Important Union Cabinet decisions on 27th June
- Capital infusion of Rs.2000 crore in Export Credit Guarantee Corporation Ltd.
- Corpus of Rs.1,040 crore to National Export Insurance Account Trust.
- MoU between India and Singapore on Cooperation in the field of Planning.
- MoU between India and Germany on Cooperation in the field of Civil Aviation.
- Agreement between India and Denmark on Cooperation in the field of Science, Technology, and Innovation.
- Implementing Arrangement between India and France on Cooperation on Maritime Awareness Mission.
- MoU between India and Denmark for cooperation in the fields of Animal Husbandry and Dairying.
- MoU between India and Indonesia on Technical Cooperation in the field of Railways sector.
- Enhancement of age of superannuation of General Duty Medical Officers, Specialist Grade doctors and Teaching Medical Faculty working in Bhopal Memorial Hospital and Research Centre, Bhopal to 65 years.
- MoU between India and Bahrain on cooperation in the field of Healthcare.
- Establishment of additional 6.5MMT Strategic Petroleum Reserves at Chandikhol in Odisha and at Padur, Karnataka.
- The mechanism for procurement of ethanol by Public Sector Oil Marketing Companies (OMCs) to carry out the Ethanol Blended Petrol (EBP) Programme- Revision of ethanol price for supply to Public Sector OMCs.
Nikki Haley meets PM Modi
US Ambassador to the United Nations Nikki Haley, who is on a three-day visit to India, on Wednesday met Prime Minister Narendra Modi. Haley, who arrived in India on 26 June, said she looks forward to the inter-faith tour she will be taking on 28 June.
Foreign companies with POEM in India to be taxed at 40%
The Central Board of Direct Taxes (CBDT) recently clarified that foreign companies that have their place of effective management (POEM) in India will be taxed at 40%, plus applicable surcharge and cess. Provisions relating to POEM were applicable from the financial year 2016-17. Prior to this, a foreign company was considered as a tax resident of India, only if the control and management of its affairs were wholly in India during that financial year. Now, if such a company has a POEM in India, it becomes a tax resident of India and has to pay tax in India on its global income.
Retail lending up 25%, number of accounts 32% in FY18: CIBIL data
Retail lending saw rapid growth in FY18, with the loan book rising by 25 percent and the number of outstanding accounts by over 32 percent, along with an increase in asset quality, due to high demand for consumer durables and personal loans and credit cards, said a report. Significantly, the delinquency rates 90 or more days past due (DPD) for major retail lending products declined or remained relatively stable during FY18, credit information firm TransUnion CIBIL said in its report.
Govt approves 2 more strategic oil storages in Odisha and Karnataka
The Cabinet has approved setting up of 4 million tonnes (MT) storage at Chandikhole in Odisha and 2.5 MT storage at Padur in Karnataka to increase emergency stockpile cover by 12 days to 22 days, Finance Minister Piyush Goyal told. The meeting was chaired by Prime Minister Narendra Modi. The storages will be added to the existing rock caverns to shore 5.33 MT of crude Visakhapatnam (1.33 MT), Mangalore (1.5 MT) and Padur (2.5 MT).
Government hikes ethanol price by Rs 2.85/litre for 2018-19
The government on Wednesday hiked the price of ethanol produced from C-molasses by Rs 2.85 per liter to Rs 43.70 for the new season starting December 2018, according to sources. For the first time, the government has also fixed the price of ethanol produced from B-molasses at Rs 47.49 per liter. So far, the price was only fixed for ethanol produced from C-molasses.
Oxytocin formulations ban to come into effect from 1st July 2018
The Ministry of Health and Family Welfare has restricted the manufacture of Oxytocin formulations for domestic use to public sector only from 1st July 2018. It has also banned the import of Oxytocin and its formulations. From 1st July 2018, no private manufacturer will be allowed to manufacture the drug for domestic use. Only Karnataka Antibiotics & Pharmaceuticals Ltd (KAPL), a public sector company, would be manufacturing this drug for domestic use from that date.
‘Sagarmala’ receives Gold Award at the 52nd Skoch Summit 2018
The Ministry of Shipping’s flagship programme for port-led-prosperity ‘Sagarmala’ received the ‘Gold Award’ in infrastructure sector in the recently concluded 52nd Skoch Summit 2018 in New Delhi, recognizing the programme’s contribution to India’s socio-economic transformation and it’s role in propelling fast-track growth and infrastructure development. The Sagarmala Programme also received the ‘Order of Merit’ at the Summit. The Secretary (Shipping) Sh. Gopal Krishna shared the award with Minister for Shipping, Road Transport & Highways, Water Resources, River Development and Ganga Rejuvenation Shri. Nitin Gadkari.
FATF puts Pak on ‘grey list’
Global anti-terror financing watchdog, Financial Action Task Force (FATF) has decided to keep Pakistan on its ‘grey list’. At the FATF talks in Paris, a delegation led by Pakistani interim minister for finance and planning, Dr. Shamshad Akhtar appraised the global watchdog of steps taken by Pakistan to stifle terror financing and money laundering, Geo TV reported.
FATF Headquarters: Paris, France
Learn Two a Day:
Shaheed Veer Narayan Singh Cricket Stadium: Raipur, Chhattisgarh
Sector 16 Stadium: Chandigarh