Cabinet oks police upgrade plan

The scheme will also enable the Union Territory Police forces to meet emerging challenges like terrorism and cyber crime.

In a significant step, the Cabinet decided to amend its earlier decision to issue non-SLR special securities to restore the financial health of oil marketing companies. In September 2005, the Cabinet had approved the issue of Rs 5,750 crores-worth of zero-interest securities. Oil marketing companies had approached the government seeking some interest on the securities. In response, the Cabinet has now approved issuing securities amounting to Rs 11,500 crore in two tranches of Rs 5,750 crore each. However, now the securities will carry a fixed coupon linked to the prevailing market rate of interest on government securities. The interest would be paid every six months and the securities will mature in 3 tranches—Rs 2000 crore worth securities will mature after 3 and 6 years each, while the remaining Rs 1,750 crore of securities will mature after 9 years. The second tranche of securities will be issued later, Dasmunshi said.

The Cabinet also approved the Repealing of the Assam Rifles Act, 1941, and approved a new Assam Rifles Bill, 2006, to be introduced soon in Parliament. ‘‘The new act will improve discipline and control in the Assam Rifles,’’ Dasmunsi said.

Apart from this, the Cabinet also approved the conversion of the Tripura Engineering College into a National Institute of Technology, thus making it a fully funded Central government institution. The Cabinet also approved the signing of a Preferential Trade Agreement between Chile and India, which is a first step toward negotiating a Free Trade Agreement later.