Saturday 22 June 2013

CABINET RELEASES RS. 500 CRORE TOWARDS NATIONAL CALAMITY CONTINGENCY FUND CABINET COMMITTEE CONSTITUTED TO MONITOR RELIEF & REHABILITATION APPEAL TO THE PEOPLE TO CONTRIBUTE GENEROUSLY FOR TIDAL WAVE TRAGEDY

The Prime Minister, Dr. Manmohan Singh, chaired a Union Cabinet meeting to gauge the extent of damage caused by the tidal wave tragedy in the states of Tamil Nadu, Kerala, Andhra Pradesh and the Andaman & Nicobar islands and Pondicherry. Briefing mediapersons on the decisions taken by the Union Cabinet after the meeting, here today, the Finance Minister announced that the Union Cabinet cleared the release of a sum of Rs. 500 crore towards the National Calamity Contingency Fund (NCCF) to the affected states to undertake relief and rehabilitation measures. The Finance Minister said that a Cabinet Committee has been constituted to monitor relief and rehabilitation measures in the affected states. The Cabinet Committee would meet twice a day and would be chaired by the Prime Minister and in the absence of the Prime Minister, by the senior most minister of the Union Cabinet. Shri Chidambaram also made an appeal to the people on behalf of the Cabinet to contribute generously – in cash and in kind to the Prime Minister’s National Relief Fund (PMNRF) for those affected by the tidal wave tragedy. The Union Cabinet also decided that all members of the Union Council of Ministers would donate one month’s salary towards the Prime Minister’s National Relief Fund. Similarly, all Central Government employees and those working in Central Public Undertakings/ autonomous bodies have been exhorted to donate one day’s salary towards the PMNRF. 

Shri Chidambaram informed the mediapersons that the natural disaster caused by the Tsunami wave would be equated with the super cyclone which hit the Orissa coast on October 31, 1999 and the package of relief would take into account the revised norms made effective from August 1, 2001. 

The Finance Minister also informed the mediapersons that houses would be constructed under Indira Awaas Yojana (IAY). Under the Indira Awaas Yojana (IAY), a sum of Rs. 200 crores would be released in the first instalment. The houses to be constructed would be hazard-proof. Adequate funds would be provided directly to the Andaman & Nicobar administration for construction of houses. 

The Finance Minister said that the Union Cabinet gratefully noted the offer of assistance by United States, France, Israel and Greece, but expressed confidence that the resources can be mobilised from within the country.

Shri Chidambaram also said that an ex-gratia payment of Rs. One lakh to the next of the kin of each deceased would be made from the Prime Minister’s Relief Fund. He also announced that all assistance would be provided to State Governments and funds would not be a constraint for relief and rehabilitation measures. 
The Union Cabinet observed a two-minute silence to mourn the loss of lives in the tidal wave tragedy. Courtesy: indianembassy 

Friday 21 June 2013

Conversion Rate for Foreign Exchange (w.e.f. 21st June, 2013)

As per Section 67A of the Finance Act, 1994 read with explanation to Section 14 of the Customs Act, 1962, rate of exchange for calculation of gross value of taxable service tax would be the rate, as determined by CBEC for the conversion of foreign currency into Indian currency or vice versa, applicable on the date on which taxable service has been provided or agreed to be provided. CBEC from time to time issues Notification to notify rate of exchange determined by it. For Rate of Exchange applicable from 21st June, 2013 please refer Annexure-A.