MoU between Insurance Regulatory and Development Authority of India and the Insurance Authority, UAE
The Union Cabinet chaired by the Prime Minister Narendra Modi has given its ex-post facto approval for the Memorandum of Understanding (MoU) between Insurance Regulatory and Development Authority of India (IRDAI) and the Insurance Authority of United Arab Emirates. The MoU was signed in February, 2016.
The MoU provides for enhanced cooperation between the two authorities in the field of insurance supervision by providing a framework for co-operation such as channels of communication. It will also result in increasing mutual understanding through the exchange of regulatory and relevant supervisory information including confidential information to enforce or ensure compliance with their respective laws and regulations.
Installation of Solar Power Plant of 200 MW or more Capacity at the Central State Farm at Jetsar, Rajasthan
The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for utilization of 400 hectares of un-cultivable farm land at the Central State Farm (CSF), Jetsar in Sri Ganganagar District, Rajasthan for setting up of a solar Power Plant of capacity exceeding 200 MW. The land is presently in possession of National Seeds Corporation (NSC), a Central Public Sector Enterprise (CPSE) under the administrative control of the Ministry of Agriculture and Farmers Welfare. The Solar Power Plant will be set up by a CPSE, which would be selected through negotiation.
Government decides to allow States to impose and enforce stock limits to check the price rise in sugar
The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval to bring “sugar” under the purview of imposing stock holding limits on dealers of sugar, keeping in view the recent upward trend in sugar prices. The Government has noticed that in spite of sufficient availability of sugar stocks with the Sugar Mills, the wholesale and retail prices have shown a spurt.
The Government has taken stock of the availability of sugar and different factors contributing to rise in market prices of sugar across the country. In order to check the inflationary tendencies in sugar and to reduce hoarding by wholesalers and retailers, Government felt an immediate need to bring sugar within the purview of stock limits. The decision will empower State and Central agencies to impose stock limits and regulate supply, distribution, storage and trade of sugar to bring down sugar prices at reasonable level by curbing unscrupulous trading.
Cabinet approves MoU between India and Papua New Guinea on cooperation in the field of health area and medical science
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing an Memorandum of Understanding (MoU) between India and Papua New Guinea on cooperation in the field of Healthcare and Medical Science.
The bilateral MoU will encourage cooperation between the Ministry of Health & Family Welfare of India and the Ministry of Health and HIV/AIDS of the Papua New Guinea through joint initiatives in the health sector. It will strengthen bilateral ties between India and Papua New Guinea.
Enhancement of Investment by Bharat Petroleum Corporation Limited in Bharat Oman Refineries Limited
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to enhance investment by Bharat Petroleum Corporation Limited (BPCL) in Bharat Oman Refineries Limited (BORL). The investment amount could be enhanced upto a maximum of Rs.3000 crore by way of subscription of convertible warrants / other instruments giving right to convert it into equity shares to be issued by BORL, beyond DPE guidelines dated 05.08.2005.
The infusion of funds by the BPCLs will enable BORL to overcome the implications on account of the erosion of the net worth. Besides it will enhance the availability of petroleum products in the Northern and Central parts of the country, industrial development of Madhya Pradesh and substantial increase in employment and tax earnings in the State.
