 "Changes in 'benami' prohibition Bill cleared")
"The Union Cabinet has given its approval for introducing amendments to the Benami Transactions (Prohibition) (Amendment) Bill, 2015 in Parliament," a government statement said here.
Finance Minister Arun Jaitley had introduced the amendment Bill in the Lok Sabha in May 2015. The Bill was referred to the Standing Committee on Finance, which had submitted its report early this year. According to a government statement, those who declare their benami properties under IDS will get immunity under the Benami Act.
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Power plant and AIIMS in UP
With an eye on the upcoming elections in Uttar Pradesh next year, the government approved a 1,980-Mw power plant in Ghatampur and an All India Institutes of Medical Sciences (AIIMS) in Gorakhpur district. The power project is a joint venture of Neyveli Lignite Corporation Limited and Uttar Pradesh Rajya Vidyut Utpadan Nigam. The capacity of the project in 1,980 Mw and its estimated cost is Rs 17,237 crore.
Coal linkage auction policy deferred
The Cabinet has deferred the decision on the much-awaited coal linkage auction policy. According to government sources, the policy will be discussed with stakeholders for much wider consultation.
"The number of stakeholders is very high in coal linkage auction and the government believes all concerns should be addressed," said a senior government official. The coal linkage auction would help in reviving close to 30,000 Mw of power generation capacity without any fuel supply.
Sagarmala project
In a push to port-led development, the Union Cabinet has approved incorporation of Sagarmala Development Company under the Companies Act, 2013, with an initial authorised share capital of Rs 1,000 crore and a subscribed share capital of Rs 90 crore. The objective of the project is to promote port-led development and to provide infrastructure to transport goods from ports quickly, efficiently and cost-effectively.
The company will be under the administrative control of the Ministry of Shipping.
The implementation of the identified projects will be taken up by the relevant ports, state governments, maritime boards, or central ministries through private or public-private partnership mode.
The proposed Sagarmala Development Company will identify port-led development projects, assist in project development, and structuring activities, bid out projects for private sector participation, put in place suitable risk management measures for strategic projects cutting across multiple states and regions, and obtain the requisite approvals and clearances.
It will also work as the nodal agency for coordination and monitoring of all the currently identified projects as well as other projects emerging from the master plans or other sources.
The company would prepare detailed master plans for the Coastal Economic Zones identified as part of the National Perspective Plan and provide a framework for ensuring the integrated development of the Indian maritime sector.
The company will raise funds depending on the project requirements or by leveraging resources provided by the government and from multi-lateral and bilateral funding agencies.
It would also aim to increase the scope of private-sector participation in project development. Around 150 projects across the areas of port modernisation and new port development, port connectivity enhancement, port-led industrialisation and coastal community development have been identified under the Sagarmala project.
Meanwhile, the Cabinet Committee on Economic Affairs approved construction of a new dry dock within the existing premises of Cochin Shipyard Limited at an estimated cost of Rs 1,799 crore to augment the shipbuilding and repair capacity of the country.
The expenditure of Rs 1,799 crore will be funded through internal and extra budgetary resources of Cochin Shipyard and the funding requirements are fully tied up.