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Cabinet Approvals on March 14, 2018

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On March 14, 2018, Union Cabinet chaired by Prime Minister Narendra Modi approved following bilateral agreements and initiatives.

Cabinet approves the MoU between India and Iran in field of Traditional Systems of Medicine

This MoU holds special significance as both, India and Iran share a common legacy of using herbal medicines.

  • Moreover, India and Iran both have huge biodiversity offering rare medicinal plants which are frequently used in Traditional Systems of Medicine.
  • India has already signed MoU for cooperation in Traditional Medicine with Malaysia, China, Trinidad & Tobago, Bangladesh, Hungary, Nepal, Mauritius and Mongolia.

Cabinet approves MoU between India and Iran in agriculture and allied sectors

This MoU was signed on February 17, 2018 during the visit of Hassan Rouhani, the President of Iran to India.Cabinet Approvals

  • The MoU envisages cooperation between India and Iran in the areas of agricultural crops, horticulture, machinery, agricultural extension, post harvest technology and plant quarantine measures.
  • As per the terms of this MoU, both the countries will also exchange experts, materials and information and will facilitate relevant conferences and workshops.
  • A joint working group comprising of representatives from both the countries will be formed to implement the activities under the scope of this MoU.

Cabinet approves Agreement on Avoidance of Double Taxation and Fiscal Evasion between India and Iran

This agreement deals with the matter of Avoidance of Double Taxation and the Prevention of Fiscal Evasion (with respect to taxes on income) between India and Iran.

  • This agreement is in accordance with Section 90 of the Income Tax Act, 1961 which authorises Indian Government to enter into an Agreement with a foreign country or specified territory for avoidance of double taxation of income.
  • It is expected that this agreement will boost flow of investment, technology and personnel between both the countries.

Quick Facts about Iran:
♦ Capital – Tehran
♦ Currency – Rial
♦ Current President – Hassan Rouhani
♦ Important Rivers – Karun, Zayanderud

Cabinet apprised of MoU between India and Sri Lanka in the field of Information Technology and Electronics

This MoU was signed on January 15, 2018 during Union Minister of Law & Justice and Electronics & Information Technology, Ravi Shankar Prasad’s visit to Sri Lanka.

  • The MoU envisages co-operation between India and Sri Lanka in the areas of e-Governance, e-Public Services Delivery, m-Governance, cyber security, start-ups ecosystem, software technology parks etc.
  • A Working Group comprising of representatives from both the countries will be formed to implement the activities under the scope of this MoU.

Quick Facts about Sri Lanka:
♦ Capital – Colombo
♦ Currency – Sri Lanka rupee
♦ Current President – Maithripala Sirisena
♦ Important Stadium in Sri Lanka – R. Premadasa International Cricket Stadium

Cabinet approves continuation of ongoing urea subsidy scheme beyond 12th Five Year Plan

Cabinet Committee on Economic Affairs has approved the proposal of Department of Fertilizers to continue Urea Subsidy Scheme beyond 12th plan period (2012 – 2017) up to 2019-20.

  • The decision to continue Urea Subsidy Scheme has been taken to ensure the timely payment of subsidy to the urea manufacturers which in turn will ensure timely availability of urea to farmers.
  • This extension of three years will cost Rs. 164935 crore.
  • The decision also implies that price of urea will not be increased till 2020.