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UNION CABINET APPROVES SIGNING INTER BANK LOCAL CURRENCY CREDIT LINE AGREEMMENT

September 27, 2017 07:36 PM

New Delhi (Face2News)

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the signing of the (i) Interbank Local Currency Credit Line Agreement and (ii) Cooperation Memorandum Relating to Credit Ratings by Exim Bank with participating member banks under BRICS Interbank Cooperation Mechanism. As both the Agreement and the MoU are umbrella pacts, and are non-binding in nature, the Board of Directors of Exim Bank has been authorized to negotiate and conclude any individual contracts and commitments within their framework.

Impact:The Agreements will promote multilateral interaction within the area of mutual interest which will deepen political and economic relations with BRICS nations.

Signing of the Agreement will position Exim Bank in the international platform along with large development finance institutions, like CDS, VEB and BNDES. At an appropriate time, Exim Bank, leveraging this umbrella agreement, could enter into bilateral agreement with any of these member institutions to raise resources for its business. As and when an opportunity arises for co-financing in commercial terms, by any two member institutions (say India and South Africa), lending in single currency by both the institutions would also be possible. 

Background: Exim Bank finances, facilitates and promotes India's international trade. It provides competitive finance at various stages of the business cycle covering import of technology, export product development, export production and export credit at pre-shipment and post-shipment stages and investments overseas. 

Interbank Local Currency Credit Line Agreement: The initial Master Agreement on Extending Credit Facility in Local Currency under the BRICS Interbank Cooperation Mechanism had a validity of five years, which has expired in March 2017. It is understood that some of the member banks (like CDB and VEB; CDB and BNDES) have entered into bilateral agreements for local currency financing under the Master Agreement signed in 2012. Although the current conditions are not conducive to usage, it was useful to keep the same alive as an enabling feature in case a suitable opportunity materializes in future. Exim Bank raises resources in the off-shore market in diverse currencies and swaps to mitigate the risk. The umbrella Agreement would serve as an enabler to enter into bilateral agreements with member banks subject to national laws, regulations and internal policies of the signatories.

Cooperation Memorandum Relating to Credit Ratings: It would enable sharing of credit ratings amongst the BRICS member banks, based on the request received from another bank. This would be an ideal mechanism to mitigate the credit risks associated with cross-border financing. In future, such a mechanism could also serve as pre-cursor to the proposal of having an alternate rating agency by BRICS nations.

The Agreement and the MoU have also been highlighted in the BRICS Leaders Xiamen Declaration made in Xiamen, China on 4th September 2017.

 Cabinet approves Agreement on “Cooperation in the field of Information, Communication and Media” between India and Ethiopia: The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval to sign the Agreement between India and Ethiopia on “”Cooperation in the field of Information, Communication and Media”.It aims to harness the growing power of Information, Communication and Media for information dissemination and enhancing outreach between the two countries for inclusive development. It will also enhance people to people contact through exchange programmes. It would also provide an opportunity for both the nations to share best practices and new innovations in the field of Information, Communication & Media.

The Agreement will encourage cooperation between mass media tools such as radio, print media, TV, social media etc. to provide more opportunities to the people of both the nations and create public accountability.

The Agreement, through an institutional framework will facilitate exchange of delegations, personnel between the two nations, providing them opportunities to learn from each other’s best practices, bringing in equity and inclusiveness.

Cabinet approves permanent transfer of land measuring 1899 sq.m. by AAI to Lucknow Metro Rail Corporation (LMRC) at Chaudhary Charan Singh International Airport, Lucknow: The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the permanent transfer of land measuring 1899 sq.m. by Airports Authority of India (AAI) to Lucknow Metro Rail Corportion (LMRC) at Chaudhary Charan Singh International Airport, Lucknow.

The land is required by LMRC for the construction of Entry/Exit structure for Transport Nagar Metro Station which is an operational requirement of LMRC. This is a Public Utility Project of mass transportation to be used by the public at large, and will provide better connectivity and convenience to general public.

Cabinet approves swapping of 10.25 acres of AAI land at Rajahmundry Airport with equivalent extent of land offered by Government of Andhra Pradesh for the purpose of road construction along the periphery of the airport to provide connectivity to neighbouring villages around the airport

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the Swapping of 10.25 acres of land belonging to Airports Authority of India (AAI) at Rajahmundry Airport with equivalent extent of land belonging to Govt. of Andhra Pradesh. The proposal is intended to provide road connectivity to the villages around the Rajahmundry Airport, in order to facilitate ease of access to the general public of the area.The proposal will provide road connectivity and thus, ease of access to the general public of the area, especially facilitating access to farmers to their agricultural land.


Cabinet approves umbrella scheme of Modernisation of Police Forces: The Union Cabinet chaired by the Prime Minister Shri Narendra Modi, has given its approval for implementation of umbrella scheme of "Modernisation of Police Forces (MPF)" for years 2017-18 to 2019-20. The financial outlay for the scheme over the three year’s period is Rs.25,060 crore, out of which the Central Government share will be Rs.18,636 crore and the States’ share will be Rs.6,424 crore.

Salient Features:

*Special provision has been made under the Scheme for internal security, law and order, women security, availability of modern weapons, mobility of police forces, logistics support, hiring of helicopters, upgradation of police wireless, National Satellite Network, CCTNS project, E-prison project etc.
*Under the umbrella scheme, central budget outlay of Rs.10,132 crore has been earmarked for internal security related expenditure for Jammu & Kashmir, North Eastern States and left wing extremism affected States.
*Scheme of Special Central Assistance (SCA) for 35 worst LWE affected districts has been introduced with an outlay of Rs.3,000 crore to tackle the issue of underdevelopment in these district. 
*An outlay of Rs.100 crore has been earmarked in the North Eastern States for police infrastructure upgradation, training institutes, investigation facilities etc.
*Implementation of this scheme would bolster the Government's ability to address challenges faced in different theatres such as areas affected by LWE, Jammu and Kashmir and North East effectively and undertake development interventions which will catalyze in improving the quality of life in these areas and help combat these challenges effectively at the same time.

*New initiatives are being introduced to provide assistance to States for upgradation of police infrastructure, forensic science laboratories, institutions and the equipment available with them to plug critical gaps in the criminal justice system. Police Stations will be integrated to set up a national data base of crime and criminals’ records. It will be linked with other pillars of criminal justice system such as ‘prisons, forensic science laboratories and prosecution offices.

*The umbrella scheme also provides for setting up of a State-of Art forensic science laboratory in Amravati, Andhra Pradesh and upgradation of Sardar Patel Global Centre for Security, Counter Terrorism and Anti Insurgency in Jaipur and Gujarat Forensic Science University in Gandhi Nagar.

It is expected that the umbrella scheme, "Modernisation of Police Forces (MPF)" will go a long way to boost the capability and efficiency of Central and State Police Forces by modernizing them.

Cabinet approves MoU between India and Belarus in the oil and gas sector" The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its ex-post facto approval for a Memorandum of Understanding (MoU) signed between India and Belarus in the oil and gas sector. The MoU was signed on 12th September, 2017 during the visit of President of Belarus to India.

The MoU will promote bilateral relationship between India and Belarus and it is envisaged to enhance the economic and commercial cooperation between the two sides in oil and natural gas sector. Under the MoU, both sides will work towards establishing cooperation in the areas of upstream and downstream activities, capacity building, technology transfer, enhanced oil recovery and development of mature fields in India.The MoU shall remain in force for three years for the day of its signing.

 Cabinet approves signing and ratification of the Bilateral Investment Treaty between India and Belarus on investments" The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval for signing and ratification of the Bilateral Investment Treaty (BIT) between the India and Belarus on Investments.

The Treaty is likely to increase investment flows between the two countries. The agreement is expected to improve the confidence of the investors resulting in an increase in FDI and Overseas Director Investment (ODI) opportunities and this will have a positive impact on employment generation.

The signing and ratification of a BIT between the two countries will work as a strategic initiative as Belarus is the member of the Eurasian Economic Union (EAEU). India has already initiated the BIT text with the Kyrgyz Republic and is in talks with the Russian Federation for a new BIT, based on the Model BIT text.

 Cabinet approves bilateral MoU between India and Afghanistan on Technical Cooperation on Police Training and Development: The Union Cabinet chaired by the Prime Minister Shri Narendra Modi, has given its approval for signing an MoU between India and Afghanistan on Technical Cooperation on Police Training and Development.The MoU will help in capacity building of Afghanistan National Police and improving the security apparatus in the region.It has been approved for a period of 5 years from the date of signing the MoU and shall be extended for a further period of 5 years on the condition that are not further changes and or revision.

Cabinet approves revision of policy for providing Defence land to Communication Operators for construction of Shared Communication Towers and allied Infrastructure:The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved a proposal for revision of policy of Ministry of Defence for providing Defence land to Communication Operators for construction of Shared Communication Towers and allied Infrastructure, based on experience in implementing the policy and guidelines issued by Department of Telecommunications (DoT) for issue of clearance for installation of Mobile Towers.

The revised policy will cover allotment of Defence land on lease and grant of permission in Defence areas and Cantonments to Access Service Licensees and Companies registered with DoT as IP-I for setting up shared communication towers and allied infrastructure.This will improve the quality of communication services in the Cantonments and Military Stations.Agriculture plays an important role in the lives of our people and economy of the country: Shri Radha Mohan Singh

For the development of the nation, development of agriculture and the farmers are important: Shri Singh

Agriculture Ministry works not only for the development of agriculture but also for the welfare of the farmers: Union Agriculture MinisterThe objective of the agriculture development is to double Farmers’ Income by 2022: Shri Radha Mohan Singh

Union Agriculture and Farmers Welfare Minister, Shri Radha Mohan Singh said that agriculture plays an important role in the lives of our people and economy of the country where more than 50 per cent of people are dependent on agriculture for their livelihood. For the development of the nation, development of agriculture and the farmers are important. The Ministry, through its various programs, works not only for the development of agriculture but also for the welfare of farmers. Shri Singh said it today while addressing the representatives at the Start-up Companies’ CEO meet in Krishi Bhawan.

Shri Radha Mohan Singh said the objective of the agriculture development is to double the Farmers’ Income by 2022. With limited resources and fixed area of land availability, it cannot be achieved without the support of technology, which should be low cost, farmer friendly and scalable.

Shri Singh said the Ministry is running various flagship programs such as Pradhan Mantri Fasal Bima Yojana (PMFBY), Soil Health Card (SHC), Pradhan Mantri Krishi Sinchai Yojana PMKSY), Paramparaagat Krishi Vikas Yojana (PKVY), Rashtriya Krishi Vikas Yojana (RKVY), etc. The schemes are providing support to farmers. SHC, for instance, will help in improving the soil health and reducing the cost of fertilizers. However, for this, a large number of soil samples have to be analyzed, which is arduous and time consuming. Therefore, we need a technological solution in the form of low-cost hand-held soil sensors or any non-destructible method of soil fertility assessment that can easily assess soil health using the technology.

Another program is PMFBY for accurate and timely assessment of crop loss so that farmers can reap benefits through fast and accurate claim settlement. To achieve this, PMFBY promotes following technologies:
i) Smartphone-based android apps for Crop Cutting Experiments data collection
ii) Satellites and drones for crop loss assessment, mid-season adversity, area discrepancy and post-harvest losses
iii) IT-based solutions to increase the number of insured farmers.

Shri Radha Mohan Singh said for this, technological development is compulsory. Shri Singh said technologies desirable for different farmer friendly programs include Sensor Technology, Big Data Analytics, Cloud Computing, App Development, Development of GIS-based portals, low-cost field instruments for various agricultural assessments, etc.

Union Agriculture Minister said the Ministry would promote these technologies and their development, which can be used for farmers’ welfare. Shri Singh directed his offices to work with a smaller core-teams to continue to work with the start-ups.

 

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