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Cabinet Approvals on December 22, 2021

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Cabinet Approvals on december 22, 2021On December 22, 2021, the Union Cabinet chaired by Indian Prime Minister (PM) Narendra Modi approved the following proposals which were briefed by Union Minister Anurag Singh Thakur, Ministry of Information and Broadcasting (MIB).

Cabinet approves MSP for Copra for 2022 season

On the basis of the recommendations provided by the Commission for Agricultural Costs and Prices (CACP), The Cabinet Committee on Economic Affairs (CCEA) chaired by the PM Narendra Modi has given its approval for the Minimum Support Prices (MSP) for Copra for 2022 season.

  • In this regard, the MSP for Fair Average Quality (FAQ) of milling Copra has been increased to Rs 10,590 per quintal from Rs 10,335 per quintal, showing a 2.46% increase.
  • The MSP for ball Copra has been increased to Rs 11,000 per quintal for 2022 season from Rs.10,600 per quintal in 2021, a 3.77% hike.

Reason behind increase:

To ensure a return of 51.85% for milling copra and 57.73% for ball copra over the all India weighted average cost of production.

  • This is on the line with the Budget 2018-19 announcement of fixing the MSP at a level of at least 1.5 times the all India weighted average cost of production in order to double farmers’ incomes by 2022.

Point to be noted:

The Central Nodal Agencies to undertake price support operations at the MSP in the coconut growing States will remain the National Agricultural Cooperative Marketing Federation of India Limited (NAFED) and National Cooperative Consumer Federation of India Limited (NCCF).

Cabinet approves MoU between ICAI and Polish Chamber of Statutory Auditors

The Union Cabinet approved the signing of Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the Polish Chamber of Statutory Auditors (PIBR), an audit profession regulator in Poland, to establish mutual co-operation.

  • The MoU will cover the areas of Member Management, Professional Ethics, Technical Research, CPD, Professional Accountancy Training, Audit Quality Monitoring, Advancement of Accounting Knowledge, Professional and Intellectual Development.
  • Apart from ICAI, and PIBR, India’s Ministry of Corporate Affairs (MCA) will also benefit from this MoU.

Key Points:

i.This MoU will enable ICAI to strengthen the partnership with Poland by providing the Export of Services in the accountancy profession.

ii.Co-operation will be done in the matters of study and application of new innovative methods in the field of audit and accounting including blockchain, smart contract system, Cloud Accounting etc.

iii.Both entities will also share information through exchange of books, magazines, other publications, and websites to tackle corruption and money laundering.

iv.This MoU will also provide professional opportunity to ICAI members for short to long term future.

About Institute of Chartered Accountants of India (ICAI):

It is a statutory body established under the Chartered Accountants Act, 1949 for regulating the profession of Chartered Accountants in India.

President– CA. Nihar N Jambusaria

Headquarters– New Delhi, Delhi

Cabinet approves MoU between CCI and Competition Commission of Mauritius

The Union Cabinet also approved MoU signing between Competition Commission of India (CCI) and Competition Commission of Mauritius (CCM) for promotion and strengthening of co-operation in competition law and policy through exchange of information, sharing of best practices and capacity building initiatives.

  • The MCA will also be a major beneficiary in this MoU.

What will be done under this MoU?

i.Addressing anti-competitive restraints that affect international trade; improving enforcement of the Competition Act, 2002 by CCI; and promoting understanding of competition policy and bringing diplomatic benefits.

ii.Promoting mutual co-operation in the areas of technical co-operation, and enforcement co-operation.

About Competition Commission of India (CCI):

Chairperson– Ashok Kumar Gupta
Headquarter– New Delhi, Delhi

Recent Related News:

CCEA has approved an increase in the MSP for all mandated Rabi crops for Rabi Marketing Season (RMS) 2022-23. This increase is in line with the Union Budget 2018-19 announcement to fix MSPs at a level of at least 1.5 times of the all-India weighted average cost of production.