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In a boost to the Centre’s disinvestment policy, the Cabinet on Monday approved an alternative mechanism that will decide on stake sales in State-owned banks and creation and launch of exchange-traded funds (ETFs).
“It will decide on disinvestment of public sector banks, listed public sector financial institutions and public sector insurance companies through ETF or other methods, subject to the government retaining 52 per cent stake,” said an official statement.
The new mechanism will also work out the ETF for public sector units, subject to the government retaining majority stake.
“It will also decide on matters related to divestment through ETF-like constitution of ETF portfolio,” said the release.
The Cabinet also cleared draft Bills to replace the Ordinance promulgated for roll out of GST in Jammu and Kashmir on June 8.
The Bills will be tabled in Parliament in the ongoing Monsoon Session.
The government has already listed the Central Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017 and the Integrated Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017 for introduction, consideration and passage in this session of the Parliament.
Due to its special status under the Indian Constitution, the State had to separately amend its own Constitution for the implementation of GST.
The Cabinet also approved a modified implementation strategy of BharatNet for providing broadband connectivity to all Gram Panchayats by March 2019. The project will cost ₹42,068 crore, which will be funded from the Universal Service Obligation Fund.
Further, it approved the revalidation of permission to raise bonds worth ₹660 crore to the Inland Waterways Authority of India as extra Budgetary resources this fiscal.
The Cabinet also approved a Memorandum of Cooperation on tax matters between India and Revenue administrations of BRICS countries.
It also approved cadre review of Indian Defence Accounts Service with 23 extra posts.
The Cabinet gave post facto approval for insurance regulator IRDA’s admission as a signatory to the International Association of Insurance Supervisors and a multilateral MoU for exchange of information.
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