India Current Events : September 2015

India decides to join Better Than Cash Alliance

India has decided to join UN-based Better Than Cash Alliance with a view to reduce cash transactions in its economy and achieve financial inclusion.

Government accepts AP Shah Committee report on MAT

Union Government has accepted Justice AP Shah Committee report on the Minimum Alternative Tax (MAT) on foreign institutional investors (FIIs). By accepting the recommendations, Government will not impose levy on FIIs prior to 1st April 2015 i.e. retrospectively.

FMC merges with SEBI

Union Government has notified the merger of commodities market regulator Forward Markets Commission (FMC) with Securities Exchange Board of India (SEBI) with an effect from 28 September 2015.

ONGC buys stake in Vankoroil field of Russia

State-owned Oil and Natural Gas Corporation (ONGC) has bought a 15 per cent stake in Russia’s second-largest oil field Vankor from Rosneft for about 1.35 billion US dollars.

Government allows 100% FDI in white label ATM operations

The Union Cabinet has allowed 100 per cent foreign direct investment (FDI) under the automatic route for white label ATM operations (WLAO). This decision will expedite and ease FDI inflows in WLAO further giving a fillip to the government’s ambitious effort to promote financial inclusion.

Union Government approves Marginal Fields Policy (MFP)

Union Cabinet has approved Marginal Fields Policy (MFP) to auction small and marginal unexploited hydrocarbon discoveries by state owned oil companies.

Smart National Common Mobility Card (NCMC) model

Union Ministry of Urban Development has come out with a NCMC model to enable seamless metro travel, shopping. In this regard, Union Minister of Urban Development Venkaiah Naidu has approved the EMV Open Loop Card with stored value.

Union Government gives nod to One Rank One Pension (OROP) scheme

Union Government has given its nod to implement One Rank One Pension (OROP) scheme for ex-servicemen. OROP will provide ex-servicemen of same rank and same length of service uniform pension regardless of date of retirement.

Union Cabinet clears National Offshore Wind Energy Policy 2015

Union Cabinet cleared National Offshore Wind Energy Policy 2015 to generate electricity from offshore windmills located in areas within Exclusive Economic Zone (EEZ) of the country.