Union Cabinet Approvals – August 31 2016

Prime Minister Narendra Modi has given several approvals in different fields on August 31 2016.

Cabinet approves dissolution of Central Inland Water Transport Corporation Limited

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to proposal for dissolution of Central Inland Water Transport Corporation Limited (CIWTC).

• The Voluntary Retirement Scheme for CIWTC was implemented in the year 2015.
• Following the decision of the Government to revitalize sick CPSUs wherever possible or to wind up irretrievable cases, the dissolution of the CIWTC would be initiated after disposal of movable and immovable assets.
• It leads to free up the assets for better utilization and for the benefit of the people. A number of assets would be taken up by Inland Waterways Authority of India to provide services on Brahmputra River (NW-4).
• v.CIWTC, a company incorporated on 22nd February 1967 under the Companies Act 1956 by the Government of India, when it took over the assets and liabilities of the erstwhile River Steam Navigation Company Limited under a scheme approved by the Calcutta High Court. 

Union Cabinet approved MoU between CERT-In and CERT-UK in the field of cyber Security

The Union Cabinet led by Prime Minister Shri Narendra Modi has been approved of the Memorandum of Understanding (MoU) signed between Indian Computer Emergency Response Team (CERT-In) and Ministry of Cabinet Office, UK (as represented by CERT-UK, a unit of the Cabinet Office on Cyber Security).

• With this MoU, India and UK can exchange technical information on cyber attacks, response to cyber security incidents and find solutions to counter the cyber attacks. This MoU helps to strengthen cyber space of countries, capacity building and improving relationship between India and UK.
• CERT-In signed MoUs with counterpart/similar organizations in about seven countries — Korea, Canada, Australia, Malaysia, Singapore, Japan and Uzbekistan
• Ministry of External Affairs has also signed MoU with Cyber Security as one of the areas of cooperation with Shanghai Cooperation Organization
• It is noted that the MoU intends to promote closer cooperation between India and the UK for exchange of knowledge and experience in detection, resolution and prevention of security-related incidents.

Union Cabinet approves Project Development Fund for CLMV countries

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to produce a Project Development Fund (PDF) with a corpus of Rs 500 Crore.

• This move provides an aid for catalyzing Indian economic presence in the Cambodia, Laos, Myanmar and Vietnam.
• The PDF shall be housed in Department of Commerce and operated through the EXIM Bank.
• The PDF shall be governed by an Inter-Ministerial Committee under the chairpersonship of the Commerce Secretary.
• The key advantage of positioning India on the regional value chains is securing on a long term basis, a dedicated market for Indian raw materials and intermediate goods besides a dedicated source for inputs and raw materials for Indian industry.
• It is noted that CLMV countries namely Cambodia, Laos, Myanmar and Vietnam have a unique position in the regional value chains and offer a gateway for market access to China/EU and other markets due to various trade agreements. 

Union Cabinet approved the scheme for the grant of Permanent Residency Status (PRS) to foreign investors

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the scheme for grant of Permanent Residency Status (PRS) to foreign investors subject to the relevant conditions as specified in the FDI Policy notified by the Government from time to time.

• Permanent residency status will allow investors to enter India multiple times without any stay stipulation, allow them to buy residential property and their spouses to take up employment in private sector or study in India without employment or student visa.
• To get a permanent residency status, the investor should make a minimum investment of Rs 10 crores within 18 months or 25 crores within 36 months. The government also specified that the investor can avail of the benefits only if his investment generates employment for at least 20 resident Indians every year.
• The scheme is expected to encourage foreign investment in India and facilitate Make in India Programme. Under the Scheme, suitable provisions will be incorporated in the Visa Manual to provide for the grant of PRS to foreign investors.
• Permanent Residency Status will be granted for a period of 10 years initially with multiple entry facility, which can be renewed for another 10 years. PRS will serve as a multiple entry visa without any stay stipulation and PRS holders will be exempted from the registration requirements.