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H.E Sultan Al Mansoori, Minister of Economy, UAE calls on the Union Finance Minister Shri Arun Jaitley today



H.E Sultan Al Mansoori, Minister of Economy, UAE calls on the Union Finance Minister Shri Arun Jaitley today; both sides emphasized the need for cooperation between two countries with regard to investment, innovation and Small and Medium Enterprises (SMEs) 

His Excellency Mr. Sultan Al Mansoori, Minister of Economy, UAE called on the Union Finance Minister, Shri Arun Jaitley here today in his office at North Block. Both the leaders discussed the bilateral ties between India and UAE.

During the meeting, both sides emphasized the need for cooperation between two countries with regard to three areas viz., investment, innovation and Small and Medium Enterprises (SMEs).

Regarding investments, the UAE Minister noted that the different institutions in UAE have already made a number of investments in infrastructure and other sectors. He reiterated that the different agencies of UAE will continue their efforts at widening their relationship with India in this regard. The Finance Minister highlighted the investment opportunities available including the NIIF.

With regard to the innovation, the UAE side mentioned that an innovation strategy has been developed by them and they have also se- up an Innovation Council to spearhead the activities. The Finance Minister mentioned the steps taken on innovation in India including the recently launched initiative of Start-Up India. Both agreed to deepen their engagement in the area of innovation so as to harness respective capabilities in a mutually beneficial manner.

UAE side highlighted the importance of Small and Medium Enterprises (SMEs) sector and the institutional framework that they have developed to support SMEs. The Finance Minister agreed with the view that the SME sector is critical for the growth of the economy and employment. The need to mainstream the SMEs into the global value chains was also highlighted. It was also decided that the respective institutions and industry associations engaged with SMEs would cooperate to harness the growth of SME sector in both the countries.

Earlier, both the Ministers recalled the deep historic relationship between the two countries. The Finance Minister noted the growth of Dubai and Abu Dhabi as prominent international cities. The UAE Minister mentioned the continued growth of the India economy amidst a difficult global situation. 
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India's nominee, Dr.D.J. Pandian appointed as the Vice-President, Chief Investment Officer of Asian Infrastructure Investment Bank (AIIB). 
The Asian Infrastructure Investment Bank (AIIB) announced the appointment of India's nominee, Dr. D.J. Pandian, as the Vice-President, Chief Investment Officer of the newly formed USD 100 billion multilateral development bank. The primary responsibility of the Chief Investment Officer is leading the planning and supervision of the Bank’s infrastructure investment by promoting sustainable investment throughout Asia that is consistent with the Bank’s vision, goals, and strategies, and by ensuring the relevance, effectiveness and efficiency of AIIB operations.

Dr. Pandian has had an extensive career spanning 30 years with the Indian Administrative Service(IAS), holding key positions at the State, National, and International levels in the energy (oil and gas, power, renewable), infrastructure, finance, and industry sectors. Dr. Pandian was instrumental in liberalizing the policy regime to attract international investment to crucial infrastructure sectors including power, airlines, ports and telecoms.

Announcing the appointments to the five positions of Vice-President, AIIB’s President Mr. Jin Liqun said “I am delighted to announce the appointment of the AIIB’s senior leadership team. This is an exceptionally strong and committed group who bring wide and varied experience and a wealth of expertise that will serve the Bank well as it commences operations. I look forward to working closely with them in the years ahead.” 
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Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, others – Palm Oil, Crude Palmolein, RBD Palmolein, others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified 
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs(CBEC), being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-

In the said notification, for TABLE-1, TABLE-2, and TABLE-3, the following Tables shall be substituted namely:-

TABLE-1
Sl. No.
Chapter/ heading/ sub-heading/tariff item
Description of goods
Tariff value
(US $ Per Metric Tonne)
(1)
(2)
(3)
(4)
1
1511 10 00
Crude Palm Oil
566 (i.e. no change)
2
1511 90 10
RBD Palm Oil
586 (i.e. no change)
3
1511 90 90
Others – Palm Oil
576 (i.e. no change)
4
1511 10 00
Crude Palmolein
594 (i.e. no change)
5
1511 90 20
RBD Palmolein
597 (i.e. no change)
6
1511 90 90
Others – Palmolein
596 (i.e. no change)
7
1507 10 00
Crude Soya bean Oil
720 (i.e. no change)
8
7404 00 22
Brass Scrap (all grades)
2821 (i.e. no change)
9
1207 91 00
Poppy seeds
2593 (i.e. no change)





Table 2

Sl. No.
Chapter/ heading/ sub-heading/tariff item
Description of goods
Tariff value
(US $)
(1)
(2)
(3)
(4)
1
71 or 98
Gold, in any form, in respect of which the benefit of entries at serial number 321 and 323 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed
388 per 10 grams
2
71 or 98
Silver, in any form, in respect of which the benefit of entries at serial number 322 and 324 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed
487 per kilogram 



















TABLE-3

Sl. No.
Chapter/ heading/ sub-heading/tariff item
Description of goods
Tariff value
(US $ Per Metric Tonne )
(1)
(2)
(3)
(4)
1
080280
Areca nuts
2558” (i.e. no change)

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Direct and Indirect Tax collections together expected to meet the target of Revenue collections for the Current Financial Year 2015-16 without any shortfall; Latest tax collections figures up to 31st January,2016 indicate healthy growth of 33.7% in Indirect Tax and 10.9% in Direct Tax collections 
The latest tax revenue numbers up to 31st January, 2016 (31.01.2016) indicate healthy growth of 33.7% in Indirect Tax and 10.9% in Direct Tax collections. As against the Annual BE target for tax collections of Rs.14.49 lakh crore, the Government has received Rs.10.66 lakh crore, which is, 73.5% of the BE target. Looking to the trend, it appears that as far as Indirect Tax collections are concerned, the Government may get more than Rs.40,000 crore extra over and above the BE target for Indirect Taxes for 2015-16 while there might be an equal amount of shortfall in Direct Tax collections. However, both Direct and Indirect Tax collections put together, we expect to meet the annual BE target of Revenue collections for the current year without any shortfall.

Growth in Custom Duty revenue collections - on electrical machinery is 34.4%, in case of other machineries it is 27.8%. These are indicators of new investment taking place in private sector. As far as the growth in Services tax collections are concerned, as against 27.2% average growth rate, the growth rate in banking and financial services is 44.6%. In case of work contract services, growth rate in Service taxes is 39.9% and in case of goods transportation services, it is 41%. These are also indications of high level of economic activities taking place in the economy and seems to be in commensurate with the growth rate projections for the FY 2015-16 as announced by the Central Statistical Organisation (CSO) two days back. 


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