Source: The Hindu Business Line, Nov 23, 2016
New Delhi: The Union Cabinet on Wednesday gave its approval for ratification and entry into force of the third protocol to the existing double taxation avoidance convention (DTAC) between India and New Zealand.
This protocol — which was signed on October 26 this year — provides for among other things a revamped framework of exchange of information in line with international standard, an official release said.
It is also expected to enable assistance in collection of tax revenue claims between both countries.
Merchant Shipping Bill
The Cabinet also approved the Merchant Shipping Bill, 2016 for introducing it in Parliament.
The Merchant Shipping Bill, 2016 is a revamped version of the Merchant Shipping Act, 1958. The Bill provides for repealing of Merchant Shipping Act, 1958 as well as for the repealing of the Coasting Vessels Act, 1838.The Cabinet Committee on Economic Affairs (CCEA) has approved opening of one Jawahar Navodaya Vidyalaya (JNV) in each of the 62 uncovered districts with an outlay of Rs2,871 crore.
A full fledged JNV provide employment to 47 persons and accordingly 62 JNVs will provide direct permanent employment to 2,914 individuals.
The expenditure for this purpose during the 12th Plan will be Rs109.53 crore with a spill over amount of Rs2,761.56 crore from 2017-18 to 2024-25.