MM TAX CLUB

In exercise of the powers under section 3 read with section 5 of the Central Goods and Services Tax Act, 2017 (12 of 2017) and section 3 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 02/2017-Central Tax, dated the 19th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 609(E), dated the 19th June, 2017, namely:–In the said notification, in Table II, in serial number 83, in column (3), in clause (ii), after the figure and letter “411060,”, the figure and letter “411069,” shall be inserted.

Department for Promotion of Industry and Internal Trade (DPIIT) is conducting nationwide events under its ‘One District One Product Sampark’ initiative. These events create awareness about the initiative and showcase success stories emerging from various districts across the nation. In alignment with the goals of the Prime Minister Shri Narendra Modi, these narratives illustrate instances of ‘atmanirbharta’ or self- reliance, and the revival of indigenous industries. The workshops highlight collaborative efforts between districts, states, and centre, emphasizing a commitment to fostering balanced regional development.

The workshops, held in 15 states so far such as Uttar Pradesh, Uttarakhand, Rajasthan, Gujarat, Punjab, West Bengal, Bihar, Jharkhand, Jammu & Kashmir, Chhattisgarh, Sikkim, Nagaland, Goa, Maharashtra, and Meghalaya, have successfully showcased ODOP success stories through local and national newspapers in multiple languages, including English, Hindi, and regional languages. The tangible impact of ODOP Sampark becomes apparent through live interactions with sellers in workshops, where identified gaps in market linkages have spurred proactive initiatives by DPIIT. These initiatives encompass providing support for e-commerce onboarding, collaborating with states to formulate ODOP policies, enhancing packaging strategies, and facilitating connections between sellers at the central level to boost domestic and global promotions.

Many artisans and farmers have been sensitized about the Government’s ODOP initiative as part of these events. At these events, attendees are immersed in a cultural showcase, experiencing the richness of each State's renowned products through a live display that highlights a diverse range of local offerings. The workshops serve multiple objectives, providing a platform to discuss state and central schemes, address doubts and challenges, showcase products, and raise awareness around initiatives benefiting artisans and farmers. 

ODOP Sampark, initiated by DPIIT in collaboration with the Press Information Bureau (PIB) and State Governments, has emerged as a distinctive platform fostering collaboration among various stakeholders, including government officials, ODOP sellers, media representatives, and key stakeholders. These events provide a dynamic space for real-time insights, addressing challenges, and exploring opportunities faced by local industries, contributing to immediate growth and development.

States have one product from each district as the primary product. Districts having more than one product identified have categorized them as secondary or tertiary products. These products are covered under various sectors including Agriculture, Manufacturing, Handloom and Textiles, Handicraft, Food Processing, Marine, and services.

As ODOP Sampark continues to evolve, the workshops remain instrumental in not only highlighting success stories but also in addressing challenges and paving the way for a more inclusive and thriving ecosystem for ODOP initiatives nationwide. 

The Sixteenth Finance Commission was constituted on 31.12.2023 with Shri Arvind Panagariya, former Vice-Chairman, NITI Aayog as its Chairman.

Now the following members are appointed to the Commission with the approval of the President of India.

The terms of reference of the Commission were notified on 31.12.2023.

The Sixteenth Finance Commission has been requested to make its recommendations available by October, 31, 2025, covering an award period of 5 years commencing 1^st April, 2026.

Directorate General of Foreign Trade(DGFT), Ministry of Commerce & Industry in partnership with the Ministry of External Affairs (MEA) and other Government Agencies today organized the National Conference on Strategic Trade Controls (NCSTC), focusing on India's Strategic Trade Control [related to Special Chemicals, Organisms, Materials, Equipment and Technologies (SCOMET) and Export Controls] system and its International Best Practices, for ensuring compliance related to the export of dual-use (industrial and military) goods, software and technologies.

Unlike past such conferences, this time, the NCSTC was organized by DGFT in a new format, with larger international participation, and wider involvement of various Government of India organizations, Industry stakeholders across the relevant sectors, Academia & Research Institutions. The conference was held at Vigyan Bhawan, New Delhi.

As part of India’s Strategic Trade Control system and in consonance with the relevant control lists, guidelines and provisions of the international conventions, mechanisms and regimes, India regulates the exports of dual use items, nuclear related items, and military items, including software and technology under the SCOMET list, which is notified by DGFT under the Foreign Trade Policy.

The Conference, which was attended by more than 500 participants from the Government, Industry and foreign delegations, witnessed the engagement of our Industry on Strategic Trade Control issues with key Government and Industry speakers as well as International experts in the field of Strategic Trade Controls.

The Conference focused on underscoring the importance of effective strategic trade controls, showcasing India’s legal and regulatory system in this context, and exchanging best practices and relevant information on strategic trade controls, towards preventing the proliferation of Weapons of Mass Destruction (WMD) and their delivery systems. Further, it facilitated dialogue between Government authorities and Industry stakeholders, assessing and mitigating emerging risks associated with the export of sensitive goods and technologies, fostering international collaboration, gathering feedback from the Industry, etc.

In his remarks at the opening session, Shri Sunil Barthwal, Commerce Secretary highlighted Government of India’s efforts in streamlining the Strategic Trade Control system while also emphasizing India’s non-proliferation credentials and its commitment to the international obligations.

During the keynote address of NCSTC by Ambassador José Javier De La Gasca, Chair 1540 Committee, United Nations Security Council, he highlighted the importance of UNSCR 1540 (2004) in the global architecture of non-proliferation, its significant developments and activities towards long-term goal of global implementation of the resolution: and how this conference is in line with the objectives of the resolution.

In the keynote address of NCSTC by Ambassador Flávio Soares Damico, Chair, Missile Technology Control Regime (MTCR), he underscored the importance of MTCR in the international framework of missile and delivery systems related non-proliferation, significant developments of MTCR including India's membership in 2016, India’s importance considering its established credentials on strategic trade controls and non-proliferation matters, and impact of outreach to industry particularly India’s rapidly growing aerospace sector.

During the thematic sessions of the Conference, the Government officials provided detailed presentations and highlighted various aspects of India’s Strategic Trade Control system, including the legal and regulatory framework, the steps taken to streamline the SCOMET policy and licensing processes, the enforcement mechanism and supply chain compliance programs related to the export of dual-use goods and technologies. A panel discussion focusing on Industry Experience and Compliance witnessed sharing of experiences by the key Industry leaders across various sectors dealing in export of dual-use goods and technologies.

The Conference also focused on specific sessions related to Internal Compliance in the context of Intangible Technology Transfers (ITT) by Indian industry, Japanese experience with Outreach to and Compliance by Academia, and the impact of Emerging Technologies on Strategic Trade Controls.

A Handbook on India’s Strategic Trade Controls prepared by DGFT was also released during the Conference. The Handbook outlines various aspects related to India's SCOMET Policy, details of the SCOMET application process, documentary requirements, FAQs on the different types of SCOMET Authorisations, the process for obtaining the SCOMET Authorisation for all categories under SCOMET and the priorities going forward. The handbook provides clarity to the Industry and other stakeholders regarding the relevant laws and regulations of the Government of India.

The inaugural session of the Conference was also addressed by Shri. Santosh Sarangi, DG, DGFT; Shri. Surjit Bhujabal, Member (Customs), CBIC; Smt. Muanpuii Saiawi, Joint Secretary (D&ISA), Ministry of External Affairs; and Shri Narayan Sethuramon, Co-Chairman, Confederation of Indian Industries (CII), National Committee on EXIM, among others.

The Foreign Trade Policy 2023 recognized the critical role of India’s Strategic Trade Control system and streamlined the policy and procedures related to SCOMET at one place for ease of understanding and compliance by the Industry. The SCOMET policy emphasizes India’s Strategic Trade Controls in line with its commitments under multilateral non-proliferation export control regimes and other international conventions. The focus is on streamlining policies to facilitate export of dual-use, high-end goods and technologies while ensuring the regulatory compliances and our security considerations.

The Reserve Bank of India (RBl) has, by an order dated January 08, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on Krushiseva Urban Co-operative Bank Limited, Kole, Solapur, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Loans and advances to directors, their relatives and firms/concerns in which they are interested’ read with RBI directions on ‘Board of Directors - UCBs’ and ‘Exposure Norms and Statutory/Other Restrictions – UCBs’ and for contravention of specific directions issued by RBI under the Supervisory Action Framework (SAF). This penalty has been imposed in exercise of powers conferred on RBI under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The statutory inspection of the bank conducted by RBI with reference to its financial position as on March 31, 2022, and examination of the Risk Assessment Report and all correspondence related thereto revealed, inter alia, that the bank had (i) sanctioned loans to directors and their relatives; and (ii) incurred capital expenditure without prior approval of RBI in violation of specific directions issued under SAF. Consequently, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the said directions, as stated therein.

After considering the bank's reply to the notice and oral submissions made by it during personal hearing and additional submissions made thereafter, RBI came to the conclusion that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty on the bank.