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Year End Review Highlights of the Acheivements of the Department of Economic Affairs Ministry of Finance

Dated:- 16-12-2015 - During the current fiscal, Department of Economic Affairs (DEA), Ministry of Finance has undertaken various initiatives for enhancing the Economic Growth and ensuring the Fiscal Stability of the economy. The major highlights of the achievements of the Department are as follows: INFLATION Wholesale Price Index (WPI): WPI inflation has declined from 6.0 per cent in 2013-14 to 2.0 per cent in 2014-15 and -3.5 per cent during April to October 2015. WPI has been negative since No .....

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n for 2014-15 declined to 5.9 per cent from 9.5 per cent in 2013-14, has remained below 5.5 per cent since January 2015. During 2015-16 (Apr-Oct), average CPI inflation was 4.7 percent and stood at 5.0 per cent in October 2015. Inflation in terms of Consumer Food Price Index (CFPI) has come down to 5.2 per cent in October 2015 from a high of 6.9 per cent as reported in February 2015. Inflation based on CPI-Industrial Workers for September 2015 stood at 5.1 per cent as compared to 7.2 reported in .....

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delisting them from the APMC Act, banning of export of all pulses (except kabuli channa and organic pulses and lentils upto certain quantity), zero import duty on pulses and onion, empowering States/UTs to impose stock limits in respect of onion, pulses, edible oil, and edible oilseeds under the Essential Commodities Act, modest increase in minimum support prices in last two years etc. The vigilant monetary policy stance by the RBI and adoption of a Monetary Policy Framework agreement between Go .....

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odative. Government of India and RBI have signed a Monetary Policy Framework agreement in February 2015. The objective of this framework is to primarily maintain price stability, while keeping in mind the objective of growth. As per the agreement, RBI would set the policy interest rates and would aim to bring inflation below 6 percent by January 2016 and within a band of 4 percent with (+/-) 2 percent for 2016-17 and all subsequent years. The agreement has brought in an element of certainty for .....

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id-up equity capital for the first 5 years of commencement of the business. For recapitalizing the public sector banks, Government has already provided adequate funds in this financial year. An amount of ₹ 12,000 crore has already been provided n the Supplementary Demand passed by the Parliament, in addition to ₹ 7,940 crores already provided in the budget of FY 2015-16. Government announced Mission Indradhanush in August 2015, which attempts to revamp public sector banks and to addr .....

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cutive Chairman of PSBs. Government proposes to make available ₹ 70,000 crores out of budgetary allocations for bank capitalization in the next four years. De-stressing public sector banks by strengthening risk control measures and NPA disclosures. No interference from Government and Banks are encouraged to take their decision independently keeping the commercial interest of the organisation in mind. New framework for measuring performance of public sector banks. Continuing with the govern .....

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out the medium term framework (MTF) for FPI limits in debt securities. The limits for FPI investment in debt securities will henceforth be announced/ fixed in rupee terms. The limits for FPI investment in the central government securities will be increased in phases to 5 per cent of the outstanding stock by March 2018. In aggregate terms, this is expected to open up room for additional investment of ₹1,200 billion in the limit for central government securities by March 2018 over and above .....

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regulation of commodity forward markets. TAX-FREE BONDS Government of India has allowed the issuance of Tax-free bonds of ₹ 40000 crore during the Financial Year 2015-16, by Central Public Sector Enterprise (CPSE) such as National Highways Authority of India (NHAI), Indian Railways Finance Corporation (IRFC), Housing and Urban Development Corporation (HUDCO), Indian Renewable Energy Development Agency (IREDA), Power Finance Corporation Limited (PFC), Rural Electrification Corporation Limi .....

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fifteen (15) or twenty (20) years. Further details of terms& conditions of Tax Free Bonds for the FY 2015-16 can be accessible at: http://www.incometaxindia.gov.in/communications/notification/notification59_2015.pdf THE 11TH INDIA- SAUDI ARABIA JOINT COMMISSION The 11th India- Saudi Arabia Joint Commission Meeting (JCM) was held during 26-28th May, 2015 at New Delhi. A wide range of issues, including cooperation in trade and commerce, higher education, health, communication, culture and IT .....

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al mechanism for the PPP projects has been streamlined to ensure speedy appraisal of projects, eliminate delays, adopt international best practices and have uniformity in appraisal mechanism and guidelines. The Public Private Partnership Appraisal Committee (PPPAC) set up for the appraisal of PPP projects posed by Central Line Ministries and Departments has so far in 2015 approved 13 central projects proposal with TPC of ₹ 21817.03crore (USD 3636.17 million). The Government had created a V .....

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ovides total Viability Gap Funding up to twenty percent of the total project. The Government or statutory entity that owns the project may, if it so decides, provides additional grants out of its budget up to further twenty percent of the total project cost. Viability Gap Funding. During the current calendar year i.e. 2015, so far Empowered Institution has granted in-principle approval for 5 projects with a Total project cost of 901.00 crore (USD 150.16 million). Like-wise, EI also granted Final .....

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ugh a successful pilot transaction for an ULB. Guidelines for issuance of Municipal Bonds in India have been notified Knowledge Resources: As part of wide ranging efforts for knowledge dissemination on PPPs, DEA has developed tool kits and knowledge products for use of PPP practitioners. These include: (i) Post Award Contract Management: Department of Economic Affairs (DEA) has developed Post-Award Contract Management Guidance Material for Highways, Ports and Education sectors. The material is a .....

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e for PPPs, i.e., www.pppinindia.com. (ii) Framework for Renegotiation of PPP Contracts: A report on a suggested framework for renegotiation of PPP contracts has been developed, which focuses on changes that may need to be made in the contractual and institutional arrangement post award of the projects. Work on the identification of the legal clauses in the concession agreement is underway. The well researched guidance note for Renegotiation Framework particular focus on the National Highway and .....

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s macro prudential supervision of the economy including functioning of large financial conglomerates, and addresses inter-regulatory coordination and financial sector development issues, including issues relating to financial literacy and financial inclusion. From January 2015 to November, 2015 the Council had held two meetings on May 15, 2015 and 5th November, 2015. In these meetings, important issues concerning financial stability and development inter regulatory coordination and also challeng .....

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I met two times and deliberated on issues such as Account Aggregation for Financial Assets, global and domestic developments impinging on financial stability, Corporate Bond Market Development, Foreign Account Tax Compliance Act (FATCA), developing a comprehensive financial resolution regime etc. Various Technical Groups have been set-up under FSDC Sub-Committee such as Inter Regulatory Technical Group (IRTG), Technical Group on Financial Inclusion and Financial Literacy (TGFIL), Inter Regulator .....

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ENT BANK (NDB) New Development Bank has been established by BRICS countries in Shanghai, China. The Bank will mobilize resources for infrastructure and sustainable development projects in BRICS countries, other emerging economies and developing countries. It will complement the existing efforts of multilateral and regional financial institutions. Mr. K.V. Kamath, has taken over as the first President of the Bank. NDB is expected to make its first lending by April, 2016. ESTABLISHMENT OF BRICS CO .....

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pport and further strengthen financial stability. It would also contribute to strengthening the global financial safety net and complement existing international arrangements as an additional line of defense. SAARC and SDF Meetings (i) The 7th Meeting of SAARC Finance Ministers and Finance Secretaries were held on 19th and 20th of August, 2015. The Indian delegation for these Meetings were led by Shri Jayant Sinha, Minister of State (Finance). Some of the major issues that were deliberated in th .....

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abinet on 18th of November 2015 has approved the extension of the validity of the Framework on Currency Swap Arrangement for SAARC Member Countries with amendments for two more years up to November 2017. INTRODUCTION OF SCHEME TO SUPPORT COMPANIES BIDDING ABROAD Government of India has on 16th September, 2015 approved a scheme for providing a concessional financing scheme to support Indian companies bidding for strategically important infrastructure projects abroad. This scheme is aligned with t .....

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MIT 2015 The G20 Summit 2015 was held on 15-16 November 2015 in Antalya, Turkey. Prime Minster led the Indian delegation. The Summit marks the culmination of a year long process of inter-governmental meetings led by the Finance Minister Arun Jaitley, Sherpa Dr Panagariya, and official representatives from Government of India. G20 focuses on issues of economic and financial cooperation. At this year s Summit in Antalya, Leaders committed to undertake a number of concrete actions to strengthen the .....

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unched by the Prime Minister of India on 5th November, 2015. The scheme will benefit the manufacturers of gold jewellery who are largely small and medium scale enterprises, by making gold available to them. It will also benefit the common man by allowing him/her to earn interest on their holdings of gold. Introduction of Sovereign Gold Bond Scheme The scheme was announced in Budget 2015-16 with the view to provide a new financial instrument of investment to public at large and for reducing the d .....

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l gold coins. The scheme is aligned with the Make in India programme of the Government. The scheme was launched by the Prime Minister of India on 5th November, 2015. CREATION OF NATIONAL INVESTMENT AND INFRASTRUCTURE FUND ( NIIF ) The Government of India has put investment in infrastructure as one of the core elements of its economic programme. The Union Finance Minister Shri Arun Jaitley made the announcement of setting-up of a National Investment and Infrastructure Fund (NIIF) in his Budget Sp .....

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may be raised from time to time. Government s contribution/share in the corpus will be 49 per cent in each entity set up as an AIF and will neither be increased beyond, nor allowed to fall below 49%. The whole of 49 per cent would be contributed by Government directly. NIIF would solicit equity participation from strategic anchor partners. The contribution of Government of India to NIIF would enable it to be seen virtually as a sovereign fund and is expected to attract overseas sovereign/quasi- .....

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gal entity from both the point of view of taxation and flexibility. To oversee the activities of the NIIF, it has been decided to constitute a Governing Council with the following composition:- (i) Finance Minister - Chairman (ii) Secretary, DEA - Member (iii) Secretary, Financial Services - Member (iv) Ms Arundhati Bhattacharya - Member (v) Shri Hemendra Kothari - Member (vi) Shri T.V. Mohandas Pai - Member The mandate of the Governing Council includes the approval of the following matters: a. .....

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projects which do not fall within the agreed priority areas under Indo-German Bilateral Development Cooperation. Following two projects have been approved/posed to German side for funding under ODA Plus : Chennai Water Production and Demand Management Programme at Nemmeli, Chennai - Euro 100 million Nagpur Metro Rail Project - Euro 500 million ONE WORLD WITHOUT HUNGER - A SPECIAL INITIATIVE launched by G/o Germany was approved to support the eradication of malnutrition and hunger and the securi .....

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ding was facilitated and signed between MNRE and German government to support Solar Energy Partnership based concessional loans in the range of 1 billion euro over the next five years. LOAN/ AGREEMENT SIGNED DURING THE YEAR: a) Green Energy Corridors project in r/o Himachal Pradesh Power Transmission Corporation Limited (Euro 57 million)-Loan Agreement - with KfW (German Development Bank) b) Green Energy Corridors project in r/o APTRANSCO (Euro 68 million) - with KfW (German Development Bank) c) .....

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0 crore) for bilateral Technical and Financial Cooperation for the period of 2015. French assistance would be around 250 million for this year. Extension of the Indian Development and Economic Assistance Scheme: The Government of India has been extending Lines of Credit to Africa and other developing countries since 2005-06. The scheme has been granted second extension for another five years i.e. from 2015-16 to 2019-20 with the approval of CCEA. Review of Policy on Bilateral Official Developmen .....

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cided to accept offers for bilateral assistance in the form of special loans in addition to the assistance on the normal route. Agreement on Urban Water, Sanitation and Hygiene (WASH): An agreement in this regard was signed between Department of Economic Affairs and U.S. Government (through USAID) on 30th September, 2015. Under this agreement, the Govt. of India and USAID will work together to share expertise, best practices, innovation and technologies in support of India s efforts to strengthe .....

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gh expanded payments acceptance networks and other efforts. Grant Agreements signed with U.S. Trade and Development Agency (USTDA): Following three (03) grant agreements were signed recently with USTDA:- (i) USTDA grant to Airports Authority of India to partially fund the technical assistance cost of goods and services required for a technical assistance on the Provision 2 Body Scanner System Pilot project in India. (ii) USTDA grant to partially fund the cost of goods and services required for f .....

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