Signing of MoU India and Australia on cooperation in the fields of education, training and research
Signing of MoU India and Australia on cooperation in the fields of education, training and research
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the signing of a Memorandum of Understanding (MoU) between India and Australia on cooperation in the fields of education, training and research.
The costs of the cooperative activities under this MoU will be funded on mutually agreed terms and will be subject to availability of funds.
The MoU will help intensify existing partnerships between India and Australia in higher education & research, including technical and professional education, schools, vocational education and training and will open up new and innovative areas of cooperation.
The main objectives of this MoU, amongst other things, are:
i. Consideration of expansion of the Australia India Education Council membership from time to time to ensure appropriate representation from academia, policy makers and industry as required and agreed;
ii. Strengthening the policy dialogue and exchange in areas of mutual benefit, including qualification and quality frameworks and standards for education, research and training;
iii. Supporting mobility of students and faculty members through formal exchange programs, internships and other modalities;
iv. Improving credit transfer arrangements and work towards qualifications recognition between Australia and India;
v. Supporting and organizing professional development programmes for subject experts, educational administrators, faculty members and teachers;
vi. Encouraging twinning arrangements between institutions of higher learning and organisation of joint research programmes and publications;
vii. Encouraging research collaboration between institutions of higher learning to enlarge the scope for joint research, joint Ph. D. programmes and joint degrees;
viii. Sharing best practice education materials including research materials, publications, and educational literature;
ix. Supporting skills development through joint conferences, seminars, policy dialogue and technical cooperation in national standards development;
x. Strengthening communication for exchange of information on new policy initiatives and opportunities for development of education, training and research activities of both countries;
xi. Further develop bilateral programmes between institutions of educational excellence in technical, vocational, schools and higher education, subject to availability of funds; and
xii. Any other activity as mutually determined by both parties.
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Signing of Revised Air Services Agreement between India and Seychelles
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for the signing of the revised Air Services Agreement (ASA) between India and Seychelles to modernize and update the existing ASA signed on 30.10.1978.
The ASA signifies an important landmark in the civil aviation relations between India and Seychelles and has the potential to spur greater trade, investment, tourism and cultural exchanges between the two countries.
As a result of this agreement, the number of flights between India and Seychelles has been increased from three per week to seven per week.
The ASA signifies an important landmark in the civil aviation relations between India and Seychelles and has the potential to spur greater trade, investment, tourism and cultural exchanges between the two countries.
As a result of this agreement, the number of flights between India and Seychelles has been increased from three per week to seven per week.
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Signing and Ratification of agreement between India and Seychelles for the exchange of information with respect to taxes
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the signing and ratification of the agreement between India and Seychelles for exchange of information with respect to taxes.
The Agreement will stimulate the flow of exchange of information between India and Seychelles for tax purposes, which will help curb tax evasion and tax avoidance.
The salient features of the agreement are as follows:
i. It will enable the Competent Authorities of India and Seychelles to provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of two countries concerning taxes covered by this agreement.
ii. Information received under the agreement shall be treated as confidential and may be disclosed only to persons or authorities (including courts or administrative bodies) concerned with assessment, collection, enforcement, prosecution or determination of appeals, in relation to taxes covered under the agreement. Information may be disclosed to any other person or entity or authority or jurisdiction with the prior written consent of the country sending the information.
iii. The agreement also provides for a Mutual Agreement Procedure for resolving any difference or for agreeing on procedures under the agreement.
iv. The agreement will enter into force on the date of notification of completion of procedures required by the respective laws of the two countries, for entry into force of the agreement.
As such, the agreement does not have any financial implications. Only in the event of extraordinary costs exceeding US Dollar 500, the Government of India will bear the same, as per Article 9 of the agreement. India has similar provisions in other such tax information exchange agreements.
Background:
The Central Government is authorized under section 90 of the Income Tax Act, 1961 to enter into an agreement with a foreign country or specified territory for exchange of information for the prevention of evasion or avoidance of income-tax chargeable under the Income-tax Act, 1961. Negotiations for entering into an agreement for the exchange of information with respect to taxes were conducted at Seychelles from 8th to 9th June, 2015. Pursuant to this, India Seychelles have agreed on the text of the agreement.
India has signed similar bilateral agreements for Exchange of Tax Information with Argentina, Bahamas, Bahrain, Belize, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Liberia, Liechtenstein, Macao, Monaco and San Marino.
The Agreement will stimulate the flow of exchange of information between India and Seychelles for tax purposes, which will help curb tax evasion and tax avoidance.
The salient features of the agreement are as follows:
i. It will enable the Competent Authorities of India and Seychelles to provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of two countries concerning taxes covered by this agreement.
ii. Information received under the agreement shall be treated as confidential and may be disclosed only to persons or authorities (including courts or administrative bodies) concerned with assessment, collection, enforcement, prosecution or determination of appeals, in relation to taxes covered under the agreement. Information may be disclosed to any other person or entity or authority or jurisdiction with the prior written consent of the country sending the information.
iii. The agreement also provides for a Mutual Agreement Procedure for resolving any difference or for agreeing on procedures under the agreement.
iv. The agreement will enter into force on the date of notification of completion of procedures required by the respective laws of the two countries, for entry into force of the agreement.
As such, the agreement does not have any financial implications. Only in the event of extraordinary costs exceeding US Dollar 500, the Government of India will bear the same, as per Article 9 of the agreement. India has similar provisions in other such tax information exchange agreements.
Background:
The Central Government is authorized under section 90 of the Income Tax Act, 1961 to enter into an agreement with a foreign country or specified territory for exchange of information for the prevention of evasion or avoidance of income-tax chargeable under the Income-tax Act, 1961. Negotiations for entering into an agreement for the exchange of information with respect to taxes were conducted at Seychelles from 8th to 9th June, 2015. Pursuant to this, India Seychelles have agreed on the text of the agreement.
India has signed similar bilateral agreements for Exchange of Tax Information with Argentina, Bahamas, Bahrain, Belize, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Liberia, Liechtenstein, Macao, Monaco and San Marino.
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Promulgation of the Dadra and Nagar Haveli, Value Added Tax (Amendment) Regulation, 2015 under article 240 of the Constitution
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the promulgation of the Dadra and Nagar Haveli Value Added Tax (Amendment) Regulation, 2005 by the President under article 240 of the Constitution. This will substitute the clause (b) of sub-section (1) of section 4 of the Dadra and Nagar Haveli Value Added Tax Regulation, 2005 with the amendment, namely “(b) in respect of goods specified in the Third Schedule, at the rate of five percent.”
This will help the Union territory to generate additional gross revenue and net tax generation that is estimated to be Rs.120 crore and Rs. seven crore per annum respectively.
This will help the Union territory to generate additional gross revenue and net tax generation that is estimated to be Rs.120 crore and Rs. seven crore per annum respectively.
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