Finance Minister participates in the Sixth Annual Ministerial Meeting of India- US Economic and Financial Partnership (EFP)
Hon’ble Union Finance Minister of India emphasized that Financial Action Task Force (FATF) must ensure effective implementation of legislation in various countries relating to terrorist financing and take concrete action against countries sponsoring terrorism and hosting terrorist infrastructure. The Hon’ble Finance Minister, chaired the BRICS FMs and Central Bank Governors (FMCBG) meeting and discussed issues of common concern of member countries, viz., global economy, structural reforms, voice reform of IMF and World Bank and other new and ongoing initiatives.
The Hon’ble Union Finance Minister Shri Arun Jaitley participated in the Sixth Annual Ministerial Meeting of India- US Economic and Financial Partnership (EFP) in Washington D.C. on 14th April 2016. The meeting took stock of the concerted efforts undertaken by both sides to deepen mutual understanding and to improve cooperation across a wide range of bilateral and multilateral issues.
The two sides noted the significant progress made in resolving bilateral tax disputes between the United States and India . Progress has also been made in sharing of financial information between the two countries under the Inter-Governmental Agreement, pursuant to Foreign Account Tax Compliance Act (FATCA). The Hon’ble Finance Minister underscored that Financial Action Task Force (FATF) must ensure effective implementation of legislation in various countries relating to terrorist financing and take concrete action against countries sponsoring terrorism and hosting terrorist infrastructure. The FATF must also address offshore tax evasion and avoidance including through tax havens. The US offered support for India ’s National Investment and Infrastructure Fund (NIIF) to increase financing options for India ’s infrastructure growth and expressed interest in further discussions in areas such as municipal finance.
Hon’ble Finance Minister also participated in G-20 Finance Ministers and Central Bank Governors meeting, BRICS Ministers and Central Bank Governors meeting and BRICS New Development Bank (NDB) Board of Governors meeting.
In his interventions, inter alia, the Hon’ble Finance Minister highlighted that even as India has consistently recorded the highest growth figures among large economies in the world for the last three quarters, global growth continues to remain sluggish and has witnessed recurring downward revisions. Weak demand, tighter financial markets, softening trade and volatile capital flows are key headwinds to robust global recovery. Further, the efficacy of monetary policy instruments has reached its limits and that its pass through has not been seamless. Global and regional financial safety net and oversight need to be augmented, including through new financing mechanisms. He emphasized the need for globally co-ordinated policy actions to address the global economic turbulence.
The Hon’ble Finance Minister, chaired the BRICS FMs and Central Bank Governors (FMCBG) meeting and discussed issues of common concern of member countries, viz., global economy, structural reforms, voice reform of IMF and World Bank and other new and ongoing initiatives. The Hon’ble Finance Minister expressed satisfaction that two key initiatives of BRICS, viz., Contingent Reserve Arrangement and New Development Bank (NDB) have become fully operational. Deliberations were held on efficacy of establishment of New Development Bank Institute and BRICS rating agency. It was decided that a technical working group would examine the issues in detail and present their findings to the BRICS Finance Ministers and Central Bank Governors in their next meeting.
The Hon’ble Finance Minister complimented Mr K.V. Kamath, President NDB, and his team for the quick pace with which the Bank has commenced its activity, a sentiment which was, thereafter, echoed by other members of the Board of Governors of NDB. The Board of Governors of NDB noted that the Bank has commenced operations through approval of the maiden projects on April 13, 2016. The NDB has approved four green renewable energy projects from India , China , Brazil and South Africa entailing Bank financing of USD 811 million. The project from India entails provisioning of multi tranche loan of USD 250 million to Canara Bank for onlending to Renewable Energy Projects. The project will result in generation of 500 MW of renewal energy and savings of about 800,000 tonnes of carbon emissions.
SYL Reference Full of Lies & Dishonesty, Corruption & Politics
April15, 2016 (C) Ravinder Singh ravindersinvent@gmail.com
Honorable Chief Justice of India
Sh. T.S. Thakur,
Supreme Court of India
IGNP Phase-II Command 1.316 mH, Max Utilization 0.267m
Original Estimate Rs.89 Cr 1971 – Expenditure Rs.6,000 Cr Use – 20%
Respected Sir,
I rate you and some of your BRILLANT Supreme Court judges as GEMS OF INDIA and could potentially address Critical Problems of Hunger, Black Money, Water Disputes, Bank Loans,Power, Telecom etc.
It is Unfortunate the tallest Central Leaders of Punjab, the Victim State of INDUS WATER Misallocation for 6 decades, Shri Balram Jakhar & Giani Zail Singh had Sanskrit and Giani Languages as basic qualifications and thus Punjab State could never Properly Claim Its Rights to Ravi-Beas Waters.
1.] In an E-Petition earlier [Annexure-II] it was Disclosed that Haryana Was Entitled to 9 BCM [7.5 maf] of Yamuna Waters Agreement of 12th day of March 1954 from 1950, But as Per PM Reference had not Laid a Single Brick to Fully Utilize Haryana Share in Yamuna.
2.] Today I Unearthed 10 Pages CAG [Audit Report (Civil) for the year ended 31March, 2003 Chapter-III] – Indira Gandhi Nahar Priyojna Phase-II Project was started in 1971-72 after Rajasthan was Politically Allocated over 8 MAF of Ravi Beas waters but as Per CAG Report 32 Years Later out of 1.316 million hectare Irrigation Command Area Maximum Utilization was 0.267 million hectare in 2003 or 20%.
3.] THIS IMPLIES EVEN WHEN NOT EVEN 0%-20% IRRIGATION COMMAND WAS DEVELOPED – 100% OF RAJASTHAN SHARE WAS BEING RELEASED FOR 32 YEARS UP TO 2003 – a Year Before SYL Reference to Supreme Court – 80%-100% of Precious Water was Being Wasted.
4.] In two tables [3.1.2 Scope of the programme & 3.1.18 Huge gap in irrigation (1996-2003) potential targeted, potential created and its utilisation] Project Cost of Indira Gandhi Nahar Priyojna was Rs.89 Cr in 1971-72 for 1.316 million hectare but even after 42 year [Now] most of project remains incomplete and Maximum Utilization of Less than 25%.
5.] Sir about 25 MAF to 30 MAF of Clean Potable Grade BLUE INDUS WATERS Are Being Wasted in Rajasthan, Punjab, Haryana, Delhi, & UP – People Get Sewage, Drainage & Saline Un-potable Water – We Have install WATER PURIFIERS to make water potable.
6.] INSTEAD OF ‘REVIEW OF RAVI-BEAS AGREEMENT’ For RIVER WATER WASTAGES By RAJASTHAN [Ravi-Beas] FOR 32 YEARS & HARYANA [Yamuna] for 52 YEARS – GoI instead ‘Sought Presidential Reference on SYL’.
7.] 150 to 250 Districts in India are DROUGHT PRONE due to CORRUPTION & POLITICS.
REMEDY: – Please Appoint ‘CJI LED WATER RESOURCES MANAGEMENT COMMISION’ to INVESTIGATE Mis-management & Waste of Indian River Water Resources & Monitor Efficient Clean River Water Use.
Ravinder Singh, Inventor & Consultant, INNOVATIVE TECHNOLOGIES AND PROJECTS
Y-77, Hauz Khas, New Delhi-110016, India. Ph; 091- 9871056471, 9718280435, 9650421857
Woman Mumbai police officer publicly insulted by drunk subordinate
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Issuance of Rupee denominated bonds overseas capped at Rs. 50 billion by RBI
According to the Monetary Policy Statement, the current limit of USD 51 billion for foreign investment in corporate debt, as was given in A.P. (DIR Series) circular No. 94 dated April 01, 2013, has been fixed in Rupee terms at Rs. 2443.23 billion. Issuance of Rupee denominated bonds overseas will be within this aggregate limit of foreign investment in corporate debt.
With fixing of aggregate limit of foreign investment in corporate debt in Rupee terms, the provision to the aforesaid circular dated September 29, 2015 regarding the amount of borrowing by issuance of Rupee denominated bonds overseas has also been modified. As the overall limit is now prescribed in Rupee terms, the maximum amount which can be borrowed by an entity in a financial year under the automatic route by issuance of these bonds will be Rs. 50 billion and not USD 750 million as given in the circular. Proposals to borrow beyond Rs. 50 billion in a financial year will require prior approval of the Reserve Bank.
Further, in order to have consistency regarding eligibility of foreign investors in corporate debt, the criteria for investors and location for issuance of these bonds has been modified. The Rupee denominated bonds can only be issued in a country and can only be subscribed by a resident of a country:
that is a member of Financial Action Task Force (FATF) or a member of a FATF- Style Regional Body; and
whose securities market regulator is a signatory to the International Organization of Securities Commission’s (IOSCO’s) Multilateral Memorandum of Understanding (Appendix A Signatories) or a signatory to bilateral Memorandum of Understanding with the Securities and Exchange Board of India (SEBI) for information sharing arrangements; and
should not be a country identified in the public statement of the FATF as:
(i) A jurisdiction having a strategic Anti-Money Laundering or Combating the Financing of Terrorism deficiencies to which counter measures apply; or
(ii) A jurisdiction that has not made sufficient progress in addressing the deficiencies or has not committed to an action plan developed with the Financial Action Task Force to address the deficiencies.
It has been decided by RBI to reduce the minimum maturity period for Rupee denominated bonds issued overseas to three years in order to align with the maturity prescription regarding foreign investment in corporate bonds through the Foreign Portfolio Investment (FPI) route.
Bolstering MSMEs for Make in India
MSMEs Summit
Bolstering MSMEs for Make in India
21st March, 2016 Monday, PHD House, New Delhi
PHD Chamber of Commerce and Industry organized the MSMEs Summit ‘Bolstering MSMEs for Make in India ’ on 21st March, 2016 at PHD House, New Delhi . The eminent speakers in the programme were Mr. R K Panigrahi Director, MSME-DI, Ministry of MSMEs, GoI, Ms. Anisha Pal, Assistant General Manager, Small Industries Development Bank of India (SIDBI), Mr. Vivek Dahiya, Principle Associate, Grover Law, Mr. Nitin Mantri, CEO , Avian Media, Ms. Sharmistha Ghosh, Head, CSR, Advocacy and Development Communications, Mr. Vishwa Nath, Chairman, Committee on MSMEs, PHD Chamber, Ms. Anju Bajaj, Co-Chairman, Committee on MSMEs, PHD Chamber, Mr. Saurabh Sanyal, Secretary General, PHD Chamber and Dr. S P Sharma, Chief Economist , PHD Chamber.
We are glad to share that a study entitled ‘Bolstering MSMEs for Make in India – With special focus on CSR’ is prepared by PHD Research Bureau of PHD Chamber in association with AVIAN Media was released during the Summit .
R to L- Dr. S. P. Sharma, Chief Economist, PHD Chamber, Ms. Anju Bajaj, Co-Chairman, Committee on MSMEs, PHD Chamber, Mr. Saurabh Sanyal, Secretary General, PHD Chamber, Mr.R K Panigrahi Director, MSME-DI, Ministry of MSMEs, GoI, Mr. Nitin Mantri, CEO , Avian Media, Ms. Anisha Pal, Assistant General Manager, Small Industries Development Bank of India (SIDBI), Mr. Vivek Dahiya, Principle Associate, Grover Law, Ms. Sharmistha Ghosh, Head, CSR, Advocacy and Development Communications,
The Chief Guest for the event Mr. R.K Panagria, Director, MSME-DI, Ministry of MSMEs, GoIexpressed his pleasure for being at PHD Chamber, and appreciated the progress made by the Chamber . He highlighted the role played by the Chamber as a facilitator to and catalyst to put in front of the government the problems faced by the MSMEs. He also advocated the Stand up India Start up India Scheme and discussed the major issues and challenges ahead of the implementation of the scheme. He said that the government should focus on Stand up India first and then shift its focus to Start up India . He further made the audience aware of the procedures and the regulations that have been simplified for the MSMEs to make their working smooth. He also said that there a number of government schemes and policies that the government has initiated, however the public lacks awareness and the government is putting its best foot forward to generate awareness in this regard. He expressed concern over the fact that the MSMEs are lacking technological knowhow. For this, marketing support and financial inclusion becomes of utmost importance.
He also expressed his concern over the problems faced by the MSMEs in getting funds from the banks and assured that the government is taking up the concern seriously. He stated that PHD Chamber should continue acting as a facilitator and catalyst to promote the efficient flow of funds and working of MSMEs. He also advised PHD Chamber to organise 20 other programmes like the one he was speaking at for the welfare of the industry and people at large.
Ms. Anisha Pal, Assistant General Manager, Small Industries Development Bank of India (SIDBI)suggested that there is a lack of awareness as far as the existing technologies, IPR, and CSR is concerned. She expressed delight at the Make in India initiative and said that it will help to do away with the faulty and unjust system of exports and imports. She explained the functioning of SIDBI in promoting the welfare of the MSMEs. She informed the gathering that the SIDBI has a corpus of Rs. 1000 crore to provide funds to the MSMEs at cheaper rates. She also highlighted that the bank offers working capital and term loans to the MSMEs. She also told the audience that another scheme called SMILE with a corpus of Rs. 10,000 crore from the RBI is being used by SIDBI for soft loans and equity. She highlighted that the MSMEs face an issue with DER and cosy equity soft loan is given to the MSMEs for a period of 3 years with a competitive rate of interest. She said that given the present scenario the existing schemes are important and helpful. She said that it is of prime importance to monitor and follow up with banks to avoid NPA’s in the MSMEs.
Mr. Vivek Dahiya, Principle Associate, Grover Law highlighted the reason behind the backwardness of the MSMEs. He said that the MSMEs lack innovation and the credibility which can be increased only by IPR. He gave a presentation highlighting the importance of trademarks, copy rights, patents and how IP can drive the growth of businesses. He also encouraged industrialists to go in for IPR for smooth and efficient working.
Mr. Nitin Mantri, CEO , Avian Media discussed that as India is emerging as one of the important countries globally, the Indian MSMEs have an important role to play in the growth and development of the country. MSMEs in India are the growth drivers for businesses in India . He highlighted that there is an immense scope for the MSMEs sector to become active partners in the area of Corporate Social Responsibility (CSR), an area which has not been previously explored. He also highlighted that MSMEs offer far more sustainable models than NGOs or non-profits, which are dependent on grants and not sustainable. Hence, development of social enterprises for project delivery, as well as planning out a policy on individual CSR execution, will ensure both growth and sustainable social impact for the sector. Their active participation as CSR activity implementers will also go a long way in resolving the internal issues highlighted in this study. While sharing his views he highlighted the importance of the survey conducted to investigate the condition of MSMEs in Faridabad and Okhla industrial areas in the Delhi-NCR region and shared the way the study jointly progressed by PHD Chamber and Avian Media.
Ms. Sharmistha Ghosh, Head, CSR, Avian India highlighted the key findings of the study –Bolstering MSMEs for Make in India – With special focus on CSR’ commissioned by Avian Media to the PHD Research Bureau of PHD Chamber. On the basis of the study , she highlighted three core need areas i.e. technology and quality upgradation, sustainable raw material and upgrading of staff skills for strengthening the MSMEs sector of the country. Further she highlighted that under the ambit of the New Companies Act 2013 that mandated CSR spending of 2% of three-year average annual net profits for select companies, can be a novel way to address the challenges of the MSMEs sector. According to her, by contributing CSR resources to the said core areas of small-scale enterprises, we will not only improve the overall business environment, but also ensure better job opportunities, better productivity, besides high-quality and sustainable products and services, thereby, meeting the needs of local and global markets.
Mr. Vishwa Nath, Chairman, Committee on MSMEs, PHD Chamber discussed that people who want to enter manufacturing, Stand Up Start Up India is a good move and the tax exemptions in the budget are also supportive of this. He said that the central government is concerned as far as the problems of the manufacturing sector is concerned and is trying to do away with the age old procedures and policies. He also added that following the right procedure for exports and imports, with a proper declaration is necessary and will go a long way in the smooth functioning of the MSMEs. Appreciated the role played by PHD Chamber as a facilitator to address the problems faced by industrialists.
Ms. Anju Bajaj, Co-Chairman, Committee on MSMEs , PHD Chamber highlighted the transformation process from SSI to MSMEs. She appreciated the Udyog Adhaar Scheme and highlighted the problems faced by the MSMES in this regard. She also said that a Data Bank is soon to be released which will facilitate the functioning of the MSMEs. She said that the website of the Ministry of MSMEs is up to date and is easily accessible and usable by all. She suggested that till the time the implementation of GST takes place a universal VAT should be implemented instead.
Mr. Saurabh Sanyal, Secretary General, PHD Chamber presented the welcome remarks to all the participants at the MSMEs Summit. While welcoming , he discussed about various challenges faced by the MSMEs sector of the country including high cost of finance and stringent conditions of raising finance, lack of skilled manpower, lack of technology updation etc. He also highlighted the several measures which have been undertaken by the Government to bolster MSMEs sector including extending the benefits of the existing crucial schemes for MSMEs, launching new policy initiatives/schemes to overcome the structural problems of MSMEs sector and undertaking sector-specific policy measures to provide focused efforts for the development of key MSMEs sector of the country. Believing in the proactive approach of the Government, he said that when the Government is highly ambitious towards making India a global manufacturing hub and MSMEs carries huge potential to drive the economic growth; we believe the assimilation of both can make the vision of Make in India initiative a reality, going forward.
The event was followed by a number of meaningful questions and discussions on the issue. A lot of questions and clarifications were sought as far as the working of banks and particularly SIDBI is concerned. Clarifications were also sought on EM and UAM. The gathering also expressed that problems were being faced as far as UAMII is concerned. Also the gathering demanded the publicity as far as the schemes of the government for MSMEs and manufacturing in general is concerned. The gathering along with the notable speakers on the dais suggested more such interactions should take place for effective working and functioning of the government schemes and policies.
The vote of thanks was proposed by Dr. S P Sharma , Chief Economist, PHD Chamber. He thanked all dignitaries for their insightful suggestions and the audience for their meaningful exchange.
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Naresh — I hope I made you proud in tonight’s debate against Senator Sanders.
Today at 9:11
Last big moment before New York votes
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Greybull to buy Tata Steel
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