Proposal to permit utilization of India's capital contribution to SAARC Development Fund
Proposal to permit
utilization of India's capital contribution to SAARC Development Fund for its
Economic and Infrastructure Windows
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi,
today gave its approval for the proposal to permit utilization of India's
capital contribution to the SAARC Development Fund (SDF) for its Economic and
Infrastructure Windows, in addition to the existing approval for utilizing
India's capital contribution for the Social Window of SDF.
The approval will help in promoting projects such as cross border infrastructure. Such projects will help improve intra-SAARC trade and growth potential of the SAARC region, and also in promoting financial inclusion and social security to disadvantaged/vulnerable sections of society in the region. There are no additional financial implications for India, as it only entails a restructuring of India's capital contribution to the SDF.
Background:
The SDF was set up in 2008 to improve the livelihood of the people and to accelerate economic growth, social progress and poverty alleviation in the region. The SDF Charter provides for utilization of the Fund, for projects in three windows:
(i) Social Window;
(ii) Economic Window;
(iii) Infrastructure Window.
At the 18th SAARC Summit held in November 2014 in Kalhmandu, leaders agreed to operationalize the SDF's Economic Window and Infrastructure Window at the earliest, for effective implementation of regional and sub-regional projects. In light of the pressing need to address infrastructure bottlenecks for improved growth of the SAARC region, it is pertinent to use India's capital contribution to SDF for its Economic and Infrastructure Windows in addition to the Social Window.
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Extension of Scheme
of Recapitalisation of Regional Rural Banks to improve their Capital to Risk
weighted Assets Ratio
The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi,
today gave its approval for extension for the next three years, that is upto
2016-17 of the scheme of recapitalisation of weak Regional Rural Banks (RRBs).
These banks are unable to maintain their minimum Capital to Risk weighted
Assets Ratio (CRAR) of 9 percent. This decision will help them improve this
ratio.
A strong capital structure and minimum required level of CRAR will ensure financial stability of RRBs which will enable them to play a greater role in financial inclusion and meeting the credit requirements of rural areas.
Presently there is a Budget provision of Rs.15 crore for recapitalization of RRBs. After this approval for extension of the Scheme, further funds as required will be requested in Supplementary Demands.
Background:
The RRBs were established under Regional Rural Banks Act, 1976 to create an alternative channel to the 'cooperative credit structure' and to ensure sufficient institutional credit for the rural and agriculture sector. RRBs are jointly owned by Government of India, concerned State Government and Sponsor Banks with the issued capital shared in the proportion of 50 percent, 15 percent and 35 percent, respectively. With a view to bring the CRAR of RRBs to at least 9 percent, the Dr. K. C. Chakrabarty Committee recommended recapitalisation support to the extent of Rs.2,200 crore to 40 RRBs in 21 States. The recapitalisation process started in 2010-11. The share of Central Government in respect of some RRBs could not be released in the absence of the release of the share of State Governments. Therefore, the scheme of recapitalisation was extended upto 31st March, 2014. A total amount of Rs. 1086. 70 crore has been released, as on 31st March, 2014, to 39 RRBs including the Central Madhya Pradesh Gramin Bank.
A strong capital structure and minimum required level of CRAR will ensure financial stability of RRBs which will enable them to play a greater role in financial inclusion and meeting the credit requirements of rural areas.
Presently there is a Budget provision of Rs.15 crore for recapitalization of RRBs. After this approval for extension of the Scheme, further funds as required will be requested in Supplementary Demands.
Background:
The RRBs were established under Regional Rural Banks Act, 1976 to create an alternative channel to the 'cooperative credit structure' and to ensure sufficient institutional credit for the rural and agriculture sector. RRBs are jointly owned by Government of India, concerned State Government and Sponsor Banks with the issued capital shared in the proportion of 50 percent, 15 percent and 35 percent, respectively. With a view to bring the CRAR of RRBs to at least 9 percent, the Dr. K. C. Chakrabarty Committee recommended recapitalisation support to the extent of Rs.2,200 crore to 40 RRBs in 21 States. The recapitalisation process started in 2010-11. The share of Central Government in respect of some RRBs could not be released in the absence of the release of the share of State Governments. Therefore, the scheme of recapitalisation was extended upto 31st March, 2014. A total amount of Rs. 1086. 70 crore has been released, as on 31st March, 2014, to 39 RRBs including the Central Madhya Pradesh Gramin Bank.
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Change in Tariff
Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD
Palmolein, others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades),
Poppy Seeds, Areca Nuts, Gold and Silver Notified
In exercise of the powers conferred by sub-section (2) of section 14 of
the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs,
being satisfied that it is necessary and expedient so to do, hereby makes the
following amendment in the notification of the Government of India in the
Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated
the 3rd August, 2001, published in the Gazette of India,
Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E),
dated the 3rd August, 2001, namely:-
In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the
following Tables shall be substituted namely:-
TABLE-1
|
Sl. No.
|
Chapter/
heading/ sub-heading/tariff item
|
Description of goods
|
Tariff value US $
(Per Metric Tonne)
|
|
(1)
|
(2)
|
(3)
|
(4)
|
|
1
|
1511 10
00
|
Crude Palm Oil
|
650
|
|
2
|
1511 90
10
|
RBD Palm Oil
|
674
|
|
3
|
1511 90
90
|
Others – Palm Oil
|
662
|
|
4
|
1511 10
00
|
Crude Palmolein
|
680
|
|
5
|
1511 90
20
|
RBD Palmolein
|
683
|
|
6
|
1511 90
90
|
Others – Palmolein
|
682
|
|
7
|
1507 10
00
|
Crude Soya bean Oil
|
742
|
|
8
|
7404 00
22
|
Brass Scrap (all grades)
|
3488
|
|
9
|
1207 91
00
|
Poppy seeds
|
1913
|
TABLE-2
|
Sl. No.
|
Chapter/
heading/ sub-heading/ tariff item
|
Description
of goods
|
Tariff
value
(US $)
|
|
(1)
|
(2)
|
(3)
|
(4)
|
|
1
|
71 or
98
|
Gold,
in any form, in respect of which the benefit of entries at serial number 321
and 323 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed
|
376 per
10 grams
|
|
2
|
71 or
98
|
Silver,
in any form, in respect of which the benefit of entries at serial number 322
and 324 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed
|
498 per
kilogram
|
TABLE-3
|
Sl. No.
|
Chapter/
heading/ sub-heading/tariff item
|
Description
of goods
|
Tariff
value
(US $ Per Metric Tons )
|
|
(1)
|
(2)
|
(3)
|
(4)
|
|
1
|
080280
|
Areca
nuts
|
2268”
|
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