World IP day - Govt announces 3-year fee waiver for sports-related IP registrations (See 'Corp Brief') IBC - Minimum default threshold u/s 4 is met in case involving operational debt denominated in foreign currency, if foreign currency amount is converted into Indian Rupees with reference to exchange rate prevailing on date of invoice: NCLT (See 'Legal Desk') Govt organizes workshop on developing critical minerals value chain (See 'Corp Brief') Competition Act - Tender conditions & eligibility criteria are primarily within procurer's domain and, absent evidence that such clauses restricts competition or cause exclusionary harm, no intervention is warranted: CCI (See 'Legal Desk') TRAI releases Consultation Paper on 'Proliferation of Public Wi-Fi Networks in India' (See 'Corp Brief') DoP and DTDC sign MoU to strengthen Logistics and E-Commerce in India (See 'Corp Brief') Trade Mark - Defendants' conduct of running a coordinated fraudulent recruitment scheme, impersonating the plaintiffs & extracting money from each candidate, is deliberate exploitation of plaintiffs' goodwill & causes reputational harm: HC (See 'Legal Desk') PDUNASS-Gujarat NLU launch Programme on Labour Law and Social Security Compliance (See 'Corp Brief') Shivraj to launch PMGSY-IV Batch-II in Srinagar (See 'Corp Brief') India emphasises Inclusive and Ecosystem Based Governance of Small Scale Fisheries (See 'Corp Brief') SAFEMA - Certain transaction falls within ambit of benami transaction where appellants failed to produce supporting material, despite opportunity, to establish legitimate source of funds either in hands of lender or alleged contributors: SAFEMA TRIBUNAL (See 'Legal Desk') Diaspora vital connectors between India and global innovation ecosystems: MoS (See 'Corp Brief') Srinagar Khel Sankalp affirms unified commitment to athlete-centric sports ecosystem (See 'Corp Brief') IBC - If corporate debtor is solvent & functioning company, then insolvency process invoked only to secure payment of individual dues by initiation of CIRP, amounts to misuse of IBC as recovery mechanism: SC (See 'Legal Desk') Reining in Misuse of IBC for Recovery (See CORP EINSICHT) SAMAVESH Portal, NMBA 2.0, SETU and SMILE Beggary Apps Launched at Chandigarh Shivir (See 'Corp Brief') PMLA - Attachment of a residential property upheld where Act itself permits attachment not only of property directly acquired from proceeds of crime, but also of untainted property representing equivalent value where actual proceeds of crime are unavailable or untraceable: HC (See 'Legal Desk') Veep urges Youth to become Job Creators and Nation-Builders (See 'Corp Brief') CCIC launches 'Soul Threads' - A Heritage Designer Collection Celebrating Artisanal Legacy (See 'Corp Brief') IBC - If statutory authority, during subsistence of moratorium u/s 14, directs bank to place lien on bank accounts of Corporate Debtor, and bank acts on same, it would amount to execution against Corporate Debtor and is barred by Sec 14: NCLT (See 'Legal Desk')

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Govt has taken initiatives to incentivise investment in renewable energy

Published: Feb 04, 2023

By TIOLCorplaws News Service

NEW DELHI, FEB 04, 2023: THE Government has taken following measures to incentivise investment by private sector in the  field of renewable energy including solar energy in the country:

- Permitting Foreign Direct Investment (FDI) up to 100 percent under the automatic route,

- Waiver of Inter State Transmission System (ISTS) charges for inter-state sale of solar and wind power for projects to be commissioned by 30th June 2025,

- Declaration of trajectory for Renewable Purchase Obligation (RPO) up to the year 2029-30,

- Setting up of Ultra Mega Renewable Energy Parks to provide land and transmission to RE developers for installation of RE projects at large scale,

- Schemes such as Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM), Solar Rooftop Phase II, 12000 MW CPSU Scheme Phase II, etc,

- Laying of new transmission lines and creating new sub-station capacity under the Green Energy Corridor Scheme for evacuation of renewable power,

- Notification of standards for deployment of solar photovoltaic system/devices,

- Setting up of Project Development Cell for attracting and facilitating investments,

- Standard Bidding Guidelines for tariff based competitive bidding process for procurement of Power from Grid Connected Solar PV and Wind Projects.

- Government has issued orders that power shall be dispatched against Letter of Credit (LC) or advance payment to ensure timely payment by distribution licensees to RE generators.

- Notification of Promoting Renewable Energy through Green Energy Open Access Rules 2022.

- Notification of "The electricity (Late Payment Surcharge and related matters) Rules (LPS rules).

- Launch of Green Term Ahead Market (GTAM) to facilitate sale of Renewable Energy Power through exchanges.

- National Green Hydrogen Mission approved with an aim to make India a Global Hub for production, utilization and export of Green Hydrogen and its derivatives.

With a normative cost of Rs. 4 Crore per MW for solar installation, it is estimated that an investment of around Rs. 2, 53,210 Crore has been made on installation of 63302.47 MW capacity solar projects in the country.

Since the tariff of electricity generated from solar energy has come down to as low as Rs. 1.99 per kWh, much lower than new thermal or hydro based power generation systems, solar power projects are commercially viable.

This information was given by R.K Singh, Union Minister for Power and New and Renewable Energy in a written reply in Lok Sabha yesterday.

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