment of units or refund of money to the applicants till the time such units are listed.
3.4. The minimum allotment and trading lot for units issued shall be equivalent to the minimum allotment and trading lot as applicable to the units of the same class, under the extant provisions of the REIT Regulations or circulars issued thereunder.
3.5. Post allotment, the REIT shall make an application for listing of the units to the stock exchange(s) and the units shall be listed within seven days from the date of allotment:
Provided that where the REIT fails to list the units within the specified time, the monies received shall be refunded through verifiable means within twenty days from the date of the allotment, and if any such money is not repaid within such time after the issuer becomes liable to repay it, the REIT and the manager and its director or partner who is an officer in default shall, on and from the expiry of the twentieth day, be jointly and severally liable to repay that money with interest at the rate of fifteen percent per annum.
3.6. The REIT shall file an allotment report with SEBI within seven days of allotment of the units providing details of the allottees and allotment made. Placement document, if applicable, shall also be filed with the Board along with the allotment report.
3.7. The issue of units shall comply with the conditions and manner of allotment for preferential issue units and institutional placement as provided in Annexure-I and Annexure-II & III, respectively.
Tags : Guidelines for preferential issue of units and institutional placement of units by a listed Real Estate Investment Trust
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Telecom Regulatory Authority of India
27.11.2019
Media and Communication
TRAI releases Consultation Paper on "Transparency in Publishing of Tariff Offers"
MANU/TRAI/0135/2019
The Telecom Regulatory Authority of India (TRAI) has released a Consultation Paper on "Transparency in Publishing of Tariff Offers". Given the explosive growth and scale of sweeping changes seen in the last three decades, it is to state the obvious that the telecom service sector is dynamic. The dynamism gets exemplified in fast changing landscape as regards various operational aspects viz., the nature and composition of tariffs, frequency of changes in tariff, the preferred modes of communication and along with paradigm shift in the modern age communication. Typically, in the marketplace, consumer faces situation of lack of information, misleading information, unclear or hard to find information and information difficult to assess and compare which affects their ability to make informed choice which best serves their needs. Therefore, the need for transparent sharing of complete set of information relating, inter-alia, to tariff i.e. "rate and related conditions for provision of service", to protect consumer interests between Telecom Service Providers and customers need no over-emphasis. At the core of consumer protection lies the aspect of transparency in communication of conditions of provision of goods or service.
Further, the TRAI has been intermittently receiving a significant number of complaints from the individual consumers which though varied in nature can surely be said to be rooted in lack of transparency in disclosure of tariff information. Therefore, it is felt that a comprehensive review of extant provisions aimed at transparency relating to flow of information from telecom service providers to consumers is essential. Accordingly, this Consultation Paper has been issued with the objective of empowering consumers by making available all relevant information to them and to eliminate the instances of adverse choices made by consumers. The scope of the present consultation paper is limited to review of transparency requirements in communication of tariff offers by the service providers to the subscribers.
Tags : Consultation Paper Release Tariff Offers
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Ministry of Corporate Affairs
27.11.2019
Commercial
Extension of the last date of filing of Form NFRA-2
MANU/DCAF/0130/2019
The Ministry of Corporate Affairs has received several representations regarding extension of the last date of filing of Form NFRA-2, which is required to be filed under rule 5 of the National Financial Reporting Authority Rules, 2018. The matter has been examined and it is stated that the time limit for filing Form NFRA-2 will be 90 days from the date of deployment of this form on the website of National Financial Reporting Authority (NFRA). This issues with the approval of Competent Authority.
Tags : Extension Last date Form NFRA-2
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Reserve Bank of India
26.11.2019
Banking
RBI announces the Framework on Currency Swap Arrangement for SAARC countries for the period 2019 to 2022
MANU/RPRL/0207/2019
To further financial stability and economic cooperation within the SAARC region, the Reserve Bank of India, with the concurrence of the Government of India, has decided to put in place a revised Framework on Currency Swap Arrangement for SAARC countries 2019-2022. The Framework is valid from November 14, 2019 to November 13, 2022. Based on the terms and conditions of the Framework, the RBI would enter into bilateral swap agreements with SAARC central banks, who want to avail swap facility. It may be recalled that the SAARC Currency Swap Facility came into operation on November 15, 2012 with an intention to provide a backstop line of funding for short term foreign exchange liquidity requirements or balance of payment crises till longer term arrangements are made.
Under the Framework for 2019-22, RBI will continue to offer swap arrangement within the overall corpus of US $ Two billion. The drawals can be made in US Dollar, Euro or Indian Rupee. The Framework provides certain concessions for swap drawals in Indian Rupee.
The Currency Swap Facility will be available to all SAARC member countries, subject to their signing the bilateral swap agreements.
Tags : Framework Currency Swap Arrangement SAARC countries
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Press Information Bureau
26.11.2019
MRTP/ Competition Laws
CCI approves acquisition of 4.94% shareholding in Suzuki Motor Corporation (SMC) by Toyota Motor Corporation (TMC) and the acquisition of 0.24% shareholding in TMC by SMC
MANU/PIBU/1733/2019
The Competition Commission of India (CCI) approves acquisition of 4.94% shareholding in Suzuki Motor Corporation (SMC) by Toyota Motor Corporation (TMC) and the acquisition of 0.24% shareholding in TMC by SMC.
The proposed combination relates to the acquisition of a minority shareholding of 4.94% in SMC by TMC, and the acquisition of a minority shareholding of approximately 0.24% by SMC in TMC.
TMC is a Japanese multinational automotive manufacturer. TMC also provides services in other fields such as housing, financial services, communications, marine and biotechnology, and afforestation. In India, TMC is engaged in the manufacturing and sale of automobiles through its subsidiary, Toyota Kirloskar Motor Private Limited, and in providing financial services through its subsidiary, Toyota Financial Services India. TMC is also engaged in the sale of commercial vehicles through its indirectly held joint venture, Hino Motors Sales India Private Limited.
SMC is a Japanese multinational corporation inter-alia engaged in the business of automobiles, motorcycles and outboard motors. In India, SMC is engaged in the manufacturing and sale of automobiles and two wheelers through its subsidiaries viz. Maruti Suzuki India Limited, Suzuki Motor Gujarat Private Limited and Suzuki Motorcycle India Private Limited.
Tags : Acquisition Shareholding Approval
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