Rate of basic customs duty on certain specified medical device increased from 5% to 7.5%;
Rate
of basic customs duty on certain specified medical device increased from 5% to
7.5%;
Simultaneously,
exemption from additional customs duty (SAD) on these medical devices has also
been withdrawn, and they will now attract 4% SAD; Further, to give fillip to
domestic manufacturing, basic customs duty is being reduced to 2.5% along with
full exemption from SAD on raw materials, parts and accessories for manufacture
of medical devices, falling under headings 9018 to 9022.
In line with its ‘Make in India’ campaign, the Government of India had
constituted a Task Force to examine various issues concerning the domestic
Medical Devices Sector. The said Task Force had made certain recommendations
regarding rationalization of customs duty structure for the sector, so as to
promote domestic manufacturing of medical devices.
Taking into consideration the recommendations of the Task Force, the Government
has increased the rate of basic customs duty on certain specified medical
device from 5% to 7.5%. Simultaneously, the exemption from additional customs
duty (SAD) on these medical devices has also been withdrawn, and they will now
attract 4% SAD. Further, to give fillip to domestic manufacturing, basic
customs duty is being reduced to 2.5% along with full exemption from SAD on raw
materials, parts and accessories for manufacture of medical devices, falling
under headings 9018 to 9022.
Notification Nos. 4/2016-Customs and 5/2016-Customs, both dated 19.01.2016 have
been issued in this regard.
These changes are expected to provide impetuous to the domestic medical devices
sector, support Make in India campaign of the Government and generate
employment.
The concessional basic customs duty on hospital equipment for use in hospitals
run by Central or State Government or registered societies, and specified
assistive devices, rehabilitation aids and other goods for disabled will,
however, continue.
*****
IDFC
Bank Limited included as a Receiving Office for the Second Tranche of Sovereign
Gold Bond Scheme 2016
Government of India, in consultation with Reserve Bank of India (RBI), has
issued Notification for the Second Tranche of Sovereign Gold Bond Scheme 2016
on January 14, 2016. It has been decided to include IDFC Bank Limited as a
Receiving Office. The Annexure-I of the Notification dated January 14, 2016
stands amended to the effect. The other terms and conditions of the
Notification shall remain unchanged.
*****
Extension
of time-line upto 31st March, 2016 for Government Co-contribution under the
Atal Pension Yojana (APY)
To address the longevity risks among the workers in unorganised sector and
to encourage the workers in unorganised sector to voluntarily save for their
retirement, the Government had launched a new initiative called Atal Pension
Yojana (APY) with effect from 1st June, 2015. Under the APY, the Central
Government’s co-contribution of 50% of the subscriber’s contribution upto Rs.
1000 per annum, was available to each eligible subscriber, for a period of 5
years, i.e. from 2015-16 to 2019-20, who join APY before 31st December, 2015.
After careful consideration of feedback received from various quarters, the Government has decided that the co-contribution by the Central Government of 50% of the total prescribed contribution upto Rs. 1,000 per annum, will be available for those eligible subscribers, who join APY before 31st March, 2016. This measure is likely to benefit substantial number of people who have not been able to join APY and therefore have failed to avail the benefit of co-contribution by the Government till 31st December, 2015.
After careful consideration of feedback received from various quarters, the Government has decided that the co-contribution by the Central Government of 50% of the total prescribed contribution upto Rs. 1,000 per annum, will be available for those eligible subscribers, who join APY before 31st March, 2016. This measure is likely to benefit substantial number of people who have not been able to join APY and therefore have failed to avail the benefit of co-contribution by the Government till 31st December, 2015.
*****
Government
approves proposal of M/s Firefly Networks Ltd and recommends the proposal of
M/s HDFC Standard Life Insurance Company Ltd for the approval of CCEA,
involving an FDI of Rs. 1705 crore
Based on the recommendations of Foreign Investment Promotion Board in its 230th meeting
held on 29th December 2015, the Government has approved the
proposal of M/s Firefly Networks Ltd and has also recommended the proposal of
M/s HDFC Standard Life Insurance Company Ltd for the approval of CCEA, which
involves Foreign Direct Investment (FDI) of Rs. 1705 crore.
The following one (01) proposal
has been approved:
|
S. No.
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
FDI (in Rs. Crore)
|
|
1
|
7
|
M/s Firefly Networks
Ltd
|
Approval has been sought by
M/s FireFly Networks Limited for approval of the existing foreign investment
(50% indirect) and to permit commencement of activities as a Telecom
Infrastructure Provider Category-I (IP1).
|
Telecom
|
Nil
|
The following one (01) proposal has been recommended for
approval by the Cabinet Committee on Economic Affairs (CCEA) under para 5.2.3
of the FDI Policy 2015:
|
S. No
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
FDI (in Rs. Crore)
|
|
1
|
8
|
M/s HDFC Standard
Life Insurance Co. Ltd
|
Approval for transfer of
its shares currently held by Housing Development Finance Corporation Limited
(HDFC) to Standard Life (Mauritius Holdings) 2006 Limited, thereby
increasing foreign shareholding in HDFCSLI from 26% to 35%.
|
Insurance
|
Rs.1705 cr
|
The following four (04) proposals have
been deferred:
|
S. No.
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
|
1
|
1
|
M/s Quantum Simulators Pvt
Ltd
|
Approval to set up a
stimulator Manufacturing Company in India for various applications including
military and commercial uses in technical collaboration with leading US
Company M/s Textron with US $ 15 Billion revenue. Further M/s Quantum
Simulator has a JV agreement with a Indian company who would be holding 51%
and the balance 49% by Quantum
|
Defence
|
|
2
|
2
|
M/s Sharekhan Limited
|
Acquisition of up to 100%
of the share capital of Sharekhan Limited other than the shares held in
Sharekhan Limited by Human Value Developers Private Limited by BNP Paribas
SA France and/or one or more of BNPs French subsidiaries. II. Acquisition of
100% capital of Human Value Developers Private Limited by BNP and/ or one or
more of BNPs French subsidiaries.
|
NBFC
|
|
3
|
6
|
M/s Aviva Life lnsurance Co
lndia Ltd
|
Approval has been sought by
Aviva Life Insurance Company India Limited to increase the foreign shareholding
from 26% to 49% by Aviva International Holdings Limited, UK by way of
transfer of 23% shareholding currently held by Dabur Investment Corp.
|
Insurance
|
|
4
|
9
|
M/s Tata Sikorsky Aerospace
Limited
|
Approval has been sought
for
non-resident to non-resident transfer of 26% of the shares of Tata Sikorsky Aerospace from M/s United Technologies International Corporation - Asia Private Limited to M/s Lockheed Martin Global, Inc. (USA). |
Defence
|
The following one (01) proposal has been
rejected:
|
S. No.
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
|
1
|
5
|
M/s Software is Correct,
Inc.
|
Approval has been sought
for infusing fresh funds of up to USD 15 million in its wholly owned Indian
subsidiary
|
IT/ITES
|
The following one (01) proposal does not lie before FIPB:
|
S. No.
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
|
1
|
3
|
M/s P C Ghadiali and Co LLP
Nexus Flight Operation Services India Pvt. Ltd. |
P C Ghadiali and Co LLP, a
CA firm has been appointed by Mazav Management LLC, USA to apply on their
behalf to FIPB for the acquisition of 24% shareholding in Nexus Flight
Operation Services India Pvt. Ltd, held by Sovika Aviation Services Private
Limited.
|
Ground Handling
Services
|
The following one (01) proposal was withdrawn by the
applicant:
|
S. No.
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
|
1
|
4
|
M/s SunE Solar B.V.
|
Approval is sought by SunE Solar B.V., a company
registered in Netherlands, to set up a LLP in India along with SunEdison
Energy India Private Limited and SunEdison Solar Power India Private
Limited, both private limited companies incorporated in India.
|
LLP
|
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