Union Cabinet Approvals – September 29, 2016

The union cabinet headed by Prime minister Narendra Modi, approved agreements, Mou between countries and expost facto approval to Varishtha Pension Bima Yojana (VPBY) on September 28, 2016

Cabinet approves India – Singapore MoU

The government approved signing of an MoU with Singapore in order to give boost to innovation, creativity and technological advancement in both countries.

• The MoU will be signed at the upcoming visit of Singapore’s Prime Minister to India from October 4-7. 
• The priority initiatives under the pact would be exchange of best practices, experiences and knowledge on intellectual property awareness among the public, businesses and educational institutions of both countries.
• Both countries would also exchange experts in the field of intellectual property; dissemination of best practices, experiences and knowledge on IP with the industry and universities.
• The MoU will enhance bilateral cooperation activities in the arena of industrial property rights of patents, trademarks and industrial designs.

Singapore :

• Capital : Singapore
• Currency: Singapore dollar
• Singapore PM : Lee Hsien Loong

Cabinet approves an Undertaking between India and Korea

Union Cabinet approves an Undertaking between India and Korea on Mutual Recognition of Certificates for Seafarers, 1978.

• Signing of the Undertaking will pave way for recognition of maritime education and training, certificates of competency, endorsements, training documentary evidence and medical fitness certificates for seafarers issued by the Government of the other country.
• It is done in accordance with the provisions of regulation 1/10 of the STCW Convention, and cooperation between the two countries in the training, certification and management of seafarers.
• It is in pursuance of the Regulation 1/10 of International Convention on Standards of Training, Certification and Watch keeping (STCW) for Seafarers, 1978, as amended.

Cabinet gives ex-post facto approval to Varistha Pension Bima Yojana

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its ex-post facto approval for the Varishtha Pension Bima Yojana (VPBY).

• This scheme was launched on 14th July, 2003 and Varistha Pension Bima Yojana (VPBY) 2014 launched on 14th August, 2014. 
• Approval has also been granted for the expenditure incurred on subsidy amount released to Life Insurance Corporation during the period 2003-04 to 2014-15 for VPBY 2003.
• Both are pension schemes intended to give an assured minimum pension to the Senior Citizens based on an assured minimum return on the subscription amount. The pension is envisaged until death from the date of subscription, with payback of the subscription amount on death of the subscriber to the nominee.
• The Schemes are implemented through Life Insurance Corporation (LIC) of India, and the difference between the actual yield earned by LIC on the funds invested under the Scheme and the assured return committed by the Government is paid as subsidy to LIC.

Cabinet approves Administrative and Financial Sanction for the implementation of the Project SAKSHAM

The Cabinet Committee on Economic Affairs led by the Prime Minister Shri Narendra Modi has approved ‘Project SAKSHAM’.

• This is a New Indirect Tax Network of the Central Board of Excise and Customs (CBEC) and the total project cost involved is Rs.2256 crore which will be incurred over a period of seven years.

This scheme helps in:

1. Implementation of Goods and Services Tax (GST),
2. Extension of the Indian Customs Single Window Interface for Facilitating Trade (SWIFT) and
3. Other taxpayer-friendly initiatives under Digital India and Ease of Doing Business of Central Board of Excise and Customs.

CBEC’s IT systems need to integrate with the Goods & Services Tax Network (GSTN) for processing of registration, payment and returns data sent by GSTN systems to CBEC, as well as act as a front-end for other modules like Audit, Appeal, Investigation. There is no overlap in the GST-related systems of CBEC and GSTN.

• This IT infrastructure is also urgently required for continuation of CBEC’s e-Services in Customs, Central Excise & Service Tax, implementation of taxpayer services such as scanned document upload facility, extension of Indian Customs Single Window Interface for Facilitating Trade (SWIFT) initiative and integration with Government initiatives such as E-Nivesh, E-Taal, e-Sign.
• All Taxpayers/lmporters/Exporters/Dealers under various indirect tax laws administered by CBEC- presently about 36 lakhs, likely to go up to over 65 lakhs after introduction of GST.