Page 14 - Banking Finance March 2021

ROUNDUP

Bector of Mrs. Dectors Food norms on the mandatory corporate is touted as a replacement for the
Specialities Ltd, Jaswantiben Jamnadas social responsibility (CSR) spend by Service Export from India Scheme and
Popat of Shri Mahila Griha Udyog Lijjat levying penalty on corporates not is on the same lines as Remission of
Papad, the late P. Subramanian of meeting their commitments. Duties and Taxes on Exported Products
Shanthi Gears, and Sridhar Vembu, the Corporates can now register the (RoDTEP) for goods exports.
founder of Zoho, will receive the projects undertaken by charitable
Padma Shri, as per a government press institutions under its CSR programme, Rs. 12,195-crore PLI scheme
release.
provided the project is registered
separately with the Ministry of for Telecom equipment
India implements one Corporate Affairs in a specified format, unveiled
nation one Ration Card along with the impact assessment The Centre unveiled details of the

The Government said that 32 states report on CSR project. 12,195-crore production-linked
and Union Territories have To ensure that the social projects incentive (PLI) scheme for telecom
implemented 'One Nation One Ration committed by corporates do not equipment that's expected to lead to
Card' plan, which seeks to give over 80 remain in paper alone, the investment of more than Rs. 3,000
crore beneficiaries under the food law government has directed the CSR crore and local production worth Rs.
access to their foodgrains entitlement committee of corporates to submit an 2.4 lakh crore, of which exports are
from anywhere in the country. annual action plan, in addition to the pegged at 2 lakh crore. The cabinet
Under the National Food Security Act CSR policy. also approved the signing of a trade
(NFSA) or food law, the Centre provides Recently, the government had allowed deal with Mauritius.
5 kg of foodgrains per person per
corporates to consider their spend on "As a result of the PLI scheme for
month to over 80 crore beneficiaries Covid relief as part of CSR activity.
at a highly subsidised price of Rs 2-3 per telecom equipment, government
kg. Presently, out of the total given Companies can now spend more than hopes to have incremental production
coverage of 81.35 crore persons under the mandated 2 per cent of their net of 2,44,200 crore in the sector, exports
the NFSA, around 80 crore profit on CSR, and the excess amount worth Rs. 1,95,360 crore, 40,000 new
beneficiaries are receiving their spent can be set off against the CSR jobs and 17,000 crore worth of tax
entitled quota of foodgrains through obligation in future years. This flexibility revenue in the coming five years,"
public distribution system (PDS) on is available in perpetuity. communications and IT minister Ravi
monthly basis. Shankar Prasad said after the cabinet
"The Department in association with New scheme for service met.

State/UT Governments is exports for MSMEs proposed The range of telecom equipment
implementing 'One Nation One Ration covered under the scheme includes
Ahead of the new foreign trade policy,
Card' (ONORC) plan for nation-wide routers, Internet of Things (IoT) access
portability of ration cards under the industry has proposed a new incentive
scheme for services exports that would devices, radio access networks for 4G
National Food Security Act, 2O13 and 5G and wireless equipment, with
(NFSA). "So far, the facility has been give higher benefits to exporters in the the main aim being to boost exports.
enabled in 32 states/UTs covering MSME sector.
nearly 69 crore beneficiaries, almost The Services Export Promotion Council Currently, equipment worth about Rs.
86% of NFSA population of the has suggested the government to 50,000 crore is imported, mainly from
country," Minister of State for Food consider a Duty Remission on Export of China.
and Consumer Affairs Danve Raosaheb Services Scheme (DRESS) to refund The scheme, effective April 1, is also
Dadarao said. taxes to services exporters wherein designed to boost the growth of micro,
small and micro exporters would be small and medium enterprises
Govt tightens CSR norms eligible for a 7% incentive while the (MSMEs) by supporting locally made
The government has tightened the large ones would get 4%. The scheme products. T

14 | 2021 | MARCH | BANKING FINANCE