On 12 September, the Union Cabinet chaired by Prime Minister Narendra Modi has went on to approve a number of proposals put forth in the parliament including the formation and functioning of the Goods and services tax (GST) council.
The Cabinet has also cleared the initiation of the Third Phase of Technical Education Quality Improvement Programme (TEQIP).
Additionally, the Union Cabinet was informed about the the MoU signed on 7 July 2016 between India and Mozambique on cooperation in the field of Youth Affairs and Sports during the visit of Prime Minister of India to Mozambique. The MoU is believed to facilitate in the promotion of sports in the two countries and will promote the exchange of ideas, values, and culture amongst youth.
Here's quick glance at the major cabinet approvals made today:
1. Cabinet approves creation of GST Council and its Secretariat
Days after the President Pranab Mukherjee gave his nod to the longstanding GST Bill, the Cabinet on 12 September cleared the process, formation and functioning of the GST Council, which will decide on the rate of tax under the new indirect taxation regime.
The Council, to be headed by Finance Minister Arun Jaitley, will have to be set up by 11 November.
It will decide on the tax rate, exemptions and threshold limits in the new indirect tax regime, which is expected to kick in from 1 April 2017.
2. Cabinet approves Higher Education Financing Agency
The Union Cabinet, has approved the creation of the Higher Education Financing Agency (HEFA) to give a major push for creation of high quality infrastructure in premier educational institutions.
The Government equity would be Rs.1,000 crore.
3. Cabinet approves initiation of Technical Education Quality Improvement Programme
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the proposal for initiation of the Third Phase of Technical Education Quality Improvement Programme (TEQIP).
The Project will be implemented as a 'Central Sector Scheme' with total project outlay of Rs. 3600 crore. The project is expected to help building better academic standards, through accreditation, filling up faculty positions, training faculty in better teaching methods.
4. Cabinet approves enhancing the buffer stock of pulses up to 20 lakh tonnes
The Cabinet Committee on Economic Affairs, approved the proposal of Department of Consumer Affairs on enhancing the buffer stock for pulses up to 20 lakh tonnes. The buffer stock will be built through domestic procurement and imports of 10 lakh tonnes each.
5. Cabinet approves signing of the Extradition Treaty between India and Afghanistan
The Union Cabinet, has also approved the signing and ratification of the Extradition Treaty between India and Afghanistan. The treaty aims to provide a legal framework for seeking extradition of terrorists, economic offenders and other criminals from and to the Afghanistan.
6. Cabinet approves Bilateral Technical Arrangement between India and Switzerland
The Union Cabinet has approved for signing of the Technical Arrangement between India and Switzerland on the identification and return of Swiss and Indian Nationals and its implementation. The bilateral agreement aims to formalise the existing procedure for cooperation on the return of irregular migrants between the two countries without introducing any additional obligations or exacting time frames.
7. Cabinet approves the extension of contract between India and the International Seabed Authority
The Union Cabinet, has given its approval to the extension of contract between Ministry of Earth Sciences, Government of India and the International Seabed Authority (ISA) for exploration of Polymetallic Nodules for a further period of 5 years (2017-22).
According to reports, extending the contract will give secure India's exclusive rights for exploration of Polymetallic Nodules in the allotted Area in the Central Indian Ocean Basin and would also open up new opportunities for resources of commercial and strategic value in area beyond national jurisdiction.
--With Agency inputs