Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman to launch the National Monetisation Pipeline tomorrow
The National Monetisation Pipeline comprises a four-year pipeline of the Central Government’s brownfield infrastructure assets
Posted Date:- Aug 22, 2021
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman, will launch the National Monetisation Pipeline tomorrow at New Delhi.
The National Monetisation Pipeline (NMP) comprises a four-year pipeline of the Central Government’s brownfield infrastructure assets. Besides providing visibility to investors, NMP will also serve as a medium-term roadmap for the Asset Monetisation initiative of the Government.
The Union Budget 2021-22 laid a lot of emphasis on Asset Monetisation as a means to raise innovative and alternative financing for infrastructure, and included a number of key announcements.
The National Monetisation Pipeline book will be released in the presence of Vice Chairman of NITI Aayog, Dr Rajiv Kumar, CEO, Shri Amitabh Kant, and Secretaries of relevant line ministries whose assets constitute the monetisation pipeline.
New Delhi, the 13th August, 2021/ Sravana 22, 1943 (Saka)
The following Act of Parliament received the assent of the President on the 13th August, 2021, and is hereby published for general information:—
THE TAXATION LAWS (AMENDMENT) ACT, 2021 NO. 34 OF 2021
43 of 1961.
[13th August, 2021.]
An Act further to amend the Income-tax Act, 1961 and the Finance Act, 2012.
BE it enacted by Parliament in the Seventy-second Year of the Republic of India as follows:—
CHAPTER I PRELIMINARY
1. Short title.
This Act may be called the Taxation Laws (Amendment) Act, 2021.
Income deemed to accrue or arise in India.
9.(1) The following incomes shall be deemed to accrue or arise in India :— (i)all income accruing or arising, whether directly or indirectly, through or from any business connection in India, or through or from any property in India, or through or from any asset or source of income in India, or through the transfer of a capital asset situate in India.
…………………………………………………………………………
Explanation 5.—For the removal of doubts, it is hereby clarified that an asset or a capital asset being any share or interest in a company or entity registered or incorporated outside India shall be deemed to be and shall always be deemed to have been situated in India, if the share or interest derives, directly or indirectly, its value substantially from the assets located in India:
In section 9 of the Income-tax Act, 1961, in sub-section (1), in clause (i), in Explanation 5, after the third proviso, the following provisos shall be inserted, namely:—
“Provided also that nothing contained in this Explanation shall apply to—
(i) an assessment or reassessment to be made under section 143, section 144, section 147 or section 153A or section 153C; or
(ii) an order to be passed enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154; or
(iii) an order to be passed deeming a person to be an assessee in default under sub-section (1) of section 201,
in respect of income accruing or arising through or from the transfer of an asset or a capital asset situate in India in consequence of the transfer of a share or interest in a company or entity registered or incorporated outside India made before the 28th day of May , 2012:
Provided also that where—
(i) an assessment or reassessment has been made under section 143, section 144, section 147 or section 153A or section 153C; or
(ii) an order has been passed enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154; or
(iii) an order has been passed deeming a person to be an assessee in default under sub-section (1) of section 201; or
(iv) an order has been passed imposing a penalty under Chapter XXI or under section 221,
in respect of income accruing or arising through or from the transfer of an asset or a capital asset situate in India in consequence of the transfer of a share or interest in a company or entity registered or incorporated outside India made before the 28th day of May, 2012 and the person in whose case such assessment or reassessment or order has been passed or made, as the case may be, fulfils the specified conditions, then, such assessment or reassessment or order, to the extent it relates to the said income, shall be deemed never to have been passed or made, as the case may be:
Provided also that where any amount becomes refundable to the person referred to in fifth proviso as a consequence of him fulfilling the specified conditions, then, such amount shall be refunded to him, but no interest under section 244A shall be paid on that amount.
Explanation.—For the purposes of fifth and sixth provisos, the specified conditions shall be as provided hereunder:—
(i) where the said person has filed any appeal before an appellate forum or any writ petition before the High Court or the Supreme Court against any order in respect of said income, he shall either withdraw or submit an undertaking to withdraw such appeal or writ petition, in such form and manner as may be prescribed;
(ii) where the said person has initiated any proceeding for arbitration, conciliation or mediation, or has given any notice thereof under any law for the time being in force or under any agreement entered into by India with any other country or territory outside India, whether for protection of investment or otherwise, he shall either withdraw or shall submit an undertaking to withdraw the claim, if any, in such proceedings or notice, in such form and manner as may be prescribed;
(iii) the said person shall furnish an undertaking, in such form and manner as may be prescribed, waiving his right, whether direct or indirect, to seek or pursue any remedy or any claim in relation to the said income which may otherwise be available to him under any law for the time being in force, in equity, under any statute or under any agreement entered into by India with any country or territory outside India, whether for protection of investment or otherwise; and
(iv) such other conditions as may be prescribed.”.
CHAPTER III
AMENDMENT TO THE FINANCE ACT, 2012
3. Amendment of section 119.
In the Finance Act, 2012, in section 119, the following provisos shall be inserted, namely:—
“Provided that this section shall cease to apply to the person who fulfils the following conditions, namely:—
(i) where such person has filed any appeal before an appellate forum or a writ petition before the High Court or the Supreme Court against any order in respect of said income, he shall, either withdraw or submit an undertaking to withdraw such appeal or writ petition, in such form and manner as may be prescribed;
(ii) where such person has initiated any proceeding for arbitration, conciliation or mediation, or has given any notice thereof under any law for the time being in force or under any agreement entered into by India with any other country or territory outside India, whether for protection of investment or otherwise, he shall either withdraw or submit an undertaking to withdraw the claim, if any, in such proceedings or notice, in such form and manner as may be prescribed;
(iii) such person shall furnish an undertaking, in such form and manner as may be prescribed, waiving his right, whether direct or indirect, to seek or pursue any remedy or any claim in relation to the said income which may otherwise be available to him under any law for the time being in force, in equity, under any statute or under any agreement entered into by India with any country or territory outside India, whether for protection of investment or otherwise; and
(iv) such other conditions as may be prescribed:
Provided further that if any amount becomes refundable under the Income-tax Act, 1961 to the person referred to in first proviso as a consequence of him fulfilling said conditions, such amount shall be refunded to him, but no interest under Section 244A of the Income-tax Act, 1961 shall be paid on that amount.”.
Ministry of Consumer Affairs, Food & Public Distribution
Hallmarking scheme becoming a grand success .
More than ONE CRORE pieces of jewellery Hallmarked
More than 90000 Jewellers registered already
Nearly 4 lac pieces of Jewellery getting hallmarked each day now
HUID-based hallmarking a win-win situation for everyone, as it brings about transparency in the functioning of the industry, ensures consumers’ right to get right stuff for their money and obviates the chances of Inspector Raj
Any one can get existing Jewellery Hallmarked and get true Valuation of Gold and their savings
Implementation of Hallmarking is a work in progress And Government is in a constant dialogue with Jewellers and the benefits of scheme are being appreciated by most of the Jewellers
Government was fully committed to address the genuine demandsPosted Date:- Aug 21, 2021
“Hallmarking scheme is turning out to be grand success with more than 1 crore pieces of Jewellery hallmarked in a quick time” – said Director General BIS while addressing a Press Conference on the subject of progress being made in the Hallmarking in India . He said that more than 90000 Jewellers have also registered in same time period.
He said that the scheme had ben a grand success because of their support and cooperation, which is reflected in the fact that the number of registered jewellers has increased to 91,603 and that of the jewellery pieces received for hallmarking and hallmarked since 1st July, 2021 to 20th August to One crore Seventeen lakhs and One crore Two lakhs respectively. The number of jewellers, who sent their jewellery for hallmarking increased from 5145 during 1st July to 15th July increased to 14,349 during 1st August to 15th August, 2021; and 861 AHCs started hallmarking as per the HUID-based system.
Dwelling upon the issue of the pace of hallmarking, DG, BIS said that there has been gradual and satisfactory increase in the pace of hallmarking. During the fortnight 1st July to 15th July, 2021, 14.28 lakh pieces were hallmarked, but this number increased to 41.81 lakh during 1st August to 15th August. In a single day, on 20th August, 2021, 3 lakh 90 thousand jewellery pieces were hallmarked. He added that there should not be any problem in hallmarking 10 crore pieces of jewellery in a year, which is the estimated number of jewellery pieces to be hallmarked if the hallmarking became mandatory across the country.
DG, BIS also refuted the claim by some that the existing capacity of AHCs in 256 districts was not enough to meet the demand. He shared the data that out of 853 AHCs which received jewellery during the fortnight 1st August to 15th August, 2021, only 161 got more than 500 pieces per day, and more than 300 AHCs received less than 100 pieces per day. Hence, there was a lot of underutilised capacity in the country. He said that the functioning of the AHCs was being reviewed regularly and they have been instructed to follow the FIFO principle. Proposal has also been submitted to DoCA for enhancing the reach of AHCs.
He said that government had been accessible and sensitive to the demands of the jewellery industry and shown an exemplary sense of appreciation and accommodation of their genuine demands. Hon’ble Minister, Consumer Affairs constituted a High-level Expert Committee before the scheme of mandatory hallmarking was launched, and the committee had three meetings. After the launch of mandatory hallmarking, an Advisory Committee was constituted to recommended measures for smooth implementation of the mandatory hallmarking. This Committee had six meetings and submitted its report to the government a few days back. The last meeting with the stakeholders was held on 19th August, 2021 in which representatives of manufacturers, wholesalers, retailers, consumer groups, AHCs, all of them participated. He said that the call for strike by certain sections of the jewellery industry, therefore, was highly uncalled for. He added that in the stakeholders meeting on 19th August, 2021, representatives of several organisations had condemned the idea of strike by some.and extended full support to the HUID-based hallmarking scheme.
Sharing details of the steps taken by the government to accommodate the genuine demands of the jewellery industry, DG, BIS underlined following facts:
i. Hallmarking made mandatory only in 256 districts having an AHC..
ii. HUID was limited to AHC level, to start with, and to be implemented at the jewellers and consumers level after the new system settles down fully.
iii. Registration process was made simpler and registration fee waived.
iv. 20, 23 and 24 carats of gold jewellery allowed for hallmarking.
v. Indian standard amended to allow hallmarking of small mixed lots of same purity.
vi. Software improved to allow handing over of jewellery at the AHC level too. vii. Help Desk created at the Headquarters and Branch Offices and 300 Awareness Camps held so far.
viii. Advisory Committee had n in-depth review of the issues concerning hallmarking and submitted its report to DoCA.
Replying to queries, DG, BIS clarified, that it was a complete misinformation that BIS was tracking the B-t-B movement of jewellery and jewellers were required to upload the details of sales on BIS portal. There is NO SUCH requirement in on behalf of Jewellers.
He emphasised that the scheme had been a grand success and after having hallmarked more than one crore pieces of jewellery, it made no sense to be talking about the postponement or withdrawal of the scheme. He reiterated that HUID-based hallmarking was a win-win situation for everyone, as it brings about transparency in the functioning of the industry, ensures consumers’ right to get right stuff for their money and obviates the chances of Inspector Raj.
He appealed to the members of industry to extend their full cooperation in the implementation of the scheme and desist from strike and such activities, as Government was fully committed to address their genuine demands.
CBDT Notification No. 93/2021- Income Tax dated 18th August, 2021
New Rule
Rule 12AA. Prescribed person for the purposes of clause (c) and clause (cd) of section 140
Rule 51B. Appearance by Authorised Representative in certain cases.
Refer YouTube video link:
Refer extract of notification:
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi
Notification No. 93/2021- Income Tax | Dated: 18th August, 2021
G.S.R. 578(E).—In exercise of the powers conferred by clause (c) and clause (cd) of section 140 and clause (viii) of sub-section (2) of section 288 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962, namely:-
Short title. – These rules may be called the Income-tax (24th Amendment) Rules, 2021.
In the Income-tax Rules, 1962 (hereinafter referred to as principal rules), after rule 12A, the following rule shall be inserted, namely:– “12AA. Prescribed person for the purposes of clause (c) and clause (cd) of section 140.- For the purpose of clause (c) or clause (cd), as the case may be, of section 140, any other person shall be the person, appointed by the Adjudicating Authority for discharging the duties and functions of an interim resolution professional, a resolution professional, or a liquidator, as the case may be, under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and the rules and regulations made thereunder. Explanation.–– For the purposes of this rule, “Adjudicating Authority” shall have the same meaning as assigned to it in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016).”.
In the principal rules, after rule 51A, the following rule shall be inserted, namely:– “51B. Appearance by Authorised Representative in certain cases.- For the purposes of clause (viii) of sub-section (2) of section 288, any other person, in respect of a company or a limited liability partnership, as the case may be, shall be the person appointed by the Adjudicating Authority for discharging the duties and functions of an interim resolution professional, a resolution professional, or a liquidator, as the case may be, under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and the rules and regulations made thereunder.
Explanation.–– For the purposes of this rule “Adjudicating Authority” shall have the same meaning as assigned to it in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016).”. [Notification No. 93/2021/F.No. 370142/34/2021-TPL(Part III)] SHEFALI SINGH, Under Secy., Tax Policy and Legislation
Union Commerce & Industry Minister Piyush Goyal Meets Export Community, Discusses Measures To Boost Exports
Minister Exhorts Exporters To Rise To The Ambitious Challenge Of $400 Billion Export Target For 2021-22.And Target $2 Trillion Exports By 2030
Commerce Minister – “We Can Sort Out Ftas Fairly Quickly, If The Areas Where We Have The Ability To Compete Internationally Can Be Identified”
India Is Working Towards Early Harvest Agreements With Uk And Australia: Commerce Minister
Ministry of Commerce & Industry Press Release dated 19th Aug 2021
The Union Commerce and Industry Minister Shri Piyush Goyal has said that the nation is working towards making a quantum jump in merchandise exports. He said this has been made possible, thanks to the structural changes initiated by the government under the leadership of Prime Minister Narendra Modi. The Minister said that the merchandise export target of $400 billion for the year 2021-22 has been set, in line with the Prime Minister’s clarion call, “Local goes Global: Make in India for the World”. The Minister said this during a meeting with Export Promotion Councils (EPCs), Commodity Boards and Authorities and other stakeholders in Mumbai today, to discuss measures to enhance and increase exports.
“The target has been generated through a bottom-up and consultative approach, wherein specific targets for each country, product, Export Promotion Council and foreign mission has been set”, said Shri Goyal.
“Act immediately to rise to the ambitious challenge of $400 billion export target”
The Minister exhorted all Export Promotion Councils to take immediate and effective steps to rise to the challenge of achieving the merchandise export target of $400 billion for 2021-22. “We need to maintain the export momentum for the next 8 months, with $34 billion exports per month to achieve this target, he informed. The goal is ambitious, but possible if all including EPCs and their members work together”, added Shri Goyal.
Target $2 trillion exports by 2030
The Minister asked the export community to also target $2 trillion exports by the year 2030, comprising $1 trillion merchandise exports and $1 trillion services exports.
The Minister announced that two separate divisions are being set up in the Commerce Ministry focused on the services sector, in order to attain the $1 trillion services exports target.
New FTAs slated for early conclusion.
The Minister informed that the Free Trade Agreement (FTA) strategy is being revamped. “Free Trade Agreements are being formulated in a much more interactive process, we are engaging with industry to ensure that FTAs are fairly and equitably crafted. At the same time, FTAs cannot be a one-way traffic, we also need to open our markets, if we want a larger share in foreign markets. So, we need to identify areas where we can withstand competition. We can sort out FTAs fairly quickly, if the areas where we have the ability to compete internationally can be identified, as part of a collective effort.”
Informing about the progress of FTAs with various developed countries, the Minister informed that we are at a very positive momentum in terms of FTAs, with the UK, EU, Australia, Canada, UAE, Israel and the GCC countries. “Our effort is to ensure focus on countries where we have significant potential, where we can compete better and where market size is significant.”
Working towards Early Harvest Agreements with UK and Australia
Shri Goyal said that India is looking at identifying areas of immediate interest for India and UK, and conclude an Early Harvest Agreement with UK. Australia has shown the highest level of engagement and has shown significant interest to do an Early Harvest Agreement, this will help us engage with others too on similar lines, he informed.
On the FTA with the EU, the Minister stated that it is only due to the Prime Minister’s good will and credibility that the EU has agreed to once again engage in negotiations for an FTA. India will be working very hard to speed this up, he said.
He added: “If the FTA with UAE happens, FTAs with GCC countries too will get expedited. The USA has kind of indicated that they are not looking at new trade agreements, however, we will work with them to address market access issues on both sides, this will be a big opportunity for our export sector.
Let Quality be our mantra: Minister tells industry
The Minister exhorted the industry to study both domestic and international quality standards and work towards aligning the standards. “Let us accept and adopt quality standards voluntarily and happily and build our industries to meet global quality standards.”
Focus on shipping and semiconductor industries
The Minister spoke of two sectors which he said should occupy a more prominent role in the industrial landscape -shipping and semiconductors. He also urged the textiles industry to
“Do participate in World Expo, Dubai”
The Minister said that World Expo is going to be a big opportunity for Indian industry. “The Indian Pavillion at World Expo, Dubai is going to be absolutely fabulous, it will make you proud, I can assure you.”
“Time to take exports to the next level”
The Minister told the export community that they – Export Promotion Councils, and Commodity Boards can play a key role in export promotion. They can provide market intelligence, explore new markets and destinations, arrange trade fairs and buyer-seller meets, handhold exporters and work closely with Ministries/Departments, he said.
Shri Goyal told the export community that India needs to once again become “Duniya ka Bazar” and “Duniya ka Karkhana”, reclaiming its historical position as a great trading nation.
Policy Measures taken to Boost Exports
Underlining various steps taken to boost exports, the Minister recalled that the Draft National Logistics Policy has been introduced. Districts are being developed as Export Hubs and Free Trade Agreements are being fast-tracked. Compliance requirement has been reduced, Production Linked Incentive Scheme has been introduced for 13 sectors and SEZ reforms have been brought in. Trade facilitation is being done on digital platforms and a comprehensive Agriculture Export Policy has been made.
A New Foreign Trade Policy will be announced on October 1, 2021 and Indian missions abroad will play an active role in its implementation. A single-window customs clearance has been extended for exporters.
The Commerce & Industry Minister thanked all EPCs who he said have served selflessly during the challenging times of COVID-19. He recalled that India became the pharmacy of the world, supplied high-quality and critical health items and sent millions of vaccine doses. It also became a reliable supplier of food to the world during the pandemic and met all our international service commitments even during the lockdown. This has helped India earn the trust of the world, said the Minister.
Shri Goyal said “Our Exporters have made us proud by achieving record trade volumes in April- July 2021.” Exports in July 2021 was $35 billion, the highest-ever monthly export in Indian history, and an increase of 35% with respect to July 2019. Merchandise exports in Apr-July 2021 was $130 billion, an increase of 22% with respect to April-July 2019.
Speaking on the ocassion,
Commerce Secretary Shri B.V.R Subrahmanyam said, Government of India has set a very solid export target of $ 400 billion for 2021-22. The target has been arrived at through a systematic assessment of export potential. “Trade has been laid down as the top priority for our diplomats, foreign missions will help in facilitating exporters. We are working on creating state-level export commissioners, district-level export hubs and other infrastructure for export facilitation”, informed Shri Subrahmanyam.
Engagement with states and districts is a key focus area. Through their role in District Export Promotion Councils, the EPCs should actively contribute in preparing strategy for promoting exports of identified products/services from the districts, said Shri Yadav.
The participants
The Export Promotion Councils (EPCs), Commodity Boards and Authorities present in the meeting included IOPEPC (Indian Oilseeds & Produce Export Promotion Council), EEPC India, PLEXCONCIL (The Plastics Export Promotion Council), Services Export Promotion Council, SRTEPC (Synthetic & Rayon Textiles Export Promotion Council), Export Promotion Council for EOUs & SEZs, Powerloom Development & Export Promotion Council, Texprocil, GJEPC (Gem & Jewellery Export Promotion Council), AEPC (Apparel Export Promotion Council), CII, FIEO (Federation of Indian Exports Organization), Project Export Promotion Council of India and others. The EPCs and other participants joined physically in Mumbai as well as online from other places.
The Minister and senior officials of the government took note of the various issues and suggestions given by the industry and assured them to continue to address them suitably, in line with the Government’s goal of boosting exports and the economy.
Ministry of Commerce & Industry Press Release dated 19th Aug 2021
Union Minister Dr Jitendra Singh says, new business enterprises are heavily dependent on scientific technology in contemporary India
Delivers the keynote address at the 7th India International MSME Trade and Investments Expo Summits 2021 in New Delhi today
MSME Ministry has set a target to enhance its contribution to GDP up to 50% by 2025 as India becomes a $5 trillion economy
Ministry of Science & Technology Press Release dated 19 Aug 2021
Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh today said that new business enterprises are heavily dependent on scientific technology and for the industry as well as big and small enterprises to realise their optimum utilisation in contemporary India, not only the scientific applications but also scientific temper and scientific attitude will be essential for the entrepreneurs to succeed.
Delivering the Keynote Address at the 7th India International MSME Expo Summits 2021 here, the Minister said, small and micro enterprises supported by competitive and cutting edge technology will be the foundation for bigger industries in India and asked the scientific community to share the successful R&D outcomes with the industries and corporate houses. He said, all future entrepreneurship will be driven by Science and Technology and called for adding new avenues and enterprises in tune with changing times.
Dr Jitendra Singh said, it gives him immense pleasure that MSME Ministry has set a target to enhance its contribution to GDP up to 50% by 2025 as India becomes a $5 trillion economy. He said, with around 36.1 million units, MSMEs contribute around 6.11% of the manufacturing GDP and 24.63% of the GDP from service activities. Moreover, it is the second largest employment generating sector after agriculture as it provides employment to around 120 million persons in India.
Dr Jitendra Singh said, MSMEs constitute over 90% of total enterprises in most of the economies and are credited with generating the highest rates of employment growth. He said, with low investment requirements, operational flexibility and the capacity to develop appropriate indigenous technology, Small and Medium Enterprises have the power to propel India to new heights.
Referring to the huge unexplored business opportunities in Bamboo sector, Dr Jitendra Singh said, a path-breaking decision was taken by Prime Minister Narendra Modi to exempt home grown bamboo from the purview of the 100-year-old Indian Forest Act, which helped in bringing ease of doing business in the bamboo sector for the young entrepreneurs. He also pointed out that by increasing the import duty on bamboo sticks/ Agarbatti from 10% to 25%, the domestic Agarbatti manufacturing got a huge boost as nearly 5 to 6 thousand crores of Agarbatti was imported every year from countries like Korea, Vietnam and China. But, there has been no import of raw batti since September 2019 and local bamboo produce is being used for this, he added.
Dr Jitendra Singh reiterated that many Start-Up avenues of self-employment are more lucrative than government jobs and the need is only to change the mind-set which is inclined to prefer a small-time government job with a meagre salary instead of a self-employed Start Up initiative which could comparatively beget manifold returns from the beginning itself.
The Minister said, many Agri Start-Ups through suitable use of Science and Technology are not only providing lucrative livelihood for themselves but also for their peers. Referring to the clarion call given by Prime Minister Narendra Modi for doubling the farmer’s income by 2022, Dr Jitendra Singh said that the focus of agricultural and allied sectors, and researchers should be on productivity rather than production.
Government of India developed robust mechanism for Online Trading of Energy Saving Certificates
Government rewarded energy efficiency industries through energy saving certificatesPosted Date:- Aug 19, 2021
As part of “Azadi Ka Amrut Mahotsav”, Ministry of Power organised an event yesterday here to issue Energy Saving Certificates to best performing Industrial units. Shri Alok Kumar, Secretary, Ministry of Power issued more than 57 lacs Energy Saving Certificates to 349 industrial units because they saved more energy than the targets. These units will be able to trade certificates through Power Exchange Portal after a month to those units who could not achieve their targets.
Addressing the gathering, Shri Alok Kumar emphasised that all these initiatives will go a long way to make India more energy-efficient, and it will form a replicable model across the globe. Shri Kumar complemented the large industries in taking energy efficiency measures by upgrading their technologies. He highlighted the leadership role being played in the energy transition efforts and India, being the only G-20 country who is on the track for below 2 degree rise as per the Paris agreement. Shri Kumar interacted with CEOs of large industries from Steel, Cement, Refinery, Fertiliser and other sectors. Industry leaders appreciated the efforts of Ministry of Power and assured all possible contribution for making the industrial sector cleaner and efficient in coming years.
Ministry of Power has taken several initiatives to enhance energy efficiency of major industrial sectors. The objective is to reduce consumption of fossil fuel, coal, oil and gas thereby leading to low carbon economy. This will not only enhance energy security for India but will also contribute towards climate goals as per the Paris Agreement.
One of the flagship initiative known as Perform, Achieve and Trade (PAT) was implemented under Cycle II (during 2016-19) covering 621 large industries from 11 sectors. Bureau of Energy Efficiency who is piloting this initiative completed the verification of energy savings achieved by these industries called as Designated Consumers (DCs). As per the audit reports received by BEE, total energy saving was more than 14 million tonne of oil equivalent (MTOE) which has also avoided 66 million tonnes CO2 emission. This initiative has resulted in energy saving of Rs. 31,445 crores and industries have reported an investment of over Rs. 43,721 crores. In order to incentivise the exemplary performance, Ministry of Power issued Energy Saving Certificates (ESCerts) to those units who exceeded their targets.
PAT scheme as a market-based mechanism, under National Mission for Enhanced Energy Efficiency (NMEEE) is to enhance cost effectiveness through certification of excess energy savings in energy intensive industries that can be traded. The scheme seeks to reduce the specific energy consumption (SEC), i.e. energy used per unit of production in energy intensive large industries. Under this scheme, an Energy Audit is done to verify the baseline data (current level of efficiency) and thereafter energy saving targets are given. Energy Saving Certificates (ESCerts) are issued to those plants that have achieved excess energy savings over their targets. Units that are unable to meet the targets either through their own actions or through purchase of ESCerts are liable to financial penalty under the Energy Conservation Act, 2001.
After Issuance of ESCerts DCs are required to register with the Registry as Eligible Entity before registering with the power exchanges for trading of ESCerts and book keeping of ESCerts. The Trading of ESCerts takes place on the Power Exchange platform.
“Azadi Ka Amrit Mahotsav”, is the Government’s initiative to mark 75 years of India’s Independence. The idea behind the Mahotsav that starts the celebration of 75 years of India’s Independence 75 weeks before 15th August, 2022 and extends up to Independence Day 2023 is to showcase accomplishments since 1947 so as to instil a sense of pride and to create a vision for ‘India@2047’. The commemorations will include 75 events for 75 weeks with one prominent event every week.
About BEE:
The Government of India has set up the Bureau of Energy Efficiency (BEE) on 1st March 2002 under the provision of the Energy Conservation Act, 2001. The mission of the Bureau of Energy Efficiency is to assist in developing policies and strategies with a thrust on self-regulation and market principles with the primary objective of reducing energy intensity of the Indian economy within the overall framework of the Energy Conservation Act, 2001. This will be achieved with active participation of all stakeholders, resulting in accelerated and sustained adoption of energy efficiency in all sectors.
Ministry of Road Transport & Highways Please release dated 19 Aug 2021
सड़क सुरक्षा की इलेक्ट्रॉनिक निगरानी और यातायात कानून-पालन के लिये सड़क यातायात और राजमार्ग मंत्रालय ने एक अधिसूचना जीएसआर 575(ई), 11 अगस्त, 2021-नियम 167ए जारी कर दी है। नियमों के तहत यातायात कानूनों का पालन कराने के लिये इलेक्ट्रॉनिक उपकरणों का विस्तार से प्रावधान किया गया है। प्रावधानों में गति पकड़ने वाला कैमरा, सीसीटीवी कैमरा, स्पीड गन, शरीर पर धारण करने वाला कैमरा, मोटर के डैशबोर्ड पर लगाने वाला कैमरा, ऑटोमैटिक नंबर प्लेट की पहचान सम्बंधी उपकरण (एएनपीआर), वजन बताने वाली मशीन और अन्य प्रौद्योगिकियां शामिल की गई हैं।
राज्य सरकारें यह सुनिश्चित करेंगी कि यातायात कानूनों का पालन कराने वाले सभी इलेक्ट्रॉनिक उपकरणों को राष्ट्रीय राजमार्गों और राज्य राजमार्गों के अति जोखिम तथा अति व्यस्त रास्तों पर लगाया जाये। इसके अलावा कम से कम उन सभी प्रमुख शहर के महत्त्वपूर्ण चौराहों-गोल चक्करों पर इन उपकरणों को लगाया जाये, जिन शहरों की आबादी दस लाख से अधिक हो। इसमें 132 शहरों का विवरण शामिल है, जिनका ब्योरा नियमों की तालिका में देखा जा सकता है।
कानून लागू कराने वाले इलेक्ट्रॉनिक उपकरणों को इस तरीके से लगाया जायेगा, जिसके कारण न तो कोई बाधा पैदा होगी, न देखने में दिक्कत होगी और न यातायात में कोई व्यवधान पड़ेगा। निम्नलिखित नियम-उल्लंघन के लिये इन इलेक्ट्रॉनिक उपकरणों का इस्तेमाल किया जा सकता है, जिनकी फुटेज में स्थान, तिथि और समय दर्ज हो। इनका उपयोग चालान जारी करने में किया जायेगाः-
1. निर्धारित गति-सीमा के दायरे में वाहन नहीं चलाना (धारा 112 और 183);
2. अनधिकृत स्थान पर वाहन रोकना या पार्क करना (धारा 122) ;
3. वाहन चालक और पीछे बैठी सवारी के लिये सुरक्षा का ध्यान न रखना (धारा 128) ;
4. हेलमेट न पहनना (धारा 129);
5. लाल-बत्ती पार करना, रुकने के संकेत का पालन न करना, वाहन चलाते समय मोबाइल फोन का इस्तेमाल करना, कानून का पालन न करते हुये अन्य वाहनों से आगे निकलना या उन्हें ओवरटेक करना, यातायात की विपरीत दिशा में वाहन चलाना, वाहन को इस तरह चलाना, जिसकी अपेक्षा एक सावधान और होशियार चालक से नहीं की जा सकती और उस होशियार चालक को यह भान हो कि ऐसा करना खतरनाक हो सकता है (धारा 184);
6. निर्धारित वजन से अधिक भार लेकर गाड़ी चलाना (धारा 194 की उपधारा-1);
7. बिना सेफ्टी-बेल्ट के गाड़ी चलाना (धारा 194बी);
8. मोटर वाहन (चालक) नियम, 2017 (धारा 177ए) के नियम 6 (अपनी लेन में गाड़ी चलाना) की अवहेलना;
9. माल ढोने वाले वाहनों में सवारी बैठाना (धारा 66);
10. मोटर वाहन (चालक) नियम, 2017 (धारा 117ए) के नियम 36 (गाड़ी की नंबर प्लेट के विषय में) की अवहेलना; ऐसे वाहन को चलाना, जिसमें माल इस तरह भरा गया हो कि वह दोनों तरफ या आगे या पीछे या ऊपर की तरफ निकला हो तथा जो निर्धारित सीमा से अधिक हो (धारा 194 की उपधारा-1ए);
12. आपातकालीन वाहनों को निकलने का रास्ता देने में कोताही करना (धारा 194ई)।
नियम 167 के तहत जारी होने वाले सभी चालान इलेक्ट्रॉनिक स्वरूप में होंगे और यातायात नियमों का उल्लंघन होते ही वे इलेक्ट्रॉनिक निगरानी तथा कानून-पालन प्रणाली के जरिये अपने-आप तैयार हो जायेंगे। उनमें निम्नलिखित सूचना दर्ज रहेगीः
i. यातायात नियम का उल्लंघन करने का ब्योरा और वाहन की नंबर प्लेट की फोटो सबूत के तौर पर दर्ज होगी।
ii. कानून लागू कराने वाले इलेक्ट्रॉनिक उपकरण से पैमाइश।
iii. नियम-उल्लंघन की तिथि, समय और स्थान।
iv. अधिनियम के जिस प्रावधान का उल्लंघन किया गया है, नोटिस में उसका हवाला।
v. भारतीय साक्ष्य अधिनियम 1872 (1872 का 1) की धारा 65बी की उपधारा (4) के अनुपालन में लिखित साक्ष्य, जिसमें-
a. इलेक्ट्रॉनिक रिकॉर्ड की पहचान दर्ज होगी उसे तथा प्रस्तुत करने के तरीके का विवरण होगा,
b. उस इलेक्ट्रॉनिक रिकॉर्ड में उल्लंघन पकड़ने वाले उपकरण का विवरण होगा, जिससे पता चलेगा कि वह इलेक्ट्रॉनिक रिकॉर्ड कंप्यूटर से स्वमेव तैयार हुआ है।
c. राज्य सरकार की तरफ से अधिकृत अधिकारी का हस्ताक्षर रहेगा।
Pilot Launch of International Bullion Exchange – The Gateway for Bullion Imports
Posted Date:- Aug 18, 2021
Shri Injeti Srinivas, Chairperson, International Financial Services Centres Authority (IFSCA), launched the pilot run/soft launch here today. The International Bullion Exchange is scheduled to go live on October 1, 2021 the Foundation Day of IFSCA.
Following the announcement by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in Union Budget 2020-21, the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 were notified on December 11, 2020 which inter alia cover the Bullion Exchange, Clearing Corporation, Depository and Vaults. Government has also taken steps to notify bullion spot trading and bullion depository receipts with underlying bullion as financial products and bullion related services as financial services.
The International Bullion Exchange shall be the “Gateway for Bullion Imports into India”, wherein all the bullion imports for domestic consumption shall be channelized through the exchange. The exchange ecosystem is expected to bring all the market participants at a common transparent platform for bullion trading and provide an efficient price discovery, assurance in the quality of gold, enable greater integration with other segments of financial markets and help establish India’s position as a dominant trading hub in the World.
Pursuant to Memorandum of Understanding between National Stock Exchange of India Limited (NSE), the Multi Commodity Exchange of India Limited (MCX), India INX International Exchange (IFSC) Limited (INDIA INX), National Securities Depository Limited (NSDL), Central Depository Services (India) Limited (CDSL), the holding company India International Bullion Holding IFSC Ltd. (IIBH) has been created for setting up and operationalising International Bullion Exchange, Bullion Clearing Corporation and Bullion Depository in IFSC, GIFT City.
The IFSCA has approved the application by the Holding Company for setting up the International Bullion Exchange through the subsidiary of the holding company, “India International Bullion Exchange IFSC Ltd.”, encompassing the Bullion Exchange and the Bullion Clearing Corporation.
CDSL-IFSC, a foreign depository has been designated as the Bullion Depository for the Bullion Exchange responsible for managing the Vault Manager.
India expresses desire to expand the horizon of New Development Bank (NDB) for strengthening social infrastructure at BRICS Industry Ministers meet
Shri Piyush Goyal chairs the “5th meeting of BRICS Industry Ministers”
Posted Date:- Aug 18, 2021
Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal today chaired the “ 5th meeting of BRICS Industry Ministers” Meeting under the Chairship of India. The Industry Ministers of BRICS Countries (Brazil, Russia, China and South Africa) H.E. Mr. Xiao Yaqing Minister of Industry & IT of the People’s Republic of China, H.E. Mr. Ebrahim Patel, Minister of Trade, Industry & Competition of the Republic of South Africa, H.E. Mr. Carlos Da Costa, Deputy Minister, Ministry of Economy, Government of Federative Republic of Brazil and H.E. Mr. Denis Manturov, Minister of Industry and Trade of the Russian Federation and delegates attended the virtual meeting.
India chose the theme of BRICS@15: Intra BRICS Cooperation for Continuity, Consolidation and Consensus for its Chairship, this year.
In the 5th Meeting of BRICS Industry Ministers held on 18th August 2021, the Joint Declaration was adopted.
India’s efforts of channelizing technology towards good and smart governance thus increasing transparency and accountability, were highlighted. India has developed a vibrant and dynamic start-up ecosystem, leveraged existing platforms and digital technologies such as Aadhar and UPI payments for ensuring delivery of critical services to the last mile. Online systems like COWIN and digital vaccination certificates are being cited as success stories across the world today.
Ministers recognized the unprecedented impact of the COVID-19 pandemic particularly in the fields of trade and industry. They complimented all the COVID warriors, our doctors, nurses, paramedical staff and scientists, across all the BRICS countries, for their selfless and tireless efforts in saving our lives.
They appreciated the need for adopting the emerging new technologies in a swiftly changing world and recognized this as an important tool for modernization and transformation of industry, promotion of inclusive economic growth, thus helping BRICS national economies to meet the Sustainable Development Goals.
They agreed on the need to build human resources in line with the changing requirements accelerated by the new emerging technology to promote training and skills development of the related workforce and businesses through workshops, seminars, and exchange programs.
They reiterated their commitment to make efforts to foster open, fair, and non-discriminatory trade environment, ensure greater participation in global value chains, promote digital inclusion, assess the implications, and encourage the progressive, safe, equitable, and sustainable use of disruptive technologies for advancing growth.
They expressed their intention to collaborate with the New Development Bank (NDB). India expressed the desire to expand the horizon of NDB and resources be utilized for strengthening of social infrastructure besides promotion of Industrial sector.
The meeting concluded with the BRICS Industry Ministers reaffirming their commitment to work together as a group, complement strengths of each other, share best practices and learn from weaknesses, and move ahead in a positive and constructive manner to achieve the 2030 Agenda for Sustainable Development.
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