Finance Minister Launches the Official Youtube Channel of the Ministry of Finance



Finance Minister Launches the Official Youtube Channel of the Ministry of Finance 


Finance Minister Shri Arun Jaitley said that there are lot of announcements and explanations from time to time by the Ministry of Finance with regard to Indian economy which is continuously debated in public. He said therefore there is a need for a platform where this entire material should be made available .The Finance Minister was speaking after launching the official YouTube channel of Ministry of Finance here in National Capital today.


The Finance Minister Shri Arun Jaitley further said though most of the activities are in public domain yet to make it easier for the world outside to know about the same, this YouTube official channel of the Ministry would be a useful platform. Shri Jaitley appreciated this initiative of the Press Relations & Information Wing of the Ministry. Finance Secretary Shri Ratan.P.Watal, Secretary, Department of Economic Affairs Shri Shaktikanta Das and Dr.Hasmukh Adhia, Revenue Secretary were also present on the occasion.

This YouTube channel will disseminate information of the Finance Ministry through videos. The Channel will feature videos on the major schemes, events, meetings, press conferences and other exclusive videos relating to the Ministry. The YouTube channel is expected to strengthen the online presence of the Ministry and engage audiences. The YouTube channel is available at
https://www.youtube.com/channel/UCz0MtugoyVMdI2wxiDoApPg                                             



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Rate of Exchange of Foreign Currency for Imported and Export Goods 
In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs(CBEC) No.14/2016-CUSTOMS (N.T.), dated 21st  January, 2016, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and  Customs(CBEC) hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and  Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 5th February, 2016, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
SCHEDULE-I

Sl.No.
Foreign Currency
Rate of exchange of one unit of foreign currency equivalent to Indian rupees
(1)    
(2)
(3)


               (a)
                (b)


(For Imported Goods)
  (For Export Goods)
1.
Australian Dollar
49.45
48.00
2.
Bahrain Dinar
185.85
175.15
3.
Canadian Dollar 
             
49. 95
48.85
4.
Danish Kroner
10.25
9.95
5.
EURO
76.15
74.30
6.
Hong Kong Dollar
8.80
8.65
7.
Kuwait Dinar
232.50
218.35
8.
New Zealand Dollar
45.85
44.65
9.
Norwegian Kroner
8.05
7.85
10.
Pound Sterling
100.10
97.90
11.
Singapore Dollar
48.55
47.55
12.
South African Rand
4.40
4.15
13.
Saudi Arabian Riyal
18.65
17.60
14.
Swedish Kroner
8.15
7.95
15.
Swiss Franc
68.25
66.75
16.
UAE Dirham
19.00
18.00
17.
US Dollar
68.45
67.40
18.

Chinese Yuan
10.45
10.20

SCHEDULE-II


Sl.no.
Foreign Currency
Rate of exchange of 100 units of foreign currency equivalent to Indian rupees


(For Imported Goods
  (For Export Goods)
1
Japanese Yen
58.25
56.95
2
Kenya Shilling
68.35
64.55


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Shri Jayant Sinha, MoS (Finance) inaugurates the Second Pension Conclave under the theme of “Universal Pension- Coverage, Adequacy and Sustainability”; Stresses upon the priority to provide the universal pension security including income security, health and life insurance to the people as early as possible 
The Minister of State for Finance, Shri Jayant Sinha, stressed upon the priority to provide the universal pension security including income security, health and life insurance to the people at large. He said that he believed in the philosophy to empower Indians with tools and knowledge to take ownership of their own retirement. Shri Sinha was delivering the Inaugural Address after inaugurating the Second Pension Conclave under the theme of “Universal Pension- Coverage, Adequacy and Sustainability” being organised by the Pension Fund Regulatory and Development Authority (PFRDA) here today. In his address, Shri Sinha further stressed upon the fact that it is the right time when the advantage of young India with its demographic dividend and the growing economy can be leveraged with skill development and mitigation of low level financial literacy and expanding the coverage of pension with the participation of private sector with a sense of urgency. He stressed the importance of enrolling people into Pension schemes as quickly as possible, to take the advantage of the large number of young people in the country who would otherwise become dependent on the State and society in the old age.

Second Pension Conclave under the theme of “Universal Pension- Coverage, Adequacy and Sustainability” was organised here today by Pension Fund Regulatory and Development Authority. The objective of the conclave was to provide a platform to discuss, deliberate and to debate key issues pertaining to the challenges in pension sector and the need and ways to expand the pension coverage across the country.

Earlier, Shri Hemant Contractor, Chairman, PFRDA, in his Keynote Address, gave an overview of the developments in terms of NPS infrastructure and product development during the last two years He informed that PFRDA was instrumental in notifying 14 Regulations defining the role and responsibilities of all stakeholders of NPS. During the last year, PFRDA has spruced-up the pension product making it user friendly by introducing the online mode for registration and contribution upload under NPS. Currently, 16 Banks are providing this facility. Around 35 Banks are using the SBI payment gateway, which can facilitate the said service to all citizens of India. The online exit shall be mandatory from 1st April, 2016 to facilitate the exit process. He mentioned that PFRDA was constantly striving to improve the risk/ reward profile of the investment portfolio and in the process, had permitted investment in new investments such as REITS, INVITS, IDFs etc. He also added that effort was required to meet the challenges facing the unorganised sector including low awareness and low income levels to save for the future. An effective distribution channel with proper incentive structure would go a long way in expanding the reach of NPS among the masses. It was important to include as many people in the pension plans, so that they would not face deprivation in their old age.

The event was graced by presentations and panel discussions by eminent domain experts from World Bank- Mr Onno Ruhl, Country Director, Mr Robert Palacios, Senior Pension Economist and Mr William Price, Sr. Financial Sector Specialist, and distinguished economists, thinkers and academicians like Prof. Mukul Asher, Prof. Charan Singh etc. The Conclave was also attended by the different stakeholders under NPS i.e. Banks, Point of Presence (PoP) and Corporates participated in the conference.

The discussions covered wide ranging sub-themes viz. (i) Pension reforms as part of the financial sector and fiscal reforms, (ii) social and economic aspects of the pension reforms, (iii) adequacy and sustainability of the pension to fulfil Government of India’s policy and vision of pensioned society with universal pension for all segments of population, (iv) best global practices in the pension sector (v) pension funds as source of long term funds for the infrastructure growth and capital market deepening and (vi) ensuring a clear vision for long term outcomes from the pension systems.

Awards were given to the banks for their performance in the Atal Pension Yojana (APY). State Bank of India (SBI) received the award for Highest Atal pension Yojana (APY) Accounts sourced, Andhra Bank for Best Performing Bank in the category of Public Sector Banks (PSBs), Tamilnad Mercantaile Bank for Best Performing Bank in the category of Private Banks, Madhya Bihar Gramin Bank for the best Performing Bank in the category of Regional Rural Banks(RRBs) and Kottayam District Cooperative Bank for best Performing Bank in the category of Cooperative Banks.

Currently, NPS has more than 1.14 crore subscribers with total Asset Under Management (AUM) of more than Rs.1.09 Lakh crores. 
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Finance Minister Inaugurates India Investment Summit 2016 in National Capital; Calls for a Higher Pace of Growth to Achieve the Global Standards 
The Union Finance Minister Shri Arun Jaitley said that we intend to continue to be one of the fastest growing economies in the world. The Finance Minister said that India has a potential to grow even faster than today’s pace. He said that we have yet to realise our full potential for growth. The Finance Minister said that we want better infrastructure, better private sector and banking sector among others in order to achieve the global standards. He said that India needs large investment in infrastructure sector including roads, highways, fly-overs, railways, power renewable energy, oil & gas, ports and airports among others. Finance Minister Shri Jaitley said that it will be a win-win situation for both India and those who are investing in India. He said that we want that both domestic and international resources are optimally used for development of the whole country.

The Union Finance Minister Shri Arun Jaitley was delivering the Inaugural Address at India Investment Summit 2016 in national capital here today. The Finance Minister also launched the Logo of National Investment and Infrastructure Fund (NIIF) on the occasion. A film on NIIF was also shown on the occasion.

The Finance Minister said that India is definitely on the move. He said that whenever there was a global economic turmoil in the past, India has always showed resilience. Finance Minister Shri Jaitley said that India has withstood successfully even during the period of 2008-09, financial crisis in the world. He said that in the last 19 months, the present Government has taken various initiatives and has opened India's economy for investment in different sectors. He said that not only Central Government but State Governments and local bodies are working towards ease of doing business and make process transparent. The Finance Minister said that we are working on fast dispute resolution so that no project is held- up. He said that India has one of the fastest growing highway sector in the world. As regards tax reforms, the Finance Minister said that the Government is working towards rationalisation of Indirect tax regime and soon the Goods and Services Tax (GST) law will become a reality.

Addressing the India Investment Summit 2016, Shri Shaktikanta Das, Secretary, Department of Economic Affairs (DEA) said that the Government will highlight the economic reforms undertaken, the investment opportunities in different sectors and the structure of National Infrastructure and Investment Fund (NIIF) in the two day Investment Summit. Shri Das said that commercial viability will be the guiding principle of NIIF. Secretary, DEA said that in the year of 2016 -17 and thereafter, NIIF will be the major driving force for investment in India's Infrastructure. Shri Das further said that NIIF can emerge as a major vehicle to bring lot of foreign investment for infrastructure in India. He said that India continues to be bright spot in turbulent times and an attractive destination for foreign investment. Shri Das said that the country saw recently the biggest reforms in FDI norms. He said that the Government is committed to preserve the economic strength of our nation.

Earlier, Smt Arundhati Bhattacharya, SBI Chairperson while delivering the Welcome Address at India Investment Summit 2016 said that this Investment Summit is to showcase the huge investment opportunities in India's Infrastructure sector.

Along with the Finance Minister, Shri Arun Jaitley, H.H. Sheikh Hamid Bin Zayed Al Nahyan, Managing Director, Abu Dhabi Investment Authority(ADIA) Shri Shaktikanta Das, Secretary, Department of Economic Affairs(DEA), Smt Anjuli Chib Duggal, Secretary, Department of Financial Services (DFS), Chairperson, SBI, Smt. Arundhati Bhattacharya and senior officials of Ministry of Finance and other participating Ministries, State Governments and representatives of various Sovereign Wealth Funds, Pension Funds and institutional investors both domestic and international, were also present in large number on this occasion.

Earlier, the Indian delegation led by the Union Finance Minister Shri Arun Jaitley held a bilateral meeting with UAE Official Delegation led by H.H. Sheikh Hamid Bin Zayed Al Nahyan, Managing Director, Abu Dhabi Investment Authority (ADIA) on the sidelines of India Investment Summit 2016. 



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