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Cabinet Approvals with Foreign Countries on October 21, 2020 

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Cabinet approvals with foreign countriesOn October 21, 2020, the Union Cabinet chaired by Prime Minister Narendra Modi approved the following proposals which were detailed by Union Information and Broadcasting Minister Prakash Keshav Javadekar during a press conference.

–Cabinet approves MoU between ICAI, India and CPA, Papua New Guinea

The Union Cabinet has approved a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the Certified Practising Accountants, Papua New Guinea (CPA PNG) to strengthen the Accounting, Financial and Audit Knowledge base in PNG.

  • As a part of MoU, there will be students and faculty exchange programs.
  • Both sides cooperate and collaborate in areas of Corporate Governance, technical research and advice, quality assurance, forensic accounting, Continuing Professional Development (CPD) and other subjects of mutual interest.
  • Technical events, seminars and conferences will be conducted in PNG.
  • ICAI will also offer short term professional courses in the domain of accounting, finance and audit in PNG.

About Institute of Chartered Accountants of India (ICAI):

It is a statutory body established under “The Chartered Accountants Act, 1949” to regulate the profession of Chartered Accountants in India.
President– CA. Atul Kumar Gupta
Headquarter– New Delhi

About Papua New Guinea (PNG):
Capital– Port Moresby
Currency– Papua New Guinean kina
Prime Minister– James Marape

–Cabinet approves Mutual Recognition Agreement between ICAI, India and MICPA, Malaysia

The Union Cabinet approved the mutual recognition agreement between the Institute of Chartered Accountants of India (ICAI) and Malaysian Institute of Certified Public Accountants (MICPA).

  • This would enable appropriately qualified chartered accountant members of either institutes to join the other by receiving appropriate credit for their existing accountancy qualification.
  • The purpose of the MoU recognition of each other’s qualification through specific module of papers and determining the basis upon which admission to membership of appropriately qualified members of the other body may occur,

ICAI intends to establish bilateral cooperation with institutes in the Asia Pacific region and therefore intends to sign an MoU with the MICPA.

About Malaysia:
Capital– Kuala Lumpur
Currency– Malaysian ringgit
Prime Minister– Muhyiddin Yassin

–Cabinet approves MoU between India and Nigeria on Cooperation in the Exploration and uses of outer space 

The Union Cabinet approved the MoU between India and Nigeria on Cooperation in the Exploration and uses of outer space for peaceful purposes.

  • The MoU in this regard was inked by Indian Space Research Organisation (ISRO) of India at Bengaluru in June,2020 and by National Space Research and Development Agency (NASRDA) of Nigeria at Abuja on August 13, 2020.

Key Points:

–As a part of MoU both nations will cooperate in the potential interest areas of remote sensing of earth, satellite communication and satellite-based navigation; Space science end planetary exploration; Use of spacecraft, launch vehicles, space systems and ground systems; Practical applications of space technology including geospatial tools and techniques.

–Also a Joint Working Group will be set up constituting members from Department of Space (DOS)/ISRO and NASRDA, which will further work out the plan of action for implementation.

About Nigeria:
Capital– Abuja
Currency– Nigerian naira
President– Muhammadu Buhari 

Recent Related News:

i.On the lines of the recommendations of Swaminathan Commission, on September 21, 2020, Cabinet Committee on Economic Affairs (CCEA) has approved an increase in the Minimum Support Prices (MSPs) for all mandated Rabi crops for marketing season 2021-22.

ii.During the National Conference for Rabi Campaign 2020 held on September 21, 2020, a target for the 2020-21 crop year (July-June) or foodgrain production target was set at a record 301 million tones (MT), up nearly 1.5% from the previous year’s output. This decision has been taken on the back of good monsoon rains and higher acreage in the kharif season.