Legal & Industry Updates - June 2018
Memorandum of Understanding Between India & Indonesia on Technical Cooperation in the Field of Railways
Cabinet apprised of the Memorandum of Understanding (MoU) on 29th May, 2018 between India and Indonesia on Technical Cooperation in the field of Railways sector1.
The MoU will provide a framework of cooperation for focused approach in following key areas:
Exchange of knowledge, technology, institutional cooperation including capacity building.
Modernization of rolling stock, as well as of signaling and communication systems in railways.
Modernization of railway operation, management and regulations.
Development of inter-modal transport, logistics parks and freight terminals.
Exchanges of construction and maintenance technologies for fixed infrastructure, including tracks, bridges, tunnel, overhead electrification and power supply systems.
Other areas of cooperation that may be jointly decided upon by both the Sides.
Cabinet Approves Capital Infusion in Export Credit Guarantee Corporation Ltd. & a Corpus to National Export Insurance Account Trust
Cabinet approves capital infusion in Export Credit Guarantee Corporation Ltd. The infusion would enhance insurance coverage to MSME exports and strengthen India’s exports to emerging and challenging markets like Africa, CIS and Latin American countries. (source)
Cabinet approves a Corpus to National Export Insurance Account Trust. The Corpus would strengthen National Export Insurance Account Trust (NEIA) to support project exports from the country that are of strategic and national importance. (source)
The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 was promulgated on June 6, 2018. It amends the Insolvency and Bankruptcy Code, 2016. The Code provides a time-bound process for resolving insolvency in companies and among individuals. (source)
Reporting Under the Foreign Exchange & Management Act, 1999 (FEMA) of Single Master Form (SMF) & External Commercial Borrowings (ECBs)
Reserve Bank, with the objective of integrating the extant reporting structures of various types of foreign investment in India, will introduce SMF, which will be introduced by June 30, 2018. The SMF would be filed online. (source)
Disclosure of hedging details and foreign exchange earnings and expenditure in connection with ECB’s in Form ECB 2 Return. Applicable to all ECB reporting from end June 2018. (source)
Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017
Reserve Bank of India notified the following additions, as a way of amendment, in Foreign Exchange Management (Transfer or Issue of Security by a person resident outside India) Regulations, 2017 which are as follows and came into force with effect from June 02, 20188:
provison (ii) to sub-regulation (1) of regulation 10.
provison (ii) to sub-regulation (2) of regulation 10.
Cabinet Approves MoU Between India & Bahrain on Cooperation in the Field of Healthcare
The MoU covers the following areas of cooperation:
Exchange of information including publications and research outcomes.
Exchanging visits by governmental officials, academic staff, scholars, teachers, experts and students.
Participating in workshops and training courses.
Encouraging health and medical research activities at both the private-sector and the academic level.
Any other forms of cooperation as may be mutually decided upon.
India Signs Mutual Recognition Agreement (MRA) in Nursing with Singapore
In a major gain for India, Singapore agreed to expand coverage of Indian nursing institutions by recognizing seven nursing institutions in the MRA. This has paved way for our healthcare service providers to institutionally access markets abroad. It will further open up doors for India to enter into similar mutual recognition arrangements with other countries.
Disclaimer: The updates provided in this document is not a legal opinion and does not claim to capture all legal developments related to the subject matter stated herein. It is advisable to seek legal advice for accurate applicability, prior to relying on the updates for any legal matter.