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Bajaj Global to hold board meeting
May 17,2017

Bajaj Global will hold a meeting of the Board of Directors of the Company on 25 May 2017, to consider and approve the Audited Financial Results for the Fourth Quarter and Year ended as on 31st March, 2017 and also to consider and approve the Shifting of the Registered Office of the Company within the local limits of the city.

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Cabinet approves construction of 10 units of Indias indigenous Pressurized Heavy Water Reactors (PHWR)
May 17,2017

In a significant decision to fast-track Indias domestic nuclear power programme, and give a push to countrys nuclear industry, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for construction of 10 units of Indias indigenous Pressurized Heavy Water Reactors (PHWR). The total installed capacity of the Plants will be 7000 MW. The 10 PHWR project will result in a significant augmentation of nuclear power generation capacity.

India has current installed nuclear power capacity of 6780 MW from 22 operational plants. Another 6700 MWs of nuclear power is expected to come onstream by 2021-22 through projects presently under construction. As the government marks three years of its nation and people centric governnace, in a first of its kind project for Indias nuclear power sector, the ten new units will come up in fleet mode as a fully homegrown initiative. It would be one of the flagship n++Make in Indian++ projects in this sector.

With likely manufacturing orders of close to 70,000 crores to the domestic industry, the project will help transform Indian nuclear industry by linking our goal of a strong nuclear power sector with our indigenous industrial capacities in high-end technologies.

This Project will bring about substantial economies of scale and maximise cost and time efficiencies by adopting fleet mode for execution. It is expected to generate more than 33,400 jobs in direct and indirect employment. With manufacturing orders to domestic industry, it will be a major step towards strengthening Indias credentials as a major nuclear manufacturing powerhouse.

The ten reactors will be part of Indias latest design of 700 MW PHWR fleet with state-of-art technology meeting the highest standards of safety.

The approval also marks a statement of strong belief in the capability of Indias scientific community to build our technological capacities. The design and development of this project is a testament to the rapid advances achieved by Indias nuclear scientific community and industry. It underscores the mastery our nuclear scientists have attained over all aspects of indigenous PHWR technology. Indias record of building and operating PHWR reactors over the last nearly forty years is globally acclaimed.

The Cabinets decision reflects the Governments commitment to prioritise the use of clean power in Indias energy mix, as part of low-carbon growth strategy and to ensure long-term base load requirement for the nations industrialization.

It also supports Indias commitment to sustainable development, energy self-sufficiency and bolsters global efforts to combat climate change.

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Bluechip Stockspin to hold board meeting
May 17,2017

Bluechip Stockspin will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider, approve and take on record the Audited Financial Results for the Quarter and Financial Year ended March 31, 2017.

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Prakash Woollen & Synthetic Mills to hold board meeting
May 17,2017

Prakash Woollen & Synthetic Mills will hold a meeting of the Board of Directors of the Company on 26 May 2017, to consider and approve the Audited Financial Results for the financial year ended on 31st March,2017 and Audited Financial Results for the quarter ended on 31st March, 2017.

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IP Rings to hold board meeting
May 17,2017

IP Rings will hold a meeting of the Board of Directors of the Company on 25 May 2017, to consider and take on record the Audited Financial Results of the Company for the quarter and year ended March 31, 2017.

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La Tim Metal & Industries to hold board meeting
May 17,2017

La Tim Metal & Industries will hold a meeting of the Board of Directors of the Company on 24 May 2017, to approve the audited financial results for the quarter and year ended 31 March 2017, and any other matter with the permission of the Chair.

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KCCL Plastic to hold board meeting
May 17,2017

KCCL Plastic will hold a meeting of the Board of Directors of the Company on 26 May 2017, to consider audited results for 31st March 2017..

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Cabinet approves MoU between India and Australia on Cooperation in Combating International Terrorism and Transnational Organized Crime
May 17,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given ex-post facto approval to the Memorandum of Understanding (MoU) between India and Australia on Cooperation in Combating International Terrorism and Transnational Organized Crime.

The proposed MoU would strengthen the relationship between India and Australia for building peace and stability in the region through exchange of information, expertise, experience and capacity building.

The MoU is an effective framework to deal with all issues requiring interaction and cooperation in the areas identified.

The mutual cooperation would facilitate the institutional interactions between the two countries. The MoU, once in force, would help in curbing combating International Terrorism and Transnational Organized Crime.

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Cabinet approves Faculty Exchange Agreement between National Defence College, New Delhi and National Defence College, Dhaka, Bangladesh
May 17,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval to the Faculty Exchange Agreement signed between the National Defence College, New Delhi and National Defence College, Dhaka, Bangladesh.

The objective of the Agreement is to institutionalize regular exchange programs and establish sustainable mechanisms between the two National Defence Colleges with an aim to enhancing mutual cooperation in the field of national security, development and strategic studies.

Given the geographical and cultural closeness between the two countries, there are many common challenges like countering terrorism that needs joint action. Hence, there is a need for better coordination and cooperation among the armed forces. The exchange of faculty members of the premier institutes will help to bring symmetry in the capacities of the armed forces and contribute to countering and managing common threats and challenges much better.

The Agreement establishes the framework for enhanced cooperation in the field of military education concerning strategic and operational studies.

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Cabinet approves Amendment of the Ancient Monuments and Archaeological Sites and Remains Act, 1958
May 17,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the introduction of the Ancient Monuments and Archaeological Sites Remains (Amendment) Bill, 2017 in the Parliament.

To make way for certain constructions limited strictly to public works and projects essential to public within the prohibited area, the following amendments have been approved:

i) Insertion of a new definition of n++public worksn++ in section 2 of the Act.

ii) Amendment to section 20A of the Act so as to allow any Department or Office of the Central Government to carry out public works in the prohibited area after obtaining permission from the Central Government.

iii) Insertion of a new clause (ea) to section 20-I of the principal Act

Background:

The Ancient Monuments and Archaeological Sites Remains Act, 1958 (as amended in the year 2010) prohibits grant of any permission for new construction within the prohibited area of a centrally protected monument/ site.

Prohibition of new construction within prohibited area is adversely impacting various public works and developmental projects of the Central Government.

The amendment will pave way for certain constructions limited strictly to public works and projects essential to public within the prohibited area and benefit the public at large.

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Board of Whirlpool of India recommends final dividend
May 17,2017

Whirlpool of India announced that the Board of Directors of the Company at its meeting held on 16 May 2017, inter alia, have recommended the final dividend of Rs 3 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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Board of Vardhman Holdings recommends final dividend
May 17,2017

Vardhman Holdings announced that the Board of Directors of the Company at its meeting held on 16 May 2017, inter alia, have recommended the final dividend of Rs 5 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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Cabinet approves amendment of the Public Premises (Eviction of Unauthorized Occupants) Act, 1971
May 17,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for amendment in Section 2 and Section 3 of the Public Premises (Eviction of Unauthorised Occupants) Act, 1971 (PPE Act, 1971), by inserting definition of residential accommodation occupation in a new clause in section 2 of the Act and inserting provisions relating to eviction from residential accommodation occupation in a new sub-section 3B below sub-section 3A of Section 3 of the Act.

The Amendment will enable the Estate officer to apply summary proceedings for evicting unauthorised occupants from residential accommodations allotted for a fixed tenure or for a period he/she holds office on the basis of an order of allotment on licence basis, as non-vacation of such residences leads to unavailability of houses to new incumbents.

Thus, now, the Estate Officer can make such inquiry as he deems expedient in the circumstances of the case and thus do not have to follow the elaborate procedures prescribed as per sections 4, 5 and 7 of the Act. Estate Officers can even make an order for the eviction of such persons forthwith following the procedure proposed in the new section. If such persons refuse or fail to comply with the said order of eviction, Estate Officer may evict them from premises and take possession thereof and may, for that purpose, use such force as may be necessary.

The amendment will thus facilitate smooth and speedy eviction of unauthorised occupants from government residences.

As a consequence to these amendments, Government of India can now ensure that the unauthorised occupants are evicted from government residence in a speedy and smooth manner and the vacated accommodations are made available to eligible Govt. employees thus reducing the waiting period.

The amendments will facilitate smooth and speedy eviction of unauthorised occupants from government residence, as non-vacation in time leads to unavailability of houses to new incumbents and will increase the availability of the residential accommodation benefitting the waitlisted persons.

The beneficiaries include the employees of the Central Government offices who are eligible for General Pool Residential Accommodation (GPRA) and waiting for the maturity of their turn.

Background:

The Government of India has to evict unauthorized occupants from Government accommodations under the provisions of PPE Act, 1971. However, the eviction proceedings take unusually long time, thereby reducing the availability of govt. accommodations to new incumbents.

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Cabinet approves Agreement between India and Tajikistan on Cooperation and Mutual Assistance in Customs Matters
May 17,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing and ratifying, an Agreement between India and Tajikistan on Cooperation and Mutual Assistance in Customs Matters.

The Agreement will help in the availability of relevant information for the prevention and investigation of Customs offences. The Agreement is also expected to facilitate trade and ensure efficient clearance of goods traded between the countries.

Background:

The Agreement would provide a legal framework for sharing of information and intelligence between the Customs authorities of the two countries and help in the proper application of Customs laws, prevention and investigation of Customs offences and the facilitation of legitimate trade. The Agreement takes care of Indian Customs concerns and requirements, particularly in the area of exchange of information on the correctness of the Customs value declared, origin of goods and the tariff classification of the goods traded between the two countries.

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Cabinet approves signing of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting by India
May 17,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. The Convention is an outcome of the OECD / G20 BEPS Project to tackle base erosion and profit shifting through tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic activity, resulting in little or no overall corporate tax being paid.

The Final BEPS Project identified 15 actions to address BEPS in a comprehensive manner. Implementation of the Final BEPS Package requires changes to more than 3000 bilateral tax treaties which will be burdensome and time consuming. In view of the same, the Convention was conceived as a Multilateral instrument which would swiftly modify all covered bilateral tax treaties (Covered Tax Agreements / CTA) to implement BEPS measures. For this purpose, formation of an Ad-hoc Group for the development of such multilateral instrument was endorsed by the G20 Finance Ministers and Central Bank Governors in February 2015.

Background:

India was part of the Ad Hoc Group of more than 100 countries and jurisdictions from G20, OECD, BEPS associates and other interested countries, which worked on an equal footing on the finalization of the text of the Multilateral Convention, starting May 2015. The text of the Convention and the accompanying Explanatory Statement was adopted by the Ad hoc Group on 24 November 2016.

The Convention implements two minimum standards relating to prevention of treaty abuse and dispute resolution through Mutual Agreement Procedure. The Convention will not function in the same way as an Amending Protocol to a single existing treaty, which would directly amend the text of the Covered Tax Agreements. Instead, it will be applied alongside existing tax treaties, modifying their application in order to implement the BEPS measures. The Convention ensures consistency and certainty in the implementation of the BEPS Project in a multilateral context. The Convention also provides flexibility to exclude a specific tax treaty and to opt out of provisions or parts of provisions through making of reservations.

The Convention has been opened for signature as on 31st December 2016 and a first joint signing ceremony is scheduled to be held in Paris on 7th June, 2017. Signature is the first step in the process of expressing consent to be bound by the Convention, which will become binding only upon ratification. A list of Covered Tax Agreements as well as a list of reservations and options chosen by a country are required to be made at the time of signature or when depositing the instrument of ratification.

Cabinet approval has been sought for the signing of the Convention by India. It is also proposed to make a provisional list of Covered Tax Agreements and a provisional list of reservations at the time of signature in June, 2017. Final lists for both will be submitted by India at the time of submission of instrument of ratification.

Signing of the Multilateral Convention will enable the application of BEPS outcomes through modification of existing tax treaties of India in a swift manner. It is also in Indias interest to ensure that all its treaty partners adopt the BEPS anti-abuse outcomes. Signing of the Convention will enable curbing of revenue loss through treaty abuse and base erosion and profit shifting strategies by ensuring that profits are taxed where substantive economic activities generating the profits are carried out and where value is created.

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