India-Cyprus Double Taxation Avoidance Agreement(DTAA), India-Fiji air service pact and draft bill on surrogacy will be the three things to look out for in the cabinet meet tomorrow:
A cabinet meeting chaired by Prime Minister Narendra Modi will be held on Wednesday in Delhi. Many crucial issues are likely to be taken up in the meeting. India-Cyprus Double Taxation Avoidance Agreement(DTAA), India-Fiji air service pact and draft bill on surrogacy will be the three things to look out for in the cabinet meet tomorrow:
The Cabinet is likely to approve the crucial India-Cyprus Double Taxation Avoidance Agreement (DTAA) on Wednesday. The crucial pact provides for source-based taxation of capital gains on transfer of shares. News agency PTI, quoting sources said that the agreement including the two countries is likely to be taken up by Prime Minister Narendra Modi.
The two countries have a DTAA since the year 1994. Cyprus is a major source of foreign fund flows to India. In a period of 16 years, from April 2000 till March 2016, India received Foreign Direct Investment worth Rs 42,680.76 crore from Cyprus.
India-Fiji air service pact
The cabinet is likely to discuss the crucial India-Fiji air service pact in tomorrow’s meet. The Air service agreement will provide a legal framework for the operation airlines providing provision for traffic rights and points of call between the two countries.
In a trip to India earlier this year, Fiji’s attorney-general and minister for civil aviation, Sayed-Khaiyum said that there was also a possibility of code-sharing between the two countries. Interestingly, due to historical and colonial reasons, nearly 40 percent of Fiji’s population are is of Indian descent.
Draft bill on surrogacy
Cabinet is likely to take up the long-pending draft bill on crucial issue of surrogate childbirth. The new bill aims to safeguard the rights of surrogate mothers and make parentage of such children legal. According to the Health Ministry proposal, the draft Surrogacy Bill, 2016 aims at regulating commissioning surrogacy in the country in an organised manner. The bill has already been approved by group of ministers (GoM). The GoM, including Health Minister J P Nadda, Commerce Minister Nirmala Sitharaman and Food Processing Industries Minister Harsimrat Kaur Badal, among others was constituted at the behest of the Prime Minister’s Office.