On March 21, 2018, Union Cabinet chaired by Prime Minister Narendra Modi approved following bilateral agreements.
Cabinet approves revised DTAA pact with Qatar
Union Cabinet has given its approval for revision of the Agreement between India and Qatar for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income.
- The existing Double Taxation Avoidance Agreement (DTAA) between India and Qatar was signed on April 7, 1999 and came into force on January 15, 2000.
- The revised DTAA updates the provisions for exchange of information to latest standard and aligns other provisions with India’s recent treaties.
Quick Facts about Qatar:
♦ Capital – Doha
♦ Currency – Riyal
♦ Current Prime Minister – Abdullah bin Nasser bin Khalifa Al Thani
♦ Neighbouring Country – Saudi Arabia
Cabinet apprised of MoU between India and Guyana on cooperation in Renewable Energy
This memorandum of understanding (MoU) was signed on January 30, 2018 in New Delhi.
- The MoU contains a framework for a cooperative institutional relationship between India and Guyana to encourage and promote technical bilateral cooperation on new and renewable energy.
- As per the terms of the MoU, a Joint Working Committee comprising representatives from both the sides will be set up to review, monitor and discuss matters related to areas of cooperation.
Quick Facts about Guyana:
♦ Capital – Georgetown
♦ Currency – Guyanese Dollar
♦ Current President – David Granger
♦ Neighbouring Countries – Suriname, Venezuela, Brazil
Cabinet approves closure of India Development Foundation of Overseas Indians
In a bid to enhance synergies in channelizing Indian Diaspora’s contributions to Government of India’s flagship programmes such as National Mission for clean Ganga and Swachh Bharat Mission, Union Cabinet has approved closure of India Development Foundation of Overseas Indians (IDF-OI).
- Government of India had set up IDF-OI in 2008 as an autonomous not-for-profit Trust, to facilitate Overseas Indian philanthropy into social and development projects in India.
- Till March 2015, foundation received only Rs. 36.80 Lakhs as donation from overseas Indian community.
- This warranted a comprehensive review of IDF-O, which led to a decision (taken at 9thMeeting of Board of Trustees of the IDF-OI) that the Trust would be closed down by March 31, 2018.
Cabinet approves formation of TCIL’s subsidiary in US
Union Cabinet has approved the formation of a wholly owned subsidiary company of Telecommunications Consultants India Ltd (TCIL) in the US for information communication and technology (ICT) related work.
- Formation of this subsidiary entails an investment of USD 5 million, which shall be done in a phased manner.
- The subsidiary in US will help government-owned TCIL in expanding business and increasing turnover and profits, which shall eventually generate higher dividend for government.
Quick Facts about TCIL:
♦ Formed in – 1978
♦ Under administrative control of – Department of Telecommunications (DOT), Union Ministry of Communications and Information Technology