UniFocus IAS ( UNIFOCUS UNIVERSAL )

The Sixteenth Finance Commission (XVIFC) invites suggestions/views from general public, interested organisations and individuals on the terms of reference for the XVIFC as specified below, as well as the general approach that the XVIFC may adopt. Views are also invited on any other issue relevant to the work of the XVIFC. Suggestions may be submitted through the website of the 16 th  Finance Commission  https://fincomindia.nic.in/portal/feedback ) under the section ‘Call for Suggestions’. The Sixteenth Finance Commission (XVIFC) has been constituted in pursuance of the provisions of the Constitution of India by the President with Dr. Arvind Panagariya as Chairman vide a Notification dated 31st December 2023. The XVIFC is required to make recommendations covering a period of five years commencing on 01 st  April 2026 as to the following matters: The distribution between the Union and the States of the net proceeds of taxes which are to be, or may be, divided between them under Chapter I, P

The Insurance Regulatory and Development Authority of India (IRDAI) has lifted the age cap on purchasing health insurance policies, effective from April 1, 2024. Previously, individuals were restricted to buying new insurance policies only until the age of 65. However, with the recent changes that came into effect on April 1, 2024, anyone, regardless of age, is now eligible to purchase new health insurance. Through gazette notification, Body asked insurers to design following types of policies: 2.1.1 Indemnity based health insurance policy means an insurance policy that compensates an insured for the loss due to occurrence of an insured event as specified in the policy.  2.1.2 Benefit based health insurance policy means an insurance policy that pays fixed amount on the occurrence of an insured event as specified in the policy. Following are the three major changes introduced by Notification:  6.1 Insurers shall ensure that they offer health insurance products to cater to all the age gr

 A Digital Public Infrastructure called “Bima Sugam - Insurance Electronic Marketplace” is proposed to be established to empower and protect the interest of policyholders, to increase penetration of insurance in India and to enhance availability, accessibility and affordability.  Bima Sugam shall be a one stop solution for all Insurance stakeholder’s visa-vis customers, insurers, intermediaries or insurance intermediaries and insurance agents to promote transparency, efficiency, collaboration across the entire insurance value chain, technological innovation in insurance sector, universalize and democratize insurance and to achieve the vision of “Insurance for all by 2047”.  Regulatory framework for establishment, governance, functioning of the Bima Sugam - Insurance Electronic Marketplace with following is proposed to be laid down:-  a) Not for profit company shall be formed as per Sec 8 of Companies Act, 2013.  b) The company shall establish, facilitate, develop, operate and maintain

Initiative to boost foreign investment flows, unlock growth opportunities and broaden the investor base for Indian companies Posted On: 24 JAN 2024 4:55PM by PIB Delhi In pursuance of the announcement on July 28, 2023 by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman to enable direct listing of Indian Companies at GIFT- IFSC exchanges in the first phase, the Department of Economic Affairs (DEA), Ministry of Finance, has amended Foreign Exchange Management (Non-debt Instruments) Rules, 2019, and notified ( CLICK HERE FOR NOTIFICATION ) the ‘Direct Listing of Equity Shares of Companies Incorporated in India on International Exchanges Scheme’. Simultaneously, the Ministry of Corporate Affairs (MCA) has issued Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules, 2024 ( CLICK HERE FOR NOTIFICATION ). These, together, provide an overarching regulatory framework to enable public Indian companies to issue and list their shares in permitted internat

The Indian Stamp Act, 1899 (2 of 1899) is a fiscal statute laying down the law relating to tax levied in the form of stamps on instruments recording transactions. Stamp duties are levied by the Central Government, but within the States are collected and appropriated by the concerned States in terms of provisions of Article 268 of the Constitution.  The Stamp duties on documents specified in Entry 91 of the Union List of the Seventh Schedule (viz. Bills of Exchange, cheques, promissory notes, bills of lading, letters of credit, policies of insurance, transfer of shares, debentures, proxies and receipts) are levied by the Union.  Stamp duties on documents other than those mentioned above are levied and collected by the States by virtue of the legislative Entry 63 of the State List of the Seventh Schedule of the Constitution.  Stamp duties other than duties or fees collected by means of judicial stamps, but not including rates of stamp duty which fall within the scope of Entry 91 of the U

The Pension Fund Regulatory and Development Authority (PFRDA) notified the Point of Presence (PoP) Regulations 2023, simplifying the registration process with the objectives of ease of doing business and greater usage of digital mode. With this notification, banks and non-banks can act as PoPs to on-board NPS subscribers. Now, they require only single Registration for NPS, instead of multiple registrations earlier, and can operate with just one branch with wider digital presence. The timeline for disposing off applications has been reduced from 60 days to 30 days. The above simplification is in line with Union Budget 2023-24 announcement to review regulations to reduce the cost of compliance and enhance the ease of doing business. https://www.pfrda.org.in//MyAuth/Admin/showimg.cshtml?ID=2861 CLICK HERE FOR NOTIFICATION PIB

  The 14th Ministerial-level meeting of the India- United States Trade Policy Forum (TPF) was held in New Delhi, India on January 12, 2024. Minister of Commerce and Industry, India, Shri Piyush Goyal and U.S. Trade Representative, Ambassador Katherine Tai co-chaired the TPF meeting. Before the delegation level talks, CIM also held a small group meeting with USTR Ambassador Katherine Tai. The Ministers highlighted that the effective implementation of the TPF plays a pivotal part in fortifying resilient bilateral trade and in elevating the overall economic partnership between the nations. After the meeting a Joint Statement has been issued. Top ten highlights of the 14 th  India – USA TPF discussions are as follows: The Ministers committed to pursue  foundation to launch future Joint Initiatives in certain areas , including critical minerals, customs and trade facilitation, supply chains, and trade in high tech products, in which the United States and India will develop an ambitious and

NPCI announced that  ASBA like facility of 'Trading supported by blocked amount in Secondary Market' through block mechanism was approved by SEBI, based on the RBI approved facility of single-block-and-multiple-debit in UPI, with the implementation timeline of 01-Jan-2024. The launch of 'UPI for Secondary Market' is set to commence next week in its Beta phase for the equity cash segment, with the collaborative support of key stakeholders including clearing corporations, stock exchanges, depositories, stockbrokers, banks, and UPI app providers.  Initially, this functionality will be available for limited set of pilot customers. During this pilot, investors can block funds in their bank accounts, which will only be debited by the Clearing Corporations upon trade confirmation during settlement. Clearing Corporations will directly process payouts to these clients on a T+1 basis. Economic Times

Application Supported by Blocked Amount ( ASBA ) means “Application Supported by Blocked Amount”. Application Supported by Blocked Amount ( ASBA ) is an application by an investor containing an authorization to Self certified Syndicate Bank ( SCSB ) to block the application money in the bank account, for subscribing to an issue. If an investor is applying through Application Supported by Blocked Amount ( ASBA ), his application money shall be debited from the bank account only if his/her application is selected for allotment after the basis of allotment is finalized. Self certified Syndicate Bank ( SCSB ) is a bank which is recognized as a bank capable of providing Application Supported by Blocked Amount ( ASBA ) services to its customers. Names of such banks would appear in the list available on the website of SEBI.  SEBI

The World Economic Situation and Prospects 2024 is a report produced by the United Nations Department of Economic and Social Affairs (UN DESA), in partnership with  the United Nations Conference on Trade and Development (UNCTAD) and  the five United Nations regional commissions:  the Economic Commission for Africa (ECA),  Economic Commission for Europe (UNECE),  Economic Commission for Latin America and the Caribbean (ECLAC),  Economic and Social Commission for Asia and the Pacific (ESCAP) and  Economic and Social Commission for Western Asia (ESCWA).  The United Nations Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UN-OHRLLS) and the United Nations World Tourism Organization (UNWTO) also contributed to the report. Key highlights: Global inflation is projected to decline further, from an estimated 5.7 per cent in 2023 to 3.9 per cent in 2024.  Labour markets of  Developed countries experienced a r

Coal, Electricity, Fertilizers, Natural Gas, Refinery Products and Steel record positive growth in Nov 2023 The combined Index of Eight Core Industries (ICI)  increased by 7.8  per cent (provisional) in November 2023 as compared to the Index of November 2022. The production of Coal, Electricity, Fertilizers, Natural Gas, Refinery Products and Steel recorded positive growth in November 2023. The details of annual and monthly indices and growth rates are provided at Annex I and Annex II respectively. The ICI measures combined and individual performance of production of eight core industries viz. Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products and Steel. The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP). The final growth rate of Index of Eight Core Industries for August 2023 is revised to 13.4  per cent . The cumulative growth rate of ICI during April to November, 2023-24 is 8.6  p

The Ministry of Heavy Industries has issued a Gazette Notification to announce the extension of the tenure of the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year. This decision has been made after receiving the approval of the Empowered Group of Secretaries (EGoS). In pursuance of the approval of EGoS, the Ministry of Heavy Industries has made partial amendments in the Production Linked Incentive (PLI) Scheme for the Automobile and Auto Component Industry and Guidelines of the Scheme. These amendments, effective from the date of publication in the Official Gazette, aim to provide clarity and flexibility to the scheme. Under the amended scheme, the incentive will be applicable for a total of five consecutive financial years, starting from the financial year 2023-24. The disbursement of the incentive will take place in the following financial year 2024-25. The scheme also specifies that an approved applicant will be eligible for benefits for five c

The Government has issued Notification regardingProduction Linked Incentive (PLI) Scheme for Automobile & Auto components. The PLI Scheme for Automobile & Auto components and its Guidelines have been notified in the Gazette of India on 23.09.2021. Earlier government approved the Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industryon 15.09.2021. The PLI Scheme for the auto sector envisages to overcome the cost disabilities of the industry for manufacture of Advanced Automotive Technology products in India. The incentive structure will encourage industry to make fresh investments for indigenous global supply chain of Advanced Automotive Technology products. It is estimated that over a period of five years, the PLI Scheme for Automobile and Auto Components Industry will lead to fresh investments of over Rs 42,500 crores, incremental production of over Rs 2.3 lakh crore and will create additional employment opportunities of over 7.5 lakh jobs. Furth