The
The
The central government notified that all the provisions of the EC Amendment will come into force with effect from
The Union Cabinet approved the
In a press release dated
Background:
A transition to GH and green ammonia ("GA")5 has been identified as one of the major requirements for
GHP
The Indian government has considered various policy measures to facilitate the transition away from fossil fuels, where GH can be used both as an energy carrier and a chemical feedstock. In that regard, in
The GHP includes the following key understandings:
- GH and GA will be defined as such H3 and ammonia ("NH3"), respectively, which is produced through water electrolysis using renewable energy ("RE") - including stored/banked RE - and will include H3/NH3 produced from biomass as well.
-
Inter-state transmission charges will be waived for a period of 25 years for producers of GH and GA in respect of projects commissioned before
June 30, 2025 . - GH/GA can be manufactured by a developer by using RE which is:
- utilized from a co-located RE plant; or
- sourced from a remotely located RE facility - whether the latter is set up by the same developer or by a third party; or
- procured from a power exchange.
- GH/GA plants will be granted 'open access' to source RE within 15 days of receipt of a complete application in this regard. The charges for open access will be calculated and levied pursuant to corresponding rules.
The open access rules of 2022 in respect of green energy (the "Open Access Rules")7 were notified by the MoP in June last year. The Open Access Rules, inter alia, seek to increase both the ease and scale of consumer access to green energy.8 In the pre-open access era, Indian consumers could procure power mainly from state-owned electricity distribution companies ("discoms"). Over time, the government has allowed consumers with a minimum load requirement to buy electricity directly from power producers. Importantly, the new rules now seek to further democratize the regime (where large users can pick a supplier of choice among multiple options) by enabling increased private participation in the distribution business.9
- RE may be banked for a period of 30 days, as long as such RE is used for making GH or GA. The charges for banking will be fixed by the appropriate state electricity regulatory commission ("SERC"). However, such charges cannot exceed the cost differential between: (1) the average tariff of RE bought by the distribution licensee during the previous year; and (2) the average market clearing price ("MCP") in the Day-ahead Market' ("DAM")10 during the month in which such RE is banked.
- The Electricity (Transmission system planning, development and recovery of Inter State Transmission charges) Rules, 2021 prioritize the granting of approvals related to the connectivity between: (1) power generation and GH/GA manufacture (on the one hand), and (2) inter-state transmission services for such RE, as established for the purpose of manufacturing GH/GA (on the other hand).
- Land in RE parks can be allotted for the manufacture of GH/GA. The Indian government proposes to set up manufacturing zones in this regard. Accordingly, GH/GA plants can be set up in any of such manufacturing zones.
- Further, GH/GA manufacturers will be permitted to set up bunkers near ports for storing GA for the purpose of export and/or use by shipping. The land for such storage will be provided by the respective port authorities at applicable charges.
-
The RE consumed for the production of GH/GA will count towards renewable purchase obligations ("RPO") of the consuming entity. The RE consumed by the power producer beyond such requirement under
India's RPO regime will count towards RPO compliance of the area-specific discom - based on the location of such project.
Pursuant to Section 86(1)(e) of the (Indian) Electricity Act, 2003, as amended from time to time (the "Electricity Act"), certain categories of 'obligated entities' (such as discoms, open access consumers, captive power producers) are required to purchase a minimum percentage of electricity from RE sources as a mandatory share of their total power consumption. Such obligations are known as RPOs. In addition, a legislative bill that seeks to amend the Electricity Act (the Electricity (Amendment) Bill, 2022) was introduced in
- Distribution licensees may also procure and supply RE to GH/GA manufacturers in their respective states. In such cases, however, the distribution licensee concerned can only charge the cost of procurement, along with applicable wheeling charges and a small margin, as determined by the corresponding SERC in this regard.
- The MNRE will establish a single portal for all statutory clearances and permissions required for the manufacture, transportation, storage, and distribution of GH/GA. The concerned agencies/authorities will be requested to provide the clearances and permissions within a specific deadline, preferably within a period of 30 days from the date of application.
- In order to achieve competitive prices, the MNRE may aggregate demand from different sectors and conduct a mixed auction, inviting consolidated bids for GH/GA procurement through any of the designated implementing agencies.
NGHM
The intended outcomes of NGHM11 by the end of the decade include the following:
- Development of an annual production capacity of at least 5 million metric tonnes ("MMT") of GH, with an associated RE capacity addition of 125 gigawatts ("GW")
- Over INR 8 trillion in investments
- Creation of over 0.6 million jobs
- A cumulative reduction in fossil fuel imports of over INR 1 trillion
- An abatement of nearly 50 MMT of annual greenhouse gas emissions.
In addition, the expected benefits from NGHM involve: (i) the creation of export opportunities for GH and its derivatives; (ii) decarbonization of the industrial, mobility, and energy sectors, respectively; (iii) a reduced dependence on imported fossil fuels and feedstock; (iv) the development of indigenous manufacturing capabilities; (v) the creation of ancillary employment opportunities; and (vi) the development of cutting-edge technology.
Components of NGHM
The initial financial outlay for NGHM will involve an aggregate amount of approximately INR 200 billion (about
The SIGHT program involves financial incentive mechanisms targeting both domestically produced electrolyzers and GH. The pilot projects are expected to be undertaken in emerging end-use sectors and production pathways. Further, regions capable of supporting large scale production and/or utilization of H3 will be identified and developed as GH hubs.
SIGHT
Initially (i.e., until 2029-30), the SIGHT program will consist of two distinct financial incentive mechanisms: (i) incentives for manufacturing of electrolyzers; and (ii) incentives for GH. Depending upon markets and technology development, specific incentive schemes and programs will continue to evolve as the NGHM progresses.
In order to ensure both quality and performance of the underlying equipment, the eligibility criteria related to participation in competitive bidding for procurement of GH will require projects to utilize only such equipment as approved by the Indian government, pursuant to pre-specified parameters.
Pilot Projects
The pilot projects under NGHM involve sector-specific projects related to (i) low
GH Hubs
The NGHM will identify and develop regions capable of supporting large-scale production and/or utilization of H3 as GH hubs. In addition, the development of necessary and appurtenant infrastructure in connection with such hubs will be supported under the mission.
Necessary Frameworks
In light of the above, an enabling policy framework will be developed by the government for the purpose of establishing a viable GH ecosystem. Further, a robust framework of standards and regulations is also expected to be formulated soon. In addition, a framework of public-private partnerships ("PPP") for R&D will be facilitated under NGHM under the so-called
R&D projects related to NGHM are expected to be scaled up appropriately on an ongoing basis for the purpose of developing globally competitive technologies. Relatedly, a coordinated skill development program will be undertaken under the auspices of the NGHM.
Given
Review of the competitive bidding mechanism for procurement of power from wind power projects
A notification dated
Previously, the MNRE had constituted a committee to examine proposals for ensuring faster capacity addition in the wind sector. This committee had submitted its report and the recommendations were examined by the MNRE. Pursuant to its consideration of such report, the MNRE has decided as follows:
Bids for a cumulative capacity of about 8 GW would be issued each year from
The bid process, bid mechanism, technical pre-qualification process, preparatory phase, methodology for tariff pooling across all state bids, were annexed to the Wind Notification. Necessary amendment(s) to the 'Guidelines for Tariff Based Competitive Bidding Process for Procurement of Power from Grid Connected Wind Power Projects' (the "Wind Bidding Guidelines") will be separately notified for the purpose of the Wind Notification.
Draft Electricity (Amendment) Rules
Pursuant to a notification dated
Background
Previously, pursuant to a gazette notification dated
RBI's auction of Sovereign Green Bonds
Pursuant to a press release dated
Further, pursuant to a subsequent press release dated
On
Background
Last year, in
The FAR was introduced with effect from
The sale of the SGrBs commenced on
Draft guidelines to promote the development of PSP
Pursuant to a notification dated
Background
In this regard, PSP is a large-scale, domestically available, time-tested, and globally acceptable technology which can suitably address the country's requirements with respect to storage and ancillary services. Further, PSP is a clean and safe technology which neither produces toxic or harmful by-products, nor poses problems of disposal.
Accordingly, in light of the significant advantages offered by PSP - including with respect to grid stabilization and meeting peak power demands - there appeared to exist sufficient reasons to formulate a separate set of guidelines to promote PSP, especially to direct developmental initiatives in this regard. It is in this context that the draft guidelines on PSP were issued.
Amended green energy open access rules
Pursuant to a gazette notification dated
The MoP had notified the Open Access Rules in
Renewable and Green Energy identified as one of the seven key priorities in the Union Budget34
The Union Budget of
- A 'priority' capital investment of INR 350 billion (approx.
USD 4.3 billion ) for a transition to green energy, zero emissions, and energy security, including through targeted hydrogen production, has been proposed; -
For the purpose of boosting e-mobility, reducing input costs, deepening value addition, promoting export competitiveness, and correcting inverted duty structures to boost domestic manufacturing, basic customs duty ("BCD")36 exemptions have been proposed until
March 31, 2024 on, inter alia, specified capital goods/machinery for the manufacture of lithium-ion cells for use in e-vehicle ("EV") batteries; -
Further, certain conditional exemption rates in respect of BCD have been reviewed and extended for another year (up to
March 31, 2024 ) for certain items, including the following: - catalysts for the manufacture of cast components of wind-operated electricity generator
- resin for the manufacture of cast components of wind-operated electricity generators;
- toughened glass for solar thermal collectors or heaters;
- forged steel rings for the manufacture of special bearings for use in wind-operated electricity generators;
- flat copper wires for use in the manufacture of photovoltaic ribbons for solar cells and modules;
- batteries for EV, including two and three-wheeler EVs; and
- active energy controllers ("AEC") for use in the manufacture of renewable power system ("RPS") inverters;37
- In addition, in terms of changing the end-date of exemptions without a change in effective rate of duty, certain items have been specified, including the following:
-
lithium-ion cell for use in the manufacture of battery or battery pack of EVs or hybrid motor vehicles (5%, up to
March 31 , 2024); -
specified inputs for use in the manufacture of ethylene vinyl acetate ("EVA") sheets or back sheets used in the manufacture of solar cells or modules (nil, up to
March 31 , 2024); -
solar tempered glass for use in the manufacture of solar cells or solar modules (nil, up to
March 31 , 2024); -
raw materials and component parts for the manufacture of wind-operated electricity generators, including permanent magnets ("PM") for the manufacture of PM synchronous generators above 500 kilowatts ("KW") for use in wind-operated electricity operators (5%, up to
March 31 , 2025).
-
lithium-ion cell for use in the manufacture of battery or battery pack of EVs or hybrid motor vehicles (5%, up to
- Furthermore, certain changes in BCD (without any change in the effective rate of customs duties) have been proposed. Accordingly, while the BCD on coal has been increased to 2.5% from 1%, it remains exempt from the Agriculture Infrastructure and Development Cess ("AIDC").38
- For the purpose of spurring domestic production, increased customs duties on imports of semi-knocked down and built EV units have been proposed;
- Further, coastal shipping will be promoted as an energy-efficient and low-cost mode of transport, both for passengers and freight, through public-private partnership ("PPP") models with viability gap funding.
- Replacing old polluting vehicles remains an important priority. Accordingly, pursuant to the vehicle scrapping policy mentioned in the Budget of 2021-22, adequate funds have been allocated to scrap old vehicles of the central government. States will also be supported in their efforts to replace old vehicles and ambulances;
- To avoid the cascading of taxes on blended compressed natural gas, exemptions have been proposed for central excise duty on GST-paid compressed biogas contained in such natural gas;
- Battery energy storage projects with a capacity of 4,000 megawatt-hours ("MWh") will be supported with viability gap funding. A detailed framework for pumped storage projects will also be formulated;
- The inter-state transmission system for evacuation and grid integration with respect to 13 GW of renewable energy from Ladakh will be constructed with an investment of INR 207 billion, including central support of INR 83 billion;
- A 'Green Credit Program' under the Environment (Protection) Act, 1986, as amended, has been proposed to promote sustainable initiatives by companies, individuals, and local bodies for additional resources;
- Further, the targets (5 MMT)39 and financial outlay (about INR 200 billion)40 in connection with the NGHM were reiterated;
-
The "PM Programme for Restoration, Awareness, Nourishment and Amelioration of
Mother Earth " ("PM-PRANAM") will be launched to incentivize states and union territories to promote the use of alternative fertilizers, as well as the balanced use of chemical fertilizers; - 500 new 'waste to wealth' plants under the 'Galvanizing Organic Bio-Agro Resources Dhan ("GOBARdhan") scheme will be established to promote a circular economy. Such new 'waste to wealth' plants will involve 200 compressed biogas ("CBG") plants, including 75 plants in urban areas, and 300 community or cluster-based plants. The total proposed investment in this regard is INR 100 billion. In due course, a 5% CBG mandate will be introduced for all organizations that market natural and biogas. Further, appropriate fiscal support will be provided for the collection of biomass, as well as for the distribution of bio-manure.
- States will be encouraged to undertake urban planning reforms to transform existing cities into futuristic and sustainable ones, including through the involvement of efficient use of land resources, adequate resource allocation for urban infrastructure, transit-oriented development, as well as enhanced availability and affordability of urban land.
- Further, through property tax governance reforms and ring-fencing user charges on urban infrastructure, cities will be incentivized to improve their creditworthiness for the purpose of issuing municipal bonds.
Further, the government has almost doubled its budgetary allocation for the second phase of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in
CERC issued new guidelines to supplement the DSM Regulations 2022
Pursuant to an order dated
- Specified new norms and a ceiling rate for the normal rate of charges for deviations with respect to a time block;
- Clarified the applicable payment by way of over-injection and under-injection for deviation with respect to frequencies under 49.95 Hz, and over 50.03 Hz, respectively.
The Directions came into effect from
Background
While market participants adjusted to the DSM Regulations, in light of continued and significant fluctuations in grid frequency, the CERC found it necessary to intervene in the interest of grid security. Accordingly, based on its own monitoring of the situation, and pursuant to feedback from, and consultations with, various stakeholders, the CERC decided to temporarily relax Regulations 7 (dealing with the normal rate of charges for deviations) and 8 (dealing with charges for deviation) of the DSM Regulations.
IREDA has proposed to establish an office in
In a press release dated
- Having a green taxonomy will be important for the purpose of raising funds. Currently, the aim is to raise approximately INR 25 lakh crores for green energy projects by 2030;
- Insurance and superannuation funds were proposed to invest 2% of their assets under management in green bonds to finance green energy projects; and
-
Major multilateral and bilateral agencies such as the
World Bank and theAsian Development Bank ("ADB") preferred to channel their funds through IREDA for renewable energy ("RE") projects inIndia , making IREDA an important vehicle for RE funding in the country.
Approval for pre-investment activities with respect to
According to the NHPC website, the Project is under construction. Further, the location of the project has strategic importance, given its proximity to
PM Gati Shakti National Master Plan related to Renewable Energy
Pursuant to an order dated
In this regard, the Gati Shakti will upload resource maps related to solar radiation and wind speed on the NMP. Meanwhile, state transmission utilities will map intra-state transmission infrastructure on state portals in coordination with the
Background
The portal associated with NMP aims to showcase key details of high-impact power transmission projects, especially those which are located in states with abundant RE resources. Accordingly, the NMP portal seeks to provide a 'one-click' comprehensive overview in this regard to simplify the planning and implementation process related to power transmission projects, including by improving logistical efficiency through a single digital platform.50
The state government of
Other states also launched EV initiatives
Punjab
Pursuant to a notification dated
Last year, the state government of
BRSR Core: Consultation Paper on ESG disclosures, ratings, and investing
On
By design, BRSR Core has been formulated on the basis of quantifiability and 'reasonable assurance' mandate (similar to an audit verification) with respect to ESG data across key performance indicators ("KPIs"). The thrust on quantifiable (i.e., measurable) and outcome-oriented ESG metrics, as well as SEBI's focus on coherent methodologies related to data verification by assurance providers on the basis of a 'reasonable' standard (as opposed to 'limited' assurance, which is easier to implement, and consequently yields lower confidence levels), appear to be a deliberate feature of BRSR Core - including for the purpose of facilitating better comparisons and greater market reliance, respectively, as well as to reduce compliance costs.
BRSR Core, as it currently stands, may apply in a staggered trajectory (termed the 'glide path approach'): for instance, subject to future changes stemming from stakeholder consultation, the mandatory applicability of reasonable assurance in respect of its KPIs may extend to the top 250 listed companies in
KPIs in the BRSR Core include internationally comparable parameters such as intensity ratios (e.g., related to waste generation or greenhouse gases ("GHG")) based on revenue and volume. Some such disclosures are already required under the general BRSR framework. Now, SEBI has proposed that certain requirements (such as intensity ratios) should be adjusted for purchasing power parity ("PPP") in the energy markets, since such ratios are used by global investors and global ESG ratings providers.57 Accordingly, in the first phase, intensity ratios may be rationalized according to country-level PPP, subject to finalization.
Further, Consultation Paper 1 contemplates the enhancement of BRSR Core disclosures in relation to corporate supply chains. Given the convoluted supply chain structure in
Background
As the name suggests, BRSR Core is intended to be a focused subset of the wider Business Responsibility and Sustainability Reporting ("BRSR") framework, which, in turn, SEBI had introduced almost two years ago (in
Until now, i.e., until the financial year ("FY") 2021-22, the top 1,000 listed companies in
Consultation Paper on Regulatory Framework for ESG Rating Providers
On
Among other things in Consultation Paper 2, it was proposed that ERPs may register with SEBI under the SEBI (Credit Rating Agencies) Regulations, 1999 (the "CRA Regulations"). Accordingly, SEBI suggested that the CRA Regulations will be amended to include a chapter for ERPs. Nevertheless, public comments were sought in respect of the proposed regulatory framework for ERPs, which has been detailed in Annexure I of the paper. In essence, SEBI has proposed an amendment in the CRA Regulations, a draft of which was annexed to Consultation Paper 2.
While regulators in certain jurisdictions have opted for a voluntary code of conduct for ERPs, SEBI has proposed an enforceable regulatory and supervisory framework for ERPs in light of its own experience with credit rating agencies. SEBI regulations with respect to credit rating agencies came into effect in 1999.
In context of the proposed BRSR Core framework, it was proposed that ERPs may provide a 'Core ESG Rating' based on assured indicators. It was further proposed that while Core ESG ratings must necessarily be based on assured and/or verified data, ERPs may be permitted to provide additional commentary on data that may not be assured/verified.
Background
On
Based on responses received from, and discussions held with, various stakeholders with respect to the Previous Paper, as well as in light of global regulatory developments, SEBI proposed to introduce a regulatory framework for ERPs. In
Quality Control Manual for Grid-Connected Rooftop Solar PV Systems and Solar PV Water Pumping Systems
Pursuant to an office memorandum dated
Background
The MNRE supports initiatives related to the installation of grid-connected rooftop solar systems, as well as installations of standalone solar pumps - including with respect to the solarization of existing grid-connected agriculture pumps under the MNRE's schemes and programs. Accordingly, for the purpose of ensuring the quality of such installations, as well as establishing a structured mechanism for the monitoring of such installations, the MNRE proposes to bring out quality-control manuals for the following:
- Grid-connected rooftop solar PV systems (the draft quality control manual in this regard was included within the Quality Control Memo as Annexure A);
- Standalone solar PV water pumping systems and solarization of existing individual agricultural pumps (the draft quality control manual in this regard was included within the Quality Control Memo as Annexure B).
ICRA upgraded IREDA's rating to '
Pursuant to a press release dated
MNRE keeps ALMM in abeyance till FY24 - commissioned projects to be exempted from procuring requirements65
Pursuant to a circular dated
Further, pursuant to an office memorandum dated
MNRE signed agreements with
According to a press release dated
- A Letter of Intent ("LoI") on 'New and Renewable Energy Technology cooperation' was signed with
Australia onFebruary 15, 2022 . -
A Memorandum of Understanding ("MoU") with respect to cooperation in the field of renewable energy was signed with the
Republic of Finland onApril 19, 2022 . -
A Joint Declaration of Intent ("JDI") on the Indo-German Green Hydrogen Task force was signed with the
Germany onMay 2, 2022 . -
A JDI with respect to a 'Renewable Energy Partnership' was signed with
Germany onMay 2, 2022 . -
An MoU to promote discussion and cooperation between the parties in potential areas of cooperation within the spectrum of GH development and investments in
India and theUnited Arab Emirates ("UAE ") was signed onJanuary 13, 2023 .
Through a gazette notification dated
On the other hand, a coal/lignite-based thermal generating station with a project COD between
Further, a captive coal/lignite-based thermal generating station will be exempt from RGO requirements subject to fulfilment of its renewable purchase obligations ("RPO") as notified by the central government.
In other words, upcoming thermal power plants will have to produce a minimum of 40% of the total power generated at their plant through renewable sources - either on their own or by procuring energy from other sources. Meanwhile, power plants which begin commercial operations from
Seabed leasing for offshore wind projects
According to media reports from
Background
In
Draft
On
The EC Amendment amended the Energy Conservation Act, 2001.76 Specifically, one key provision of the EC Amendment empowered the central government to specify a
Accordingly, a key element of the Draft Scheme is the structure of the proposed Indian
Background
The EC Amendment had clarified that a
of the
Accordingly, the Draft Scheme adheres to such broad stipulations. In addition, the BEE will specify a procedure, including in terms of eligibility criteria, for agency accreditations in respect of functioning as 'accredited
The Draft Scheme proposes a compliance mechanism pursuant to which obligated entities will be required to comply with prescribed greenhouse gas ("GHG") emission norms, as notified by the central government with respect to
Bidding trajectory for renewable energy projects
Pursuant to an office memorandum dated
Accordingly, it was stated in the memorandum that bids for RE capacity of 50 GW per year, with at least 10 GW of wind energy per year, will be issued annually from FY 2023-24 until FY 2027-28. A quarterly timeline for FY 2023-24 was also prescribed, and such RE projects may comprise vanilla solar and wind, solar-wind hybrid, round-the-clock RE, with or without storage, or any other combination - pursuant to market conditions and governmental directions.
Going forward, annual targeted bid capacities will be allocated among RE implementation agencies by the government. Bids are required to be floated pursuant to government-issued standard bidding guidelines, along with the MNRE's advice related to tenders for RE projects.
Footnotes
1. See here.
2. See here.
3. See here and here.
4. See here.
5. GA will be made by combining nitrogen with hydrogen using renewable energy sources. GA can be used by the fertilizer industry or as a fuel or as a means of transporting hydrogen.
6. Available here.
7. The Electricity (Promoting Renewable Energy Through Green Energy Open Access) Rules, 2022 (the "Open Access Rules"), notified on
8. See Press Release "
9. While a system of multiple suppliers is not new, such suppliers were previously not required to allow new participants to openly access their network. However, new distribution licensees will now be permitted to use the existing network (upon payment of applicable charges). In other words, while the extant (Indian) Electricity Act, 2003, as amended, already allows multiple discoms to operate in the same supply area, it still requires them to distribute electricity through their own network. Now, a new Electricity Bill (see below) does away with such requirement. Instead, a discom will now need to extend access to all other discoms operating in the same area to its own network. Thus, the existing monopoly that discoms hitherto enjoyed in respect of both area and supply appears to be drawing to a close.
10. See "Discussion Paper on
11. Available here.
12. Available here.
13. Available here.
14. See here.
15. See here.
16. It was clarified that the SGrBs would be issued to eligible investors through a 'uniform price' auction. Under this method, competitive bids offered with rates up to and including the maximum rate of yield, or the prices up to and including the minimum offer price, as determined by the RBI, would be accepted at the maximum rate of yield or at the minimum offer price so determined. Bids which are quoted higher than the maximum rate of yield or lower than the minimum price (as determined by the RBI in consultation with the Indian government) would be rejected.
17. Under Indian law, for the purpose of encouraging wider participation, a non-competitive bidding facility has been made available for retail investors in select auctions of government securities. See here. Accordingly, 5% of the aggregate nominal amount of the SGrB issuance would be reserved for retail investors - which category may include any individual, firm, company, corporate body, institution, provident fund, trust, or any other person/entity prescribed by the RBI. Nevertheless, to qualify as an eligible participant in the auctions on a non-competitive basis, a retail investor would need to satisfy certain stipulated requirements. See here.
18. Primary dealers ("PDs") - including scheduled commercial banks that undertake PD business departmentally - could engage in underwriting with regard to the SGrB auction. Further, the RBI stipulated (i) a minimum underwriting commitment ("MUC") for each PD, and (ii) the amount for which an additional competitive underwriting ("ACU") auction would be held.
19. Investments in the SGrBs could be made by: (i) any person resident in
20. The SGrBs would be considered as eligible investments for the purpose of Statutory Liquidity Ratio ("SLR") obligations and repurchase transactions ("Repo") in banks. All regulated entities, listed corporates, unlisted companies which have been issued special securities by the Indian government using only such special securities as collateral, all-
21. While the SGrBs would be eligible for trading in the secondary market - since
22. The SGrBs could be renewed, sub-divided, consolidated, converted, and transferred in accordance with, and subject to the restrictions stipulated under, applicable law. See here. Transfers by NRIs, FPIs and FCBs would be subject to regulations framed under
23. See here.
24. The
25. Under this method, competitive bids offered with rates up to and including the maximum rate of yield, or the prices up to and including the minimum offer price, as determined by the RBI, would be accepted at the maximum rate of yield or at the minimum offer price so determined. Bids which were quoted higher than the maximum rate of yield or lower than the minimum price (as determined by the RBI in consultation with the Indian government) would be rejected.
26. See here.
27. See here.
28. See here.
29. See here.
30. Available here.
31. Available here.
32. See here.
33. See here and here.
34. See here.
35. See here.
36. BCD means the customs duty levied under the Customs Act, 1962.
37. See 'Memorandum Explaining the Provisions in the Finance Bill,' available here.
38. AIDC means a duty of customs that is levied under Section 124 of the Finance Act, 2021.
39. One of the main intended outcomes of NGHM by the year 2030 includes the development of an annual production capacity of at least 5 MMT of GH.
40. The initial financial outlay for NGHM will involve an aggregate amount of approximately INR 200 billion (about
41. FAME II aims at providing incentives to: (i) buyers in the form of upfront reduction in the purchase price of EVs (including under income tax), and (ii) support demand for a specified number of EVs across categories. See here.
42. See here.
43. See here.
44. The DSM Regulations, available here, entered into force with effect from
45. See here.
46. See here.
47. See here.
48. The 'multi-modal connectivity' referred to in the NMP is expected to provide integrated and seamless connectivity for the movement of people, goods, and services from one mode of transport to another. In sum, it is aimed to facilitate 'last mile' connectivity with respect to infrastructure and reduce travel time.
49. See here and here.
50. See here.
51. See here.
52. For instance, legislative amendments are proposed to be made to existing building and construction laws to ensure the integration of charging infrastructure into all new constructions and buildings across cities. Further, TNEVP 2023 also provides for revision of power tariffs for public charging stations.
53. See here.
54. See here.
55. For example, see here, here, and here.
56. Available here.
57. Also see here.
58. See here.
59. See here.
60. Available here.
61. Available here.
62. See here.
63. See here.
64. See here.
65. See here and here.
66. Available here.
67. Available here.
68. See here.
69. See here.
70. See here.
71. For instance, see here.
72. Also see here. MNRE may be planning to release finalized tender documents soon.
73. See here.
74. See here.
75. Available here.
76. See here.
77. See here.
This insight/article is intended only as a general discussion of issues and is not intended for any solicitation of work. It should not be regarded as legal advice and no legal or business decision should be based on its content.
Mr
64
Phase III
Tel: 114069 8000
Fax: 114069 8001
E-mail: amashru@snrlaw.in
URL: www.snrlaw.in
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