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13th Nov, 2020

International Financial Services Centres Authority (Banking) Regulations, 2020 approved

The International Financial Services Centres Authority (IFSCA) approved the International Financial Services Centres Authority (Banking) Regulations, 2020.

The salient aspects of the Banking Regulations include

Laying down the requirements for setting up IFSC Banking Units (IBUs)

Permitting persons resident outside India (having net worth not less than USD 1 Million) to open foreign currency accounts in any freely convertible currency at IFSC Banking Units (IBUs)

Permitting persons resident in India (having net worth not less than USD 1 Million) to open foreign currency accounts in any freely convertible currency at IBUs to undertake any transaction under the Liberalised Remittance Scheme (LRS) of the RBI.

Laying down the permissible activities of IBUs including credit enhancement, credit insurance, and sale, etc. 

Permitting the Authority to determine business that a Banking Unit may be permitted to conduct in INR with persons resident in India and persons resident outside India. 

The above mentioned regulations will be notified by the Government of India in due course.


Production-Linked Incentive (PLI) Scheme approved for 10 more sectors

The Union Cabinet has given its approval to introduce the Production-Linked Incentive (PLI) Scheme in the following 10 key sectors for Enhancing India’s Manufacturing Capabilities and Enhancing Exports.

Sectors and Implementing Ministry/Department are as follows

Advance Chemistry Cell (ACC) Battery: NITI Aayog and Department of Heavy Industries

Electronic/Technology Products: Ministry of Electronics and Information Technology

Automobiles & Auto Components: Department of Heavy Industries

Pharmaceuticals drugs: Department of Pharmaceuticals

Telecom & Networking Products: Department of Telecom

Textile Products (MMF segment and technical textiles): Ministry of Textiles

Food Products: Ministry of Food Processing Industries.

High Efficiency Solar PV Modules: Ministry of New and Renewable Energy.

White Goods (ACs & LED): Department for Promotion of Industry and Internal Trade.

Speciality Steel: Ministry of Steel.

Notified PLI schemes are already available in the following sectors:

Mobile Manufacturing and Specified Electronic Components: MEITY.

Critical Key Starting materials/Drug Intermediaries and Active Pharmaceutical

Ingredients: Department of Pharmaceuticals.

Manufacturing of Medical Devices: Department of Pharmaceuticals


Religion in news: Sarna Religion

The Jharkhand government has passed a resolution to send the Centre a letter to recognise Sarna religion and include it as a separate code in the Census of 2021.

 

Sarna religion

The followers of Sarna faith believe in praying to nature. 

The motto of the faith is “Jal, Jungle, Zameen”. 

Its followers pray to the trees and hills while believing in protecting the forest areas.

It is believed that 50 lakhs tribals in the entire country put their religion as ‘Sarna’ in the 2011 census, although it was not a code.

Jharkhand has 32 tribal groups of which 8 are from Particularly Vulnerable Tribal Groups.


Kalvari-Class Submarine INS Vagir launched

Indian Navy’s fifth Kalvari-class Diesel Electric attack submarine INS Vagir was launched at Mazgaon Dock in Mumbai.

 

Indian Naval Ship (INS) Vagir is the fifth among the six Kalvari-class submarines.

The other vessels in the class are INS Kalvari, INS Khanderi, INS Karanj, INS Vela and INS Vagsheer.

Of these Kalvari and Khanderi have been commissioned in 2017 and 2019. 

Vela and Karanj are undergoing sea trials. 

Vagsheer is under construction.

Technical details

The design of Kalvari class of submarines is based on Scorpene class of submarines. 

This class of submarines have Diesel Electric transmission systems. 

These are primarily attack submarines or ‘hunter-killer’ type which means they are designed to target and sink adversary naval vessels.

It can reach the highest speeds of 11 knots when surfaced and 20 knots when submerged.

These submarines have the Air Independent Propulsion (AIP) which enables non-nuclear submarines to operate for a long time without access to surface oxygen.

Like Kalvari (which means Tiger Shark), Vagir has been named after a Sand Fish, a predatory marine species. 

Khanderi has been named after an Island Fort built by Chhatrapati Shivaji.

Karanj has also been named after an Island located South of Mumbai.


Aatmanirbhar Bharat Rozgar Yojana

Union Minister for Finance announced a new scheme of AATMANIRBHAR BHARAT ROZGAR YOJANA to incentivize job creation during COVID-19 recovery 

 

If EPFO-registered establishments take in new employees without EPFO registration or those who lost jobs earlier, the Yojana will benefit these employees.

Beneficiaries / New Employees under the scheme would be:

  • any new employee joining employment in EPFO registered establishments on monthly wages less than Rs.15,000
  • EPF members drawing monthly wage of less than Rs.15,000 who exited from employment during COVID Pandemic from 1st March to 30th September, 2020 and is employed on or after 1st October, 2020.

Central Govt. will provide subsidy for two years in respect of new eligible employees engaged on or after 1st October, 2020 at following scale:

  • Establishments employing up to 1000 employees: Employee’s contributions (12% of Wages) & Employer’s contributions (12% of wages) totalling 24% of wages
  • Establishments employing more than 1000 employees: Only Employee’s EPF contributions (12% of EPF wages)

The scheme will be effective from October 1, 2020 and operational till 30th June 2021.


Finance Minister Announces Measures On Aatmanirbhar Bharat 3.0

Union Minister for Finance announced various measures, as part of Government of India’s stimulus to the economy, under AatmaNirbhar Bharat 3.0.

 

Emergency Credit Line Guarantee Scheme for MSMEs, businesses, MUDRA borrowers and individuals (loans for business purposes), has been extended till March 31, 2021.

10 more Champion Sectors will be covered under the Production Linked Incentives Scheme to help boost competitiveness of domestic manufacturing.

A sum of Rs 18000 crore is being provided for PM Awaas Yojana – Urban over and above Rs. 8000 Crore already allocated this year.

Support for Construction & Infrastructure – Relaxation of Earnest Deposit Money & Performance Security on Government Tenders

To provide ease of doing business and relief to contractors whose money otherwise remains locked up, performance security on contracts has been reduced from 5-10% to 3%.It will also extend to ongoing contracts and Public Sector Enterprises.

Differential between circle rate and agreement value in real estate income tax under Section 43 CA of IT Act has been increased from 10% to 20%.

Government will make ₹6,000 Crore equity investment in debt platform of National Investment and Infrastructure Fund (NIIF), which will help NIIF provide a debt of ₹ 1.1 Lakh Crore for infrastructure projects by 2025.

Additional outlay of ₹10,000 Crore is being provided for PM Garib Kalyan Rozgar Yojana to provide rural employment. This will help accelerate rural economy.

Around 3,000 Crore boost is being provided to EXIM Bank for promoting project exports under Indian Development and Economic Assistance Scheme (IDEAS Scheme).

900 Crore is being provided to Department of Biotechnology for Research and Development of Indian COVID Vaccine.


 






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