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FM: World economy fragile; India appears to be much better placed on back of improvement in its macro-economic fundamentals
Jan 05,2017

The Union Finance Minister Shri Arun Jaitley said though the world economy is quite fragile yet India appears to be much better placed today on the back of improvement in its macro-economic fundamentals. The Finance Minister said that the Governments measures to eliminate the shadow economy and tax evasion are expected to have a positive impact both on GDP and on fiscal consolidation in the long run. The Finance Minister Shri Jaitley was making his Opening Remarks while chairing the Sixteenth Meeting of the Financial Stability and Development Council (FSDC).

The Council reviewed the major issues and challenges facing the economy and noted that India appears to be much better placed today on the back of improvement in its macro-economic fundamentals. The Council also noted that the Governments measures to eliminate the parallel economy and black money are expected to have a positive impact both on GDP and on fiscal consolidation in the long run.

The Regulators offered their suggestions/proposals for the upcoming Budget 2017-18, which were deliberated upon by the Council. The Council also reviewed the present status of NPAs in Banks and the measures taken by Government & RBI for dealing with the stressed assets and discussed on further action in this regard.

FSDC discussed about the various initiatives taken by the Government and Regulators for promoting financial inclusion/financial literacy efforts and discussed further measures for promoting the same.

A Brief Report on the activities undertaken by the FSDC Sub-Committee chaired by Governor, RBI was placed before the FSDC. The Council also undertook a comprehensive review of the action taken by members on the decisions taken in earlier meetings of the Council.

The Council also discussed issues pertaining to Fintech, digital innovations and cyber security. The Council took note of the initiatives taken in this regard by the Government and the Regulators and discussed on further steps to be taken.

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Gartner Forecasts Flat Worldwide Device Shipments Until 2018
Jan 05,2017

Worldwide combined shipments of PCs, tablets, ultramobiles and mobile phones are projected to remain flat in 2017, according to Gartner, Inc. Worldwide shipments for these devices are projected to total 2.3 billion in 2017, the same as 2016 estimates.

There were nearly 7 billion phones, tablets and PCs in use in the world by the end of 2016. However, Gartner does not expect any growth in shipments of traditional devices until 2018, when a small increase in ultramobiles and mobile phone shipments is expected.

The global devices market is stagnating. Mobile phone shipments are only growing in emerging Asia/Pacific markets, and the PC market is just reaching the bottom of its decline, said Ranjit Atwal, research director at Gartner.

As well as declining shipment growth for traditional devices, average selling prices are also beginning to stagnate because of market saturation and a slower rate of innovation, added Mr. Atwal. Consumers have fewer reasons to upgrade or buy traditional devices (see Table 1). They are seeking fresher experiences and applications in emerging categories such as head mounted displays (HMDs), virtual personal assistant (VPA) speakers and wearables.

The embattled PC market will benefit from a replacement cycle toward the end of this forecast period, returning to growth in 2018. Increasingly, attractive premium ultramobile prices and functionality will entice buyers as traditional PC sales continue to decline. The mobile phone market will also benefit from replacements. There is, however, a difference in replacement activity between mature and emerging markets. People in emerging markets still see smartphones as their main computing device and replace them more regularly than mature markets, said Mr. Atwal.

Device vendors are increasingly trying to move into faster-growing emerging device categories. This requires a shift from a hardware-focused approach to a richer value-added service approach, said Mr. Atwal. As service-led approaches become even more crucial, hardware providers will have to partner with service providers, as they lack the expertise to deliver the service offerings themselves.

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Moodys: Global oil and gas industry to see continued tepid prices, belt-tightening in 2017
Jan 05,2017

Oil prices likely will remain volatile and range-bound in the coming year, Moodys Investors Service says in a new report discussing its expectations for the global oil and gas industry. Alongside anticipated changes in US energy policy focused on domestic development and deregulation, the industry will see increased merger & acquisition (M&A) activity in both the North American E&P and midstream sectors.

The rating agencys oil and natural gas price estimates -- within a medium-term oil price band of $40-$60/bbl for both Brent and West Texas Intermediate (WTI) crude globally and in North America -- remain unchanged for 2017-19 from its November 2016 update. Moodys expects prices to remain volatile within this band.

We foresee three possible scenarios for oil prices in 2017, each with their own impact on ratings, says Moodys managing director, Steve Wood. If they retreat to the low $40s, stress in the oil and gas industry will again increase, while prices in the mid-to-high $40s would continue to offer some relief for oil producers. At a sustainable mid-$50/bbl level, however, we could take more positive rating actions on integrated and exploration and production companies.

Under the Trump administration, US energy policy likely will prioritize domestic oil and coal production, in addition to reducing federal regulatory burdens. Energy infrastructure projects would benefit most immediately, but the success of other policy goals, such as easing the permitting and leasing of new coal mines, will depend on their ability to generate favorable economic returns. Meanwhile, a US failure to work toward the Paris Climate Agreement commitments could lead to a carbon tax on US exports or other retaliatory trade measures.

Increasing confidence in the oil and gas industrys prospects will spur acquisition activity among North American exploration and production (E&P) firms, Moodys says. Debt and equity markets are again offering financing for producers seeking to re-position and enhance their asset portfolios after a lull. M&A will also pick up in the midstream sector. At the same time, integrated oil and gas firms will continue to improve their cash flow metrics and leverage profiles by cutting operating costs, further reducing capital spending and divesting assets.

Even so, the oilfield services and drilling (OFS) sector is in for another tough year, with continued weak customer demand, overcapacity and a high debt burden.

Demand for the services of OFS companies will grow only very gradually next year, while pricing recovery and cash flow growth will lag those of upstream customers by at least a year, Wood says. Within the broader energy sector, we expect the OFS sector to suffer the most defaults in 2017 as more companies run out of cash and credit lines, struggle with debt covenants and maturities and produce barely breakeven cash flow.

Meanwhile, EBITDA growth of 5% or less in 2017 will strain the North American midstream sectors ability to reduce debt leverage, in some cases putting investment-grade ratings at risk. Midstream growth capital spending will again drop by about 20%, with slower growth leading more companies to resort to self-help measures to address balance-sheet, funding and distribution concerns.

And though funding risk has declined somewhat for Latin Americas national oil companies, it will remain an issue for years to come, given tight capital market conditions and volatile oil and gas prices and cash flows, Moodys says. Meanwhile, Russias agreement to cut oil production next year poses little difficulty for the countrys oil companies, since the move effectively freezes production rates and likely will entail the resumption of cuts in Western Siberia, which is already in decline.

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Moodys and ICRA: Stable outlook for Indian corporates reflects sustained economic growth
Jan 05,2017

Moodys Investors Service and its Indian affiliate, ICRA, say that their stable outlook for non-financial corporates in India (rated Baa3 positive by Moodys) over the next 12-18 months reflects in large part the countrys sustained economic growth.

Strong GDP growth, capacity additions and stabilizing commodity prices will support EBITDA growth of 6%-12% over the next 12-18 months, says Laura Acres, a Managing Director in Moodys Corporate Finance Group.

Moodys also points out that the capex cycle for Indian corporates has peaked, as projects near completion, and declining investments will slow the pace of borrowing over the next 12-18 months. Moreover, refinancing needs are manageable for most corporates in 2017, given their better access to the capital markets and large cash balances.

As for specific sectors, our outlook for the power, hotel and sugar industries is stable, while that for the real estate and cement sectors is negative, says Subrata Ray, Senior Group President and Head of Research for ICRA.

ICRA says that distribution utilities will benefit from the lower cost of power purchases, due to improved domestic coal availability, the subdued tariff level of short-term traded power, and flexibility provided by the government to generating companies for the optimal utilization of coal.

ICRA also points out that an improvement in domestic coal availability has substantially mitigated coal supply risk and the risk of under-recovery in fuel costs n++ due to a reliance on costlier coal imports n++ for thermal independent power producers.

Moodys stable outlook for exploration & production companies reflects higher production volumes, low subsidy burdens and a recovery in oil prices, which will offset lower natural gas prices and higher royalty payments.

In the refining & marketing segment, Moodys says that its stable outlook is based on the fact that capacity additions will partly offset weaker refining margins, while marketing margins will remain stable.

Moodys also maintains a stable outlook on the Indian telecommunications sector. Moodys says that while companies in this sector face intensifying competition n++ which will pressure margins n++ such a situation should be offset by growth in data consumption.

As for the auto sector, Moodys says that its outlook for the industry is stable, because companies in this industry should benefit from improving customer sentiment, following an above-average monsoon season, as well as likely falling vehicle prices, after the implementation of the goods and services tax in April 2017 that will replace a web of taxes. In the near term, however, sales volumes could be negatively affected by demonetization.

ICRA explains that its outlook on the cement sector is negative, because cement demand growth n++ which has stagnated around the mid-single digit over the last few years n++ will likely be further negatively affected by demonetization through the real estate sector, which is a major consuming segment.

In the short-term, ICRA says that the cement industry will likely experience stretched receivables, given their need to provide liquidity to offset the impact of demonetization. ICRA points out that cement prices have fallen across regions following demonetization; this situation, combined with increased input prices n++ such as petcoke and rising freight costs n++ will adversely affect profitability.

ICRAs outlook on the sugar sector is stable. ICRA expects domestic sugar production to fall 8% during October 2016 - September 2017 on lower cane availability, owing to poor monsoons in CY 2015. While monsoons have been relatively better in CY 2016, its impact on sugarcane production will be felt only between October 2017- September 2018. Accordingly, ICRA expects sugar prices to remain firm in the near-term, on lower production, low sugar stocking levels and a global supply deficit.

ICRA points out that while sugar prices have remained strong, cane prices have only increased modestly. This situation, along with strong by-product prices for molasses, alcohol, and bagasse should support profit margins for sugar companies. However, company balance sheets will remain under strain, due to past losses.

With the real estate sector, Moodys expects the countrys demonetization to negatively affect sales volumes. Nevertheless, volumes will start to pick up, as interest rates fall.

On the hotel industry, ICRA says that large supply additions n++ which had plagued the industry in the past several years n++ will likely moderate to a compound annual growth rate of about 8% over the next four years.

Based on the improved supply absorption n++ supported by double-digit growth in demand n++ ICRA expects a gradual improvement in revenue per available room. Better profit margins will also improve debt coverage indicators.

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Moodys Liquidity-Stress Index falls again in December, points to fewer defaults in year ahead
Jan 05,2017

Moodys Liquidity-Stress Index (LSI) extended its declining trend in the final month of 2016, pointing to a more benign default environment in the year ahead, the rating agency says in its most recent edition of SGL Monitor Flash. The speculative-grade liquidity gauge fell for a ninth straight month in December, to 5.9% from 6.0% in November.

Moodys Liquidity-Stress Index falls when corporate liquidity appears to improve and rises when it appears to weaken.

The LSI enters 2017 on a much calmer tone than it began 2016, with the energy sector strains that drove liquidity weakness and pushed up defaults now moderating, said Senior Vice President, John Puchalla. Meanwhile, a steady stream of new speculative-grade issuance continues to provide lower-rated companies with liquidity support, while generally positive economic sentiment should help them maintain healthy cash flows.

Moodys forecasts that the US speculative-grade default rate will fall to about 4.0% by the end of 2017, from 5.6% currently.

In December, downgrades of Moodys speculative-grade liquidity (SGL) ratings exceeded upgrades due mainly to company-specific or transaction-related issues. SGL rating volatility declined as 2016 progressed, and will be considerably more muted this year now that the worst of the energy crisis has passed. Decembers SGL ratings downgrades included two retailers, one being the indirect parent of J. Crew, Chinos Intermediate Holdings A, Inc., which has been experiencing operating pressures, as well as broadcast company iHeartCommunications, Inc.

As investors continued their hunt for yield in a low interest rate environment, combined speculative-grade loan and bond issuance jumped roughly 20% in 2016, despite a slow start to the year, according to Dealogic data. In 2017, the prospect of higher interest rates could create selective challenges for low-rated companies with weaker operating performance, Moodys says, but these wont be of the same magnitude as energy companies confronted in 2016.

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Revoke notification vis-n++-vis input tax credit withdrawal on natural gas by Gujarat govt.: ASSOCHAM
Jan 05,2017

In the larger interest of industries, apex industry body ASSOCHAM has urged the Union Government to immediately get revoked the notification vis-n++-vis withdrawal of input tax credit on inter-state sale/branch transfer of natural gas issued by Finance Department of Gujarat government on November 28, 2016.

n++Consequent to this notification, cost of Re-gasified Liquefied Natural Gas (RLNG) supplied by Petronet LNG, a Gujarat-based public sector undertaking (PSU) to other PSU gas distributors like GAIL India, Indian Oil Corporation (IOCL) has shot up from four per cent to 15 per cent,n++ highlighted ASSOCHAM in a communication addressed to Union Minister for Commerce and Industry, Ms Nirmala Sitharaman and Finance Minister of Gujarat, Mr Nitin Patel.

n++These PSUs have passed on the increase in tax to industry outside Gujarat, thus making RLNG costlier by 11 per cent with adverse impact ranging from Rs 2.50 to Rs three per standard cubic meter (scm),n++ noted the letter.

Considering that many industries are stuck with long-term supply agreements with PSU distributors of costly RLNG and therefore cannot switch over to cheaper alternate source of energy due to take or pay clause in said agreements.

n++This notification has thus made matters worse by making RLNG further costlier hitting industries outside Gujarat very hard,n++ highlighted the ASSOCHAM letter.

n++At a time when trade and industry are moving towards implementation of goods and services tax (GST), this withdrawal of input tax credit is unjust for industries outside Gujarat as it is making them highly uncompetitive,n++ it added.

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Central Board of Direct Taxes signs three more Advance Pricing Agreements pertaining to the Engineering Goods and Shipping sectors
Jan 05,2017

The Central Board of Direct Taxes (CBDT) has started the year 2017 by entering into three unilateral Advance Pricing Agreements (APAs).

The three APAs signed pertain to the Engineering Goods and Shipping sectors of the economy. The international transactions covered in these agreements include Intra-group Services and Support Services.

With this, the total number of APAs entered into by the CBDT has reached 120 which includes 7 bilateral APAs and 113 Unilateral APAs. A total of 56 APAs (4 bilateral APAs and 52 unilateral APAs) have been entered into in the current financial year till date. The CBDT expects more APAs to be concluded and signed in the near future.

The APA Scheme was introduced in the Income-tax Act in 2012 and the n++Rollbackn++ provisions were introduced in 2014. The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance. Since its inception, the APA scheme has evinced a lot of interest from taxpayers and that has resulted in more than 700 applications (both unilateral and bilateral) being filed in just four years.

The progress of the APA Scheme strengthens the Governments resolve of fostering a non-adversarial tax regime. The Indian APA programme has been appreciated nationally and internationally for being able to address complex transfer pricing issues in a fair and transparent manner. The approach and functioning of the officers in the APA teams have been appreciated and acknowledged by the industry in India and abroad.

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Government issues notification of Indian Skill Development Service
Jan 04,2017

The Ministry of Skill Development and Entrepreneurship (MSDE) has issued the notification of setting up of Indian Skill Development Services (ISDS). This service has been created for the Training Directorate of the Ministry of Skill Development and Entrepreneurship.

The purpose of instituting a formal service in Group A category was initiated almost two years back when the Ministry was formed and the union cabinet approved its creation on October 7, 2015. With notification of this service the skill ecosystem is expected to get strengthened and modernised in line with the current scientific and industrial development in the country.

ISDS will be a Group A service where induction will take place through Indian Engineering Service Examination conducted by UPSC. It is an attempt to attract young and talented administrators for Skill Development. The knowledge acquired by the engineers recruited will give new impetus to the initiative of the government to the skill development and also efficient and effective implementation of the schemes. In years to come the ministry will be able to create a workforce of trained skill administrators who will enable us to achieve the goal of increased skilled youths. Administered training is paramount to face big challenge of skilling Indians. Under the leadership of Prime Minister skill development has taken a priority with a hope that Skill India mission will supply huge human resource not only in India but also Internationally. This is a step forward to meet the target of skilling 500 million people by 2022.

The Training Directorate is involved in implementation of various schemes like Craftsmen Training Scheme (CTS) covering 126 trades, Apprenticeship Training Scheme (ATS) covering 259 trades and Skill Development Initiative Scheme (SDIS) for the Modular Employable Skill (MES) covering 578 modules. The Training Directorate also conducts examinations and awards certificates under National Council of Vocational Training (NCVT), they also organise advance skill training supervisory training staff training through its various field institutes spread across country.

The Indian Skill Development Service (ISDS) will have 263 all India posts. The cadre shall comprise of 3 posts at Senior Administrative Grade, 28 posts at Junior Administrative Grade, 120 posts at Senior Time Scale and 112 posts at Junior Time Scale. The Academy for training of the cadre will be National Institute of Skill Development.

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Helpline for Handloom Weavers BunkarMitra starts functioning
Jan 04,2017

n++BunkarMitran++, the Government of Indias Helpline for Handloom Weavers, went live today. The helpline was launched by the Union Textiles Minister Smt. Smriti Zubin Irani.

Interacting with an official of the call centrehousing the helpline agents, the Minister said that the helpline is a great mix of technology, youth and tradition. She told the officials of the Ministry to monitor issues on which maximum complaints are received, so that corrective actions can be taken accordingly.

The helpline provides a single point of contact to handloom weavers across the country for addressing queries and providing guidance. This helpline can be accessed by dialing the toll free number 1800-208-9988. Weavers can call from anywhere in India, from any number. The service is available from 10.00 A.M to 06.00 P.M, on all 7 days of the week, in seven languages: Hindi, English, Tamil, Telugu, Bengali, Kannada and Assamese.

The following services are available through this helpline:

n++Assistance on technical issues.

n++Guidance for:

n++Raw material supply.

n++Availing credit facility.

n++Quality control.

n++Access to marketing linkages.

n++Information about various schemes and procedure to avail benefits.

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States with over 90% of Total DISCOM Debts covered under UDAY: Shri Piyush Goyal
Jan 04,2017

Union Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, Shri Piyush Goyal launched the Ujwal DISCOM Assurance Yojana (UDAY) Web Portal & Mobile App. It would track and monitor the progress of DISCOMs on operational and financial parameters under the UDAY scheme. An important part of the Digital India Initiative, the portal/app will ensure transparency, enhance accountability of various stakeholders and facilitate view of near real time progress, enabling consumers to demand better services for themselves.

Giving details of the UDAY portal/app, Shri Goyal informed that it would provide details of latest progress made by various DISCOMs, as recent as last month/quarter. The DISCOM-level data will be integrated into State level and National level, which will be processed and used for advanced performance analysis. The National, State and DISCOM level dashboards will thus provide a snapshot of latest financial and operational performance at various levels in public domain.

The Minister said that the portal/app is a logical follow-up to the MoUs signed by the States under UDAY, not only to enable monitoring of the progress made by the DISCOMs at Central Ministry level, but also for making future schemes/plans for improving DISCOMs performance. This will be the first time when the performance metrics of various DISCOMs will be available in a single platform, which shall promote healthy competition amongst the DISCOMs/States. This will bring about an ethos of Competitive Federalism among different States to achieve best progress in public schemes, especially in the power sector, Shri Goyal added.

Praising the advent of transparency and accountability with the launch of web portals and mobile apps, Shri Goyal said that the implementation of public programmes and schemes has become a Citizen Process, as these portals and apps have placed all the information in public domain for scrutiny. Suppliers can also develop their capabilities by understanding the focus area of the Utilities, resulting in improved performance by them, he added.

Giving examples of achievements in UDAY among States, the minister quoted the Rajasthan Discom where, in less than two years, annual losses of around Rs. 15000 crores will soon be converted into profits. He also talked about Haryanas progress, where as an example, all 173 villages in Panchkula have received 24x7 Power Supply. Shri Goyal encouraged officials of the Ministry to think innovatively and come out with performance based rewards for best performing States under UDAY. He also talked about starting a Citizen Poll to receive feedback on the ground level achievements of different schemes, which would help recalibrating their implementation process.

During the event, the States of Telangana and Assam joined UDAY by signing Memorandums of Understanding (MOUs) with the Ministry of Power for operational and financial turnaround of their respective DISCOMs, making the tally in the UDAY Club to 20. States with over 90% of total DISCOM debts covered under UDAY, Shri Goyal added.

While the Government of Telangana would take over Rs.8923 crores of the total Rs.11897 crores of DISCOM debt, the Government of Assam would take over Rs.928 crores out of total Rs.1510 crores DISCOM Debt (being 75% of their respective DISCOM debt outstanding as on 30 September 2015, as envisaged in the scheme) and the balance debt would be re-priced or issued as State guaranteed DISCOM bonds. This would amount to annual saving in the interest cost of Rs. 387 crores to Telangana and Rs. 37 crores to Assam respectively. The interest cost on future borrowings is also expected to reduce, providing a saving of around Rs.30-40 crores to these States.

In case of Telangana, the reduction in AT&C losses and transmission losses to 9.95% and 3% respectively is likely to bring additional revenue of around Rs.1476 crores, during the period of turnaround, whereas additional revenue of Rs. 699 crores would accrue to Assam on reduction of AT&C losses and transmission losses to 15% and 3.4% respectively.

The gains to these states through Demand Side interventions in UDAY such as usage of energy-efficient domestic as well as industrial/commercial equipment is expected to be around Rs. 1200 crores & Rs. 260 crores respectively. The States of Telangana and Assam are also expected to benefit around Rs. 2250 crores and Rs. 520 crores respectively on account of the support being extended by the Centre through various coal reform measures.

An overall net benefit of approximately Rs. 6116 crores and Rs. 1663 crores would accrue to these States viz. Telangana and Assam respectively, under UDAY, by way of savings in interest cost, reduction in AT&C and transmission losses, interventions in energy efficiency, coal reforms etc. during the period of turnaround.

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Cabinet approves MoU between India and Kenya on bilateral cooperation in the field of agriculture and allied sectors
Jan 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved signing of a Memorandum of Understanding (MoU) between India and Kenya on bilateral cooperation in the field of agriculture and allied sectors.

The MoU covers various activities in these fields which include agricultural research, animal husbandry and dairy, livestock and fisheries horticulture, natural resource management, post-harvest management and marketing, soil and conservation, water management, irrigation farming systems development and integrated watershed development integrated pest management, agricultural plant, machinery and implements, sanitary and phytosanitary issues.

The MoU provides for constitution of a Joint Working Group comprising of representatives from both countries, the task of which would be to develop detailed cooperation programmes and monitor implementation of the MoU.

The MoU shall enter into force on the day of signing and shall remain valid for a period of five years and shall automatically be renewed for a subsequent period of five years unless either Party notifies the other in writing, six months before the expiry of the validity period of the intention to terminate it.

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Cabinet approves signing of MoU between India and Portugal in the field of agriculture and allied sectors
Jan 04,2017

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has given its approval for signing of an Agreement for cooperation in the field of Agriculture and allied sectors between India and Portugal.

The Agreement covers various activities in these fields which include exchange of scientific and technical information, trade in plants and plant products, exchange of information in phytosanitary issues, training programmes, seminars and visits of experts and consultants.

The Agreement provides constitution of a Joint Working Group comprising of representatives from both countries, the task of which would be to monitor the implementation of the present MoU and making concrete proposals for agriculture cooperation and develop guidelines and priorities for future cooperation in the field of agriculture and allied sectors.

The Agreement shall enter into force on the date of its signing and shall remain in force for a period of five years and shall be automatically extended for a subsequent period of five years unless either Party gives written notice through diplomatic channels to the other Party of its intention to terminate the Agreement at least six months before its expiration.

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Cabinet approves Agreement between India and Uruguay regarding Cooperation and Mutual Assistance in Customs Matters
Jan 04,2017

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved signing and ratifying an Agreement between India and Uruguay regarding 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.

The draft 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, the authenticity of certificates of origin of goods and the description of the goods traded between the two countries.

Background:

Uruguay is an important trading partner of India among members of the MERCOSUR, a trading block in Latin America. India signed a Preferential Trade Agreement (PTA) with the MERCOSUR which came into effect from 1st June, 2009. Trade between India and the Uruguay has been expanding gradually. 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 draft text of the proposed Agreement has been finalized with the concurrence of the two Customs Administrations.

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Cabinet approves land transfer from Delhi Development Authority for Second Diplomatic Enclave
Jan 04,2017

The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved the transfer of 34.87 Ha land in Sector 24, Dwarka, New Delhi from Delhi Development Authority to Land and Development Office (L&DO) for the purpose of the Second Diplomatic Enclave.

Currently, there is one Diplomatic Enclave in Chanakyapuri, where land has been allotted to the Embassies by L&DO. MEA has expressed need for more land for allotment to Diplomatic Missions/ International Organizations for building their Chanceries/ Embassies in Delhi. For this DDA has earmarked 34.87 Ha land in Sector 24, Dwarka, which will be transferred to L&DO. This will provide land for Second Diplomatic Enclave in the capital.

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Cabinet approves transfer of 34.87 Ha land in Sector 24, Dwarka, New Delhi from Delhi Development Authority to L&DO
Jan 04,2017

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved the transfer of 34.87 Ha land in Sector 24, Dwarka, New Delhi from Delhi Development Authority to Land and Development Office (L&DO) for the purpose of the Second Diplomatic Enclave.

Currently, there is one Diplomatic Enclave in Chanakyapuri, where land has been allotted to the Embassies by L&DO. MEA has expressed need for more land for allotment to Diplomatic Missions/ International Organizations for building their Chanceries/ Embassies in Delhi. For this DDA has earmarked 34.87 Ha land in Sector 24, Dwarka, which will be transferred to L&DO. This will provide land for Second Diplomatic Enclave in the capital.

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