On March 25, 2020, the Union Cabinet headed by Prime Minister Narendra Modi has approved the following proposals:Cabinet approves extension of RoSCTL scheme for export of garments, made-ups from April 1, 2020
The Cabinet has given its approval for the continuation of Rebate of State and Central Taxes and Levies (RoSCTL)from April 1, 2020, till the scheme is merged with newly approved Remission of Duties and Taxes on Exported Products (RoDTEP).
Introduced in March 2019 by the Ministry of Textiles, RoSCTL scheme is an incentive for export of garments and made-ups (textile sector). It is offered to compensate state and central duties and taxes that remain unrebated through goods and services tax (gst).
Approved on March 13, 2020RoDTEP, a scheme for exporters to reimburse taxes and duties paid by them such as value-added tax (VAT), coal cess, mandi tax, electricity duties and fuel used for transportation, which is not getting exempted or refunded under any other existing mechanism.It will replace the Merchandise Export from India Scheme (MEIS) that was found to violate the World Trade Organization rules, and RoSCTL.
Cabinet continued recapitalization of Regional Rural Banks with CRAR of less than 9% till FY20-21; Rs1,340 cr approved
In order to enhance the Capital to Risk weighted Assets Ratio (CRAR)of Regional Rural Banks (RRBs), which are unable to maintain minimum CRAR of 9%, as per the regulatory norms prescribed by the Reserve Bank of India (RBI), Cabinet Committee on Economic Affairs (CCEA) approved Rs1,340-crore to continue the process for their recapitalization for another one year i.etill 2020-2021 from 2019-20.
- It should be noted that 50% of the allocated amount i.e. Rs.670 crore will be utilized as a central government share for the scheme of Recapitalization of RRBs.
Cabinet increases subsidised foodgrains supply by 2Kg to 7Kg via ration shops during the lockdown
The CCEA headed by Prime Minister Narendra Modi has increased the monthly quota of subsidised foodgrains to 7 Kg from 5Kg per person through ration shop to ensure sufficient supply during the 21 days lockdown.
- The cost of wheat is Rs.27/kg, which will be provided at a subsidised rate of Rs.2 kg, while the cost of rice is about Rs.32/kg but will be supplied at Rs.3/kg through ration shops.
- The subsidised food grains are provided to 80 crore people through the Public Distribution System (PDS), which is the world’s largest food security system under the National Food Security Act (NFSA).
- The decision to allocate additional foodgrains has been taken because Food Corporation of India (FCI)has excess wheat and rice stock which is kept in open space, and this stock has to be cleared before the monsoon.
Cabinet approves construction of Rs. 1285 crore Aligarh-Harduaganj flyover
Cabinet has approved the construction of the 22 km long Aligarh-Harduaganj flyover to be developed by Ministry of Railways in a time span of five years (2024-25) and with an outlay of over Rs. 1285 crore.
- The railway flyover will be built around 3 km away from the Aligarh railway station in Uttar Pradesh and will come under the North Central Railway (NCR) zone.
- This flyover will solve the problem of train delays, congestion and bunching up of freight trains at Aligarh station.
- This railway flyover will facilitate all the trains coming in from the Howrah side to directly travel to Harduaganj and Bareilly and will completely avoid crossing the mainline route.