Skip to main content

Cabinet nod for new Ports Bill

By
The Cabinet on Wednesday has approved the proposal of Ministry of Shipping to replace the Major Port Trusts Act, 1963 by the Major Port Authorities Bill, 2016.
This will help major ports to perform with greater efficiency as they will get full autonomy in decision making.
“With a view to promote the expansion of port infrastructure and facilitate trade and commerce, the proposed Bill aims at decentralising decision making and to infuse professionalism in governance of ports,” a government statement said.
The new Major Ports Authority Bill, 2016 would help in faster and transparent decision making benefiting the stakeholders and better project execution capability, it said.
The Bill is aimed at reorienting the governance model in central ports to landlord port model in line with the successful global practice. This will also help in bringing transparency in operations of Major Ports.
The new Bill is compact in comparison with the Major Port Trusts Act, 1963 as the number of sections has been reduced to 65 from 134.
The new Bill has proposed a simplified composition of the Board of Port Authority which will comprise 11 members from the present 17-19 members.
In other decisions, the Cabinet apprised of the Memorandum of Understanding signed between Indian Space Research Organisation (ISRO) and United States Geological Survey (USGS) for cooperation in the exchange and use of US Land Remote Sensing Satellite Data. The MoU was signed on July 9, in Bengaluru.
The Cabinet also approved the protocol amending the agreement between India and Tajikistan for avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
It has also approved proposal of the Ministry of Agriculture and Farmers Welfare for Signing of an Agreement between India and Kyrgyzstan on cooperation in the field of agriculture and food related industry.
The Cabinet chaired by Prime Minister Narendra Modi has also given its ex-post facto approval to India’s approach to Climate Change Negotiations at the Conference of Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCC), held in Marrakesh, Morocco during November 7-18.
Business Standard New Delhi,15th December 2016

Comments

Post a Comment

Popular posts from this blog

RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

By
  India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said.   Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm
Post a Comment
Read more

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the rep
Post a Comment
Read more

India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

By
  India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem.   “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and
Post a Comment
Read more