Indian Tax Solution
The Union Cabinet chaired by Prime Minister Narendra Modi today approved a number of important decisions, including one on strategic divestment of government assets. The decisions were taken a day after PM Modi exhorted citizens to come forward for the creation of a 'New India' by 2022. "We now have five years before we reach the 75th year of our independence. Our united resolve, strength and determination to work hard remembering the memory of our great patriots will help us to build an India of their dreams by 2022. Therefore, we have to take the country forward with a pledge to build a New India," PM Modi had said from Red Fort on the occasion of India's 71st Independence Day.
Here are the details of all the decisions taken by the Modi Cabinet provided by PIB:
Strategic Disinvestment: To help speedy completion of strategic disinvestment transactions, Cabinet Committee on Economic Affairs approved the proposal of Department of Investment and public Asset Management (DIPAM) for the strategic disinvestment of the following:
(a) For setting up an Alternative Mechanism (AM) consisting of the Finance Minister, Minister for Road Transport & Highways and Minister of Administrative Department, to decide on the matters relating to terms and conditions of the sale from the stage of inviting of Express of Interests (Eols) till inviting of financial bid; and
(b) For empowering Core Group of Secretaries (CGD) to take policy decisions with regard to procedural issues and to consider deviations as necessary from time to time for effective implementation of decisions of CCEA.
Closure of Andaman & Nicobar Islands Forest and Plantation Development Corporation Limited (ANIFPDCL), Port Blair: ANIFPDCL is a Central government undertaking. The closure will help to stop unproductive loans to ANIFPDCL from Government of India and enable a more productive utilization of assets.
For this, willing employees will be offered Voluntary Retirement Scheme (VRS)/Voluntary Separation Scheme (VSS) package and by retrenchment under Industrial Disputes Act, 1947 of those not opting for VRS/VSS including settlement of other liabilities, if any. Therea re 836 employess on the rolls of the Corporation.
ANIFPDCL was set up in 1977 to development and managing forestry plantations in the Islands. The ANIFPDCL has been operating three main projects viz., Forestry Project, Red Oil Palm Project (ROP) and Katchal Rubber Project (KRP).
Creation of 7 posts of Principal Director and 36 posts of Director on regular basis in the Armed Forces Headquarters Civil Service, Ministry of Defence as part of restructuring. Creation of regular posts in the AFHQ Civil Service will alleviate stagnation the cadre.
Budgetary Support under GST to eligible units located in States of Jammu & Kashmir, Uttarakhand, Himachal Pradesh and North Eastern States including Sikkim: Budgetary support of Rs 27,413 crore for the said Scheme has been approved for the period from 1.7.2017 till 31.03.2027 for such industrial units located in these States which availed the benefit of Central Excise exemption prior to coming into force of GST regime.
MoU between India and Sweden on IPRs: It establishes a wide ranging and flexible mechanism through which both countries can exchange best practices and work together on training programs and technical exchanges.
The MoU will enable India to exchange experiences in the innovation and IP ecosystems that will substantially benefit entrepreneurs, investors and businesses on both sides. The exchange of best practices between the two countries will lead to improved protection and awareness about India's range of Intellectual creations which are as diverse as its-people.
New Metro Rail Policy: It seeks to enable realization of growing metro rail aspirations of a large number of cities but in a responsible manner. "Private participation either for complete provision of metro rail or for some unbundled components (like Automatic Fare Collection, Operation & Maintenance of services etc) will form an essential requirement for all metro ra il projects seeking central financial assistance" says the policy, to capitalize on private resources, expertise and entrepreneurship.
One post of Director and three non-teaching posts for NIT, Andhra Pradesh:One post of Director with basic pay of Rs. 75,000/- + a special allowance of Rs,5000/- and three non-teaching posts (Registrar, Librarian and Principal Students Activity & Sports (SAS) Officer) with Grade Pay of Rs.10,000/- for National institute of Technology (NIT), Andhra Pradesh has been approved.
Creation of a single non-lapsable corpus fund for Secondary and Higher education from the proceeds of Cess for Secondary and Higher Education levied under Section 136 of Finance Act, 2007: This will allow creation of a non-lapsable pool in the Public Account for secondary and higher, education known as 'Madhyamik and Uchchtar Shiksha Kosh' (MUSK) into which all proceeds of 'Secondary and Higher Education Cess' will be credited.
The funds arising from the MUSK would be utilized for schemes in the education sector which would be available for the benefit of students of secondary and higher education, all over the country.
Completion of balance works of North Koel Reservoir Project: Approval has been given for the proposal to complete the balance works of the North Koel Reservoir Project in Jharkhand and Bihar at an estimated expenditure of Rs.1622.27 crore to be incurred during three financial years from the start of the project.
Extra Budgetary Resources up to Rs. 9020 crore for Long Term Irrigation Fund during the year 2017-18: Cabinet has given its approval for raising Extra Budgetary Resources (EBR) of upto Rs. 9020 crore as per the requirement during 2017-18 by NABARD through issuance of Bonds for ensuring lending rate of 6% per annum (pa) in respect of borrowings for implementation of Accelerated Irrigation Benefits Programme (AIBP) works of 99 ongoing prioritized irrigation projects along with their command area development (CAD) works under PMKSY.
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