Govt to pay Rs 1,540 cr to sugarcane farmers

Source: The Hitavada      Date: 03 May 2018 09:28:59



AHEAD of elections in Karnataka, the Union Government on Wednesday decided to directly pay sugarcane farmers about Rs 1,540 crore to clear less than a tenth of the outstanding that sugar mills owe to them.
Sugarcane farmers, who have not been paid full amount by sugar mills, will get Rs 5.5 per quintal (of cane crushed) directly in their bank accounts from the Central Government that is keen to prevent an agrarian crisis developing in sugar producing States like Uttar Pradesh, Maharashtra and Karnataka.

The move would provide much-needed relief to mills that are facing a loss of Rs 8-9 per kg in sugar sales because of record production, resulting in a huge cane arrear of about Rs 20,000 crore and out of that over Rs 8,000 crore pertains to UP and about Rs 3,000 crore each to Maharashtra and Karnataka.
“The Cabinet Committee on Economic Affairs has given approval to provide financial assistance of Rs 5.50 per quintal of cane crushed in sugar season 2017-18 to sugar mills to offset the cost of cane, in order to help the mills clear cane dues of farmers,” Union Minister Ravi Shankar Prasad told reporters here.

Clears ordinance to amend law for speedy disposal of commercial disputes

SEEKING to improve India’s ranking in the ease of doing business index, the Government on Wednesday approved an ordinance to amend a law for faster disposal of commercial disputes.
Law Minister Ravi Shankar Prasad told reporters here that the Union Cabinet approved an ordinance to amend the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act. According to the bill, the specified value of a commercial dispute will be brought down to Rs 3 lakh from the present Rs 1 crore.

11 agri schemes merged with over Rs 33K cr outlay
THE Government on Wednesday approved the continuation of agri umbrella programme, ‘Green Revolution -- Krishonnati Yojana’, with a central outlay of Rs 33,269 crore till March 31, 2020.
The programme, which was launched last year after clubbing 11 schemes for the sector, has now been approved for continuation beyond the 12th Five Year Plan ended last March.
“The CCEA approved the umbrella scheme “Green Revolution - Krishonnati Yojana -- in agriculture sector beyond 12th five year plan for the period from 2017-18 to 2019-20 with the central share of Rs 33,269.976 crore,” Law Minister Ravi Shankar Prasad told reporters here.
The Cabinet Committee on Economic Affairs (CCEA) approved the scheme as part of its objective to double farmers’ income by 2022, he said. Prasad said this would help in better monitoring of all the schemes. “All these schemes/missions were appraised and approved independently as separate scheme/mission. In 2017-18, it has been decided to club all these schemes / missions under one umbrella scheme ‘Green Revolution - Krishonnati Yojana’,” said an official statement.

Now, easier for accountants to explore jobs in South Africa
NOW it will be easy for Indian accountancy professionals to explore employment opportunities in South Africa, with the Cabinet on Wednesday approving a proposal in this regard.
The Union Cabinet has approved the mutual recognition agreement (MRA) between the Institute of Chartered Accountants of India (ICAI) and South African Institute of Chartered Accountants (SAICA). “The MRA is likely to lead to greater employment opportunities for the Indian Chartered Accountants in the region and also lead to greater remittances from them to India,” an official statement said. MRAs pave the way for recognition of the professional bodies of one country by the other. Regulatory bodies of various professional services like engineering, accountancy and architecture are encouraged to enter into these pacts.

These agreements are part of free trade pacts that India has signed with several regions, including Singapore, Japan, S Korea and Asean. The agreement will facilitate recognition of Indian accountancy professionals with local accountancy qualification in addition to existing ICAI qualification, which will increase their professional avenues in South African markets, it said.

Nod to double investment under PMVVY to Rs 15 lakh

THE Cabinet on Wednesday approved doubling the investment limit to Rs 15 lakh under the Pradhan Mantri Vaya Vandan Yojana (PMVVY) to provide increased social security cover to senior citizens.
“As a boost to social security initiatives for senior citizens, the investment limit of Rs 7.5 lakh per family in the existing scheme is enhanced to Rs 15 lakh per senior citizen in the modified PMVVY, thereby providing a larger social security cover to the senior citizens,” an official statement said.