Visit of INS Sahyadri to Incheon, Republic of Korea

[Hindustani78]

Ministry of Defence
23-October, 2015 13:01 IST
Visit of INS Sahyadri to Incheon, Republic of Korea

Indian Naval Ship Sahyadri, currently on operational deployment to North West Pacific region and South China Sea in pursuance of India’s ‘Act East’ policy, entered Incheon, ROK this morning. The ship is likely to remain at Incheon till 27 October 2015 for an extensive interaction with the ROK Navy.

Historic cultural links between India and the Republic of Korea have laid the foundation of vibrant bilateral relations between the two countries. These include the growing economic engagements and military-to-military interactions. The first bilateral Defence Dialogue between the two countries was held in 2003 and the first Foreign Policy and Security Dialogue was held in 2005. Maritime interaction has since grown with port visits by warships to each other’s ports. Indian Naval ships last visited Busan in June 2012. The Indian Navy has extended an invitation to the ROK Navy to participate in the International Fleet Review 2016, scheduled to held in February 2016, off the East Coast of India.

The visit of INS Sahyadri is aimed at strengthening bilateral ties and enhancing inter-operability between navies of the two countries. INS Sahyadri is an indigenously built warship of the Shivalik Class. Inducted into the Indian Navy on 21 July 12, the multi-role stealth frigate, boasts of an impressive array of weaponry in her arsenal. Long range anti-ship missiles, medium and short range surface to air missiles augmented by powerful guns of different calibres provide a formidable shield against all types of surface and air threats. The capability to carry two integral multi-role helicopters significantly enhances the potency of this ship. INS Sahyadri, is presently being commanded by Captain Kunal Singh Rajkumar.

During the stay in harbour, various activities aimed at enhancing cooperation between the two navies are planned. These include official calls on local naval and civilian dignitaries, reception on board INS Sahyadri, visits to the ship by local the populace, guided tours for Indian Naval personnel and professional interaction between personnel of both the navies.

On departure, the ship is planned to exercise with ROK Navy ships for improving interoperability in communication as well as Search and Rescue procedures.

 

[gau8av]

pics ?

 

[Hindustani78]

Ministry of Finance
17-March, 2017 11:33 IST
Clarification by Central Board of Direct Taxes on rollback provision in the revised India-Korea Double Taxation Avoidance Agreement

The Central Board of Direct Taxes (CBDT) has clarified that under the revised India-Korea Double Taxation Avoidance Agreement (DTAA), applications for bilateral Advance Pricing Agreement (APA) involving international transactions with Associated Enterprises in Korea for the APA period beginning Fiscal Year 2017-18 can be filed along with request for rollback provision in prescribed form. Such requests for rollback provision shall be processed in accordance with the provisions of Income Tax Act i.e. section 92CC(9A) of the Income Tax Act 1961, and the applicable Income Tax rules in this regard. Inclusion of rollback provision in such bilateral APAs would also be subject to the applicable regulations in Korea. The CBDT has issued the present clarification in response to the queries received from taxpayers regarding availability of rollback provision in respect of bilateral APA applications for APA period beginning F.Y 2017-18.

The existing DTAA between India and Korea was signed on 19th July, 1985 and was notified on 26th September 1986. A revised DTAA between India and Korea for the Avoidance of Double Taxation and the Prevention of Fiscal evasion with respect to taxes on income was signed on 18th May 2015 and entered into force on 12th September 2016. Amongst other changes, the revised DTAA incorporates para 2 in Article 9 (Associated Enterprises). Article 9(2) of the revised India-Korea DTAA provides recourse to the taxpayers of both countries to apply for Mutual Agreement Procedure (MAP) in transfer pricing disputes as well as apply for Bilateral APAs for APA period beginning F.Y. 2017-18.

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[third eye]

 

[Hindustani78]

Cabinet
07-June, 2017 14:21 IST
Cabinet approves MoU between India and Korea for export credit of USD 9 billion

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposed Memorandum of Understanding (MoU) between Export-Import Bank of India (EXIM Bank) and Export-Import Bank of Korea (KEXIM) for export credit of USD 9 billion for infrastructural development in India and for the supply of goods and services as part of projects in third countries.


The MoU is proposed to be signed between the two banks during the forthcoming visit of the Finance Minister Shri Arun Jaitley, to Seoul, Korea during 14-15 June 2017 for the Annual Financial Bilateral Dialogue. The decision is expected to promote the country’s international exports, and deepen political and financial ties between India and Korea. The export credit will be utilized through lending by EXIM Bank for promoting projects for priority sectors, including smart cities, railways, power generation and transmission etc., in India and for the supply of goods and services from India and Korea as part of projects in third countries.


Implementation Strategy


Under the implementation strategy, the parties to the MoU will hold mutual consultations to structure the financial assistance, review the existing arrangements and related procedures. EXIM Bank will identify viable projects in India. For projects in third countries, both parties will jointly identify viable projects. It is understood from EXIM Bank that the USD 9 billion would be extended by KEXIM by way of Investment Credit (typically export credit facility to finance projects with a certain level of Korean import content and interest rates as per OECD export credit guidelines). This amount may also be utilized by KEXIM as the financier without the participation of EXIM Bank subject to satisfaction of the purpose.


The supply of goods and services from India and Korea as part of projects in third countries will be an additional avenue which this MoU will enable. It will help in exchanging mutual experience, sharing information on financing export and import operations, project assessment and knowledge generated in respective fields of activities.



Background



The Joint Statement issued in 2015 during the visit of the Prime Minister to the Republic of Korea stated that Korea intends to offer USD 10 billion of infrastructural development in India. The package was subsequently prepared to comprise of USD 1 billion from the South Korean Economic Development Cooperation Fund (EDCF) as government to government funding and USD 9 billion as export credit from KEXIM. The credit of USD 9 billion from KEDIM is to be through a formal MoU to be signed between KEXIM and EXIM Bank.


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AKT/VBA/SH

 

[Hindustani78]

Ministry of Finance
14-June, 2017 19:30 IST
The Minister for Finance, Corporate Affairs and Defence, Shri Arun Jaitley reached Seoul, Republic of Korea today; Co-chaired the Fifth India-Korea Financial Dialogue with newly-appointed Deputy Prime Minister and the Finance Minister of the Republic of Korea, Mr Kim Dong-yeon;.

Both sides agreed that in the face of uncertainty and the risk of rising protectionism, there was a need for the two countries to increase efforts to stimulate investment flows, support for infrastructure development, and bilateral trade among others.

On the First leg of his 4-day official visit to Republic of Korea, the Union Minister for Finance, Corporate Affairs and Defence, Shri Arun Jaitley arrived in Seoul, capital of Republic of Korea today. After his arrival, the Union Minister for Finance, Corporate Affairs and Defence, Shri Arun Jaitley co-chaired the Fifth India-Korea Financial Dialogue with the newly-appointed Deputy Prime Minister and the Finance Minister of the Republic of Korea, Mr Kim Dong-yeon. Noting that the Finance Minister of India, Shri Jaitley is the First Foreign Dignitary to be received in his tenure, the Deputy PM and Finance Minister, Republic of Korea (ROK), Mr. Kim emphasized the importance that the new Government of ROK attaches to the development of the special strategic partnership with India. The two Ministers reviewed the international economic situation, and India-Korea bilateral economic ties in that context. They agreed that in the face of uncertainty and the risk of rising protectionism, there was an urgent need for the two countries to increase efforts to stimulate investment flows, support for infrastructure development, and bilateral trade among others. As the world’s fastest growing large economy, India offers Korea important opportunities to deploy its capital and technologies in India, and for India, South Korea’s interest in finding new openings to diversify its economic partnerships offers India great opportunities.


Later, the two Ministers witnessed the Signing of Agreements to establish US$ 9 billion in concessional credit and US$ 1 bn in ODA funding for infrastructure development projects in India. This implemented a decision taken during the State Visit of Prime Minister of India, Shri Narendra Modi to South Korea in May 2015. With this, Republic of Korea became one of the First non-G-7 countries to become an Official Development Assistance (ODA) contributor in India. Both the Ministers also agreed to consider deploying part of this fund towards the Smart City projects in India. They also agreed to establish a mechanism at senior official levels, to identify good infrastructure projects in India, to draw upon these funds.


Earlier in the day, the Union Minister of Finance, Defence and Corporate Affairs, Shri Arun Jaitley met the Korean Defense Minister, Gen. HAN Min-koo. The two Ministers discussed the rapidly growing bilateral defence partnership. With the earlier signing of an Inter-Governmental Agreement on Strategic Partnership in Defence Production, and the finalization of a Make-in-India Project to manufacture 155mm Self-Propelled Artillery Guns in India, the two Ministers expressed satisfaction at the rapid growth of ties since the last meeting of Defence Ministers in April 2015. They also welcomed the progress in building ties in Defence Education and looked forward to the expansion of this relationship through Policy Dialogue (a 2+2 dialogue) and through service-to-service ties.

Tomorrow,the Union Minister of Finance, Defence and Corporate Affairs, Shri Arun Jaitley will call on the President, Republic of Korea, H.E.Mr Moon Jae-in. He will also meet the leading Korean Financial Manufacturing Companies in several rounds of meetings.


The Union Minister of Finance,Defence and Corporate Affairs, Shri Arun Jaitley is presently on a four day Official visit to Republic of Korea to participate in the Fifth India-Korea Financial Dialogue and the 2nd Annual Meeting of the Board of Governors of AIIB.


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[Hindustani78]

Prime Minister's Office
16-June, 2017 18:05 IST
Special Envoy of the President of the Republic of Korea calls on PM


Mr. Dongchea Chung, Special Envoy of Mr. Moon Jae-In, President of the Republic of Korea, called on Prime Minister Shri Narendra Modi today.

The Prime Minister conveyed his appreciation for President Moon’s gesture of sending Mr. Chung as his Special Envoy to India.

The Prime Minister recalled his visit to the Republic of Korea in May 2015, during which the bilateral relationship was upgraded to a ‘Special Strategic Partnership’, and said that the Republic of Korea is an important development partner for India.

The Prime Minister welcomed the deepening of bilateral partnership not only in trade and economic spheres, but also in new areas like defence cooperation.

The Prime Minister said that he is committed to working with President Moon for further enhancement of bilateral relationship, and looked forward to an early opportunity to meet President Moon.

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The Special Envoy, South Korea, Mr. Jeong Dong-chae calls on the Prime Minister, Shri Narendra Modi, in New Delhi on June 16, 2017.

The Special Envoy, South Korea, Mr. Jeong Dong-chae calls on the Prime Minister, Shri Narendra Modi, in New Delhi on June 16, 2017.

Ministry of Finance
16-June, 2017 11:07 IST
The Union Finance Minister Shri Arun Jaitley called upon H.E. President MOON Jae-in of the Republic of Korea yesterday:

Finance Minister holds meeting with senior leadership of premier Korean companies; delivers the key note address at an India-Korea Business Meeting




Minister of Finance, Corporate Affairs and Defence Shri Arun Jaitley met H.E. President MOON Jae-in of the Republic of Korea yesterday. Finance Minister Mr. Jaitleycongratulated President Moon on his recent election and conveyed the good wishes of the Prime Minister of India. Complimenting President Moon for his vision for the region and the relationship with India, and recalling the PMs invitation to the President to visit India, FM hoped that the two leaders would meet soon.

Welcoming Finance Minister Mr. Jaitleyto Korea, President Moon thanked Prime Minister Narendra Modi for his good wishes since the election win, including over Twitter, recalling in particular the PMs gesture of doing so in Korean. Recalling the PMs congratulatory phone call of May 11, President Moon said there was a strong will on both sides in building the bilateral relationship. He also underlined that the decision appoint a Special Envoy to India, for the first time ever by a recently elected Korean President, was a strong sign of Korea’s commitment to the India relationship. (The Special Envoy, former Minister CHUNG Dong-chea, is meeting Prime Minister Narendra Modi, External Affairs Minister Sushma Swaraj, Foreign Secretary Jaishankar and Secretary Preeti Saran on June 16).

Conveying the appreciation of Prime Minister Mr. Narendra Modi for this decision, Finance Minister Mr. Jaitley underlined that such initiatives coincided with India’s Act East policy, he emphasized India's conviction that an internationally-minded Korea is good for both Asia and for other nations. The Finance Minister briefed the President about his fruitful meetings with his Korean counterparts the previous day. He expressed the need for the early convening of the bilateral Joint Commission and the 2+2 Dialogue, to further take the relationship forward. Finance Minister Mr. Jaitley underlined the immense opportunity for the two countries to forge partnerships in defense industry, infrastructure investment and manufacturing. President Moon lauded the bold economic reforms in India under the leadership of Prime Minister, Mr. Narendra Modi and Finance Miiister Mr. Jaitley, and shared his belief that India was on its way to becoming a true economic power. In the process, he hoped that ROK would be a special partner and that the Special Strategic Partnership would continue to grow. He noted the presence of India’s highly skilled professionals in Korea and hoped that such partnerships would continue to help both countries grow.


Earlier in the day, Finance Minister Mr. Arun Jaitley had separate meetings with the senior leadership of premier Korean companies including the Vice Chairman of Hyundai-Kia, CEO of Samsung Electronics, Chairman of Hyosung Group, Managing Director of Hanwha Group, Chairman of Doosan Heavy Industries and the CEO of Hyundai Rotem. Minister also separately met, over breakfast, leaders of Korea's financial industry including the CEOs and CIOs of the Korean Investment Corporation, Korea Post, KB Financial Group, Shinhan Group, Woori Bank, Mirae Asset, Nonghyup, and Military Mutual Aid.

Later in the afternoon, Finance Minister Mr. Arun Jaitley delivered the key note address at an India-Korea Business Meeting at the Lotte Hotel, co-hosted by the Korean Chamber of Commerce & Industry (KCCI), Embassy of India and Federation of Indian Chambers of Commerce (FICCI). Over a hundred representatives of Korean business and industry were in attendance.



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