Delhi: Cabinet approves capitalisation of 3 Public Sector Insurance Companies

In a significant development, the Union Cabinet on Wednesday approved the capitalisation of three Public Sector Insurance Companies-- National General Insurance, United India Insurance and Oriental Insurance Company with Rs 2,500 crore. The meeting of the cabinet was chaired by Prime Minister Narendra Modi in New Delhi.

Addressing a press conference, Union Minister Prakash Javadekar also apprised about the decision of the cabinet to introduce the Pesticide Management Bill, 2020, in this session of Parliament. The Bill aims at protecting farmers' interests by ensuring that they get safe and effective pesticides.

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MoU between India and Iceland

Furthermore, the Cabinet has approved signing of a Memorandum between India and Iceland in the field of Sustainable Fisheries Development. The changes in 'Vivad se Vishwas' Bill to expand the scope of the Bill have also been approved in the cabinet meeting.

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Cabinet approves signing of India-Sri Lanka double taxation avoidance agreement

Javadekar further apprised about the approval of a protocol amending the Agreement between India and Sri Lanka for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The cabinet has approved the Signing and Ratification of the Protocol amending the Agreement between India and Sri Lanka for the same.

A general anti-abuse provision in the Double Taxation Avoidance Agreement (DTAA) will result in the curbing of tax planning strategies that exploit gaps and mismatches in tax rules. The existing DTAA between India and Sri Lanka was signed on January 22, 2013, and entered into force on October 22, 2013.

 

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(With ANI Inputs)