1. India’s forex reserves at record-high of $386.53 billion.
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According to RBI, India’s foreign exchange (Forex) reserves have increased by $4.007 billion to touch a record high of $386.539 billion in the week that ended 30th June 2017. The components of India’s Foreign Exchange Reserves include Foreign currency assets (FCAs), Special Drawing Rights (SDRs), Gold and RBI’s Reserve position with International Monetary Fund (IMF).
The increase forex in the reporting week was due to increase FCAs. It rose by $3.724 billion to $362.388 billion. Gold reserves also increased by $252.8 million to $20.348 billion. India’s special drawing rights (SDRs) with the International Monetary Fund (IMF) also rose by $11.8 million to $1.479 billion. The RBI’s reserve position with IMF also increased by $18.9 million to $2.322 billion.
FCAs forms major part of the overall reserves. It consists of US dollar and other major non-US global currencies. It also comprises of investments in US Treasury bonds, bonds of other selected governments, deposits with foreign central and commercial banks. FCAs also include with them the effects of appreciation or depreciation of non-US currencies like the euro, pound, and yen and is expressed in terms of dollars.
2. India to import crude oil from US for first time.
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India, the world’s third-largest oil importer, for the first time will import crude oil from the United States. The purchase comes after Prime Minister Narendra Modi’s visit to the US in June 2017 when President Donald Trump had assured that US looks forward to export more energy products to India.
Indian Oil Corp (IOC) has bought 1.6 million barrels of US Mars crude (a heavy, high-sulphur grade) and 400,000 barrels of Western Canadian Select that will be delivered onboard a Very Large Crude Carrier. The import will take place after IOC gets the carrier in October 2017 from PetroChina. The oil will be loaded off the US Gulf Coast, The import of crude from US could become an alternative source for the Indian companies for the supply of heavy, high-sulphur grades as feedstocks, which typically sell at a lower cost relative to other oil types. Besides IOC, Bharat Petroleum Corp Ltd (BPCL) is second Indian refiner which also has planned to buy its first ever US crude oil cargo and has issued a purchase tender.
India will be the latest Asian country to buy US crude after Japan, South Korea, Thailand, Australia, China and Taiwan as they seek to diversify oil imports from other regions after the OPEC production cuts raised prices of Middle East heavy-sour crude ( grades with a high sulphur content).
3. Government launches new tax payer service module.
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The Union Finance Ministry has launched Aaykar Setu, a new tax payer service module. The new e-initiative literally means taxpayer’s bridge and will be available in android phones. It compiles various tax tools, dynamic updates, live chat facility and important links to various processes within the Income Tax Department (ITD) in a single module.
Aaykar Setu has been launched in mobile responsive android application and also in desktop version to enhance mobile access as well as desktop access. This e-initiative aims provide better taxpayer services and also help in reducing the direct physical interface between assesses and tax assessing authorities.
It will allow IDT to directly communicate with the taxpayers on a range of multiple informative and useful tax services. The tax payers will also be able to receive regular updates regarding important tax dates, forms and notifications on mobile numbers registered with the ITD.
The mobile app will allow entities track TDS, pay taxes and apply for permanent account number (PAN). It will also help people link their 12-digit biometric identifier Aadhaar with PAN card. To avail this service, all taxpayers will have to register their mobile numbers in the Aaykar Setu module in order to receive such SMS alerts.
4. Over Rs 57,000 crore saved through DBT: Government.
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The Union Government has saved around Rs 57,000 crore in 2016-17 through Direct Benefit Transfer (DBT) scheme under which subsidies are given directly to beneficiaries. In 2017-18, the beneficiary base rose from 10.71 crore in 2013-14 to 35.62 crore. A total of 485 schemes have been identified from 60 ministries for the DBT.
According to government data, of the Rs 57,029 crore saved under DBT in 2016-17, the LPG subsidy scheme ‘Pahal’ alone accounted for Rs 29,769 crore savings. Besides, about Rs 14,000 crore were saved in providing subsidies directly to beneficiaries under the Public Distribution System (PDS).
The Mahatma Gandhi National Rural Employment Guarantee (MNREGA) Scheme saved Rs 11,741 crore. Rs 399 crore were saved in DBT transfers for the National Social Assistance Programme (NSAP), which deals with old age and widow pensions and among other things.
The DBT Scheme, a major reform initiative to check graft in welfare funds was launched by then UPA Government on 1 January 2013. It aims at transferring benefits of various central government-run social welfare schemes directly to the bank accounts of beneficiaries.
Its objective is to reform Government delivery system by re-engineering the existing process in welfare schemes for simpler and faster flow of funds/information and ensure accurate targeting of the beneficiaries, reduce duplication and fraud.
DBT functions under the Cabinet Secretariat and its implementation is directly monitored by the Prime Minister’s Office (PMO). JAM Trinity i.e. Jan Dhan, Aadhaar and Mobile are DBT enablers. However, Aadhaar is not mandatory in DBT schemes. DBT scheme has been high priority and focus area of the government to bring efficiency, effectiveness, transparency and accountability in the Government system and infuse confidence of citizen in the governance.
5. 5 States, 1 UT ink MoU with Centre on Government e-Marketplace.
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5 States and a Union Territory (UT) have formally adopted the Centre’s Government e-Marketplace (GeM) initiative. They are Andhra Pradesh, Assam, Gujarat, Telangana, Arunachal Pradesh and Puducherry (UT).
In this regard, these states/UT have signed memorandum of understanding (MoU) to join GeM initiative. Four more states including Uttar Pradesh, Tamil Nadu, Jharkhand and Haryana, will ink such MoU soon.
GeM is an Online Market platform to facilitate procurement of goods and services by various Ministries and agencies of the Government. It aims to enhance transparency, efficiency and speed in public procurement of goods and services and eliminate corruption. It functions under Directorate General of Supplies and Disposals (DGS&D), Union Ministry of Commerce and Industries.
GeM is a completely paperless, cashless and system driven e-market place that enables procurement of common use goods and services with minimal human interface. Presently more than 40000 products in about 150 categories and hiring of transport service are available on GeM POC portal.
Transparency: GeM to a great extent eliminates human interface in order placement, vendor registration and payment processing. It is open platform and does not offer no entry barriers to bonafide suppliers who wish to do business with the Government. For procurements of higher value, GeM has bidding facility.
Efficiency: GeM allows direct purchase on it in a matter of minutes. The entire process in online, end to end integrated. It has online tools for assessing price reasonability.
Secure and safe: GeM platform is a completely secure. The antecedents of the suppliers are verified online and automatically through Aadhar, PAN databases. Besides, all the documents on GeM are e-signed at various stages by the buyers and sellers.
Support to Make in India: GeM has filters which are Preferential Market Access (PMA) compliant for selecting goods which are manufactured by Small Scale Industries (SSI). Thus, it will enable Government buyers to easily procure Make in India and SSI goods.
Savings to the Government: Transparency, efficiency under GeM initiative will result in a substantial reduction in prices of procuring goods, in comparison to the direct purchase rates and purchases by tender and rate contract.
### 6. Government sets up new wing to provide intelligence inputs.
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The Union Government has set up Directorate General of Analytics and Risk Management (DGARM), a new wing to provide intelligence inputs taking action against tax evaders.
It has been has been set up will be under the Central Board of Excise and Customs (CBEC). It will also do big data analytics for taxmen for better policy formulation.
The DGARM was set up on 1 July 2017, coinciding with rollout of Goods and Services Tax (GST). It will function as an apex body of CBEC for data analytics and risk management and will report to the chairman of CBEC. It will utilize internal and external data sources for detailed data mining and analysis to generate outputs for focused and targeted action by field formations and investigation wings of the CBEC.
The field formations of CBEC are also expected to gainfully and effectively utilise the data and other inputs shared by the DGARM. The data analytics and processing coupled with intelligence inputs by DGRAM will provide the CBEC the national and sub-national perspective for policy formulation.
7. Cabinet approves MOC in respect of tax matters between India and BRICS countries.
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The Union Cabinet has approved signing of Memorandum of Cooperation (MOC) in respect of tax matters between India and the BRICS countries namely, Brazil, Russia, China and South Africa Decision in this regard was taken at the Union Cabinet meeting chaired by Prime Minister Narendra Modi in New Delhi.
The MoC aims to promote cooperation amongst BRICS Revenue administrations on common areas of interest in tax matters and capacity building and knowledge sharing. It envisages regular interaction amongst the heads of Revenue administration of BRICS countries to continue discussion on common areas of interest.
It also strive towards convergence of views and meeting of the experts on tax matters to discuss the contemporary issues in areas of international tax. MoC will also accord confidentiality and protection to information exchanged under it.
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