Recent Approvals by Central government – June 7 2017

On June 7, 2017, the Union Cabinet chaired by the Prime Minister Narendra Modi approved several agreements/MoU aimed at strengthening bilateral relations with friendly countries.

Cabinet approves MoU between India and Korea for export credit of USD 9 billion

Union Cabinet has approved the proposed Memorandum of Understanding (MoU) between Export-Import Bank of India (EXIM Bank) and Export-Import Bank of Korea (KEXIM) for export credit of USD 9 billion.

More Details about the MoU between India and Korea:

• The export credit of USD 9 billion will be utilised for infrastructural development in India and for the supply of goods and services as part of projects in third countries.
• The proposed MoU will be signed during the forthcoming visit of the Finance Minister Arun Jaitley to Korea during 14-15 June 2017 for the Annual Financial Bilateral Dialogue.

Quick Facts about South Korea:

• Capital: Seoul
• Currency: South Korean Won
• President: Moon Jae-in

Cabinet approves agreement between India and Cyprus on Merchant Shipping

Union Cabinet has given its ex-post facto approval to the Agreement between India and Cyprus on Merchant Shipping. This agreement was signed in April 2017.

Benefits from agreement between India and Cyprus on Merchant Shipping:

• The agreement will pave the way for cooperation in eliminating any hindrances which may hamper the development of sea trade between the two nations.
• It will encourage participation in the transport of goods between the countries, and also from third countries.
• The MoU further seeks to enhance cooperation for employment, improvement of conditions of work and for the welfare of seafarers employed on each other’s vessels.

Quick Facts about Cyprus:

• Capital: Nicosia
• Currency: Euro, Cypriot Pound
• President: Nicos Anastasiades

Cabinet approves Bilateral MoU between India and Iran

Union Cabinet has approved the bilateral Memorandum of Understanding (MoU) between Securities and Exchange Board of India (SEBI) and Securities and Exchange Organization (SEO), Iran in relation to mutual cooperation on matters pertaining to securities markets.

More Details about MoU between India and Iran:

• The MoU is likely to promote development of economic links and cooperation between the two regulators
• It aims at creating conditions for an effective development of securities markets in the two countries.
• It would also contribute towards strengthening the information sharing framework between the two countries.

Quick Facts about Iran:

• Capital: Tehran
• Currency: Iranian Rial
• President: Hassan Rouhani

Cabinet approves Agreement between India and Somalia on transfer of sentenced persons

Union cabinet has given its approval for signing and subsequent ratification of the Agreement on Transfer of sentenced persons between India and Somalia.

• This agreement will facilitate the Indian prisoners imprisoned in Somalia or vice-versa to be near to their families, for serving remaining part of their sentence and shall facilitate their social rehabilitation.
• India has signed Transfer of sentenced persons agreement with several countries including UK, Russia and France.

Quick Facts about Somalia:

• Capital: Mogadishu
• Currency: Somali Shilling
• President:  Mohamed Abdullahi Mohamed

Cabinet approves Signing of Memorandum of Understanding between Securities and Exchange Board of India and European Securities and Markets Authority

Union Cabinet has given its approval to the Securities and Exchange Board of India (SEBI) for entering into a Memorandum of Understanding (MoU) with European Securities and Markets Authority (ESMA) in relation to Mutual Co-operation.

• This MoU is likely to establish cooperation arrangements as a precondition for ESMA to recognize Central Counter Parties (CCPs) supervised by SEBI to provide clearing services in European Union.

Cabinet approves Initial Public Offer of Indian Renewable Energy Development Agency Limited

Cabinet has approved the initial public offer of Indian Renewable Energy Development Agency, enabling it to mobilise funds for the clean energy sector.

Details of IREDA IPO Proposal:

• Under the listing proposal, IREDA will issue fresh 13.90 crore shares, increasing the paid up share capital of the company from Rs 784 crore to Rs 923 crore.
• At present the company has 78.46 crore equity
• It will take 180 days to list IREDA, which is state-owned non-banking financial firm.

Cabinet approves MoU between India and Mali for standardization and conformity assessment

Union Cabinet has given its ex-post facto approval to the Memorandum of Understanding (MoU) between Bureau of Indian Standards (BIS), India and Direction Nationale De Industries (MLINDI), Republic of Mali on Standardization and Conformity Assessment.

• The MoU seeks to provide a mechanism by which India and Mali can work together towards the common aim of strengthening standardization and conformity assessment activities in order to facilitate sharing of expertise and mutual trade.

Quick Facts about Mali:

• Capital: Bamako
• Currency: West African CFA Franc
• Prime Minister: Modibo Keita