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Jan 16, 2019

Cabinet approves recapitalisation of Exim Bank to tune of Rs. 6,000 cr

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Union Cabinet today approved recapitalisation of Export-Import Bank of India to the tune of 6,000 crore rupees and increase in the authorized capital of Exim Bank from 10,000 crore to 20,000 crore rupees.

Briefing media in New Delhi, Union Minister Piyush Goyal said recapitalisation bonds will be on the lines issued to Public sector Banks. 

EXIM Bank is the principal export credit agency for India and infusion of capital into it will enable it to augment capital adequacy and support Indian exports with enhanced ability. 

Cabinet has also approved expenditure sanction of over 4200  crore rupees for Integrated E-filing and Centralized Processing Centre 2.0 Project. It aims at faster and accurate outcome for tax payers and enhance user experience at all stages.

It will also help in improving tax payers' awareness and education through continuous engagement. It will help in faster processing of returns and issue of refunds to the tax payers' bank account directly.

Cabinet also gave its nod to Revised Cost of Estimates for 13 new Central Universities of over 3639 crore rupees. The amount has being sanctioned for recurring cost and creation of necessary infrastructure for the completion of campuses of these universities. 

These new Central universities are in the states of Bihar, Gujarat, Haryana, Himachal Pradesh, Jammu and Kashmir, Karnataka, Kerala, Odisha, Punjab, Rajasthan, Tamil Nadu and Jharkhand. The infrastructure development work will be completed within 36 months. 

Cabinet has also given its approval for regularisation of Pay Scales of below board level executives in National Hydroelctric Power Corporation Ltd, North East Electric Power Corporation, THDC India Ltd. and Sutlej Jal Vidyut Nigam Ltd. Over 5000 executives of hydro CPSEs enrolled will be benefited by the decision.

Cabinet has approved MoU between India and Australia on the Safety in Mines, Testing and Research Station. The MoU will help in establishing a partnership between Directorate General of Mines Safety and Safety in Mines Testing and Research Station of Australia for implementation of risk based safety management system, providing training and other such matters. 

Cabinet has also given its ex-post facto approval to the agreement on facilitation of visa arrangements signed between India and Maldives.

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