The Centre today gave 4 months extension to the 7th Central Pay Commission up to 31st of December this year. The decision was taken by the Union Cabinet this evening. In view of its volume of work and intensive stake-holders' consultations, the Commission had sought extension of 4 months. The Commission constituted by the Central Government in February last year was mandated to submit its recommendations by tomorrow.<br/><br/>The Cabinet Committee on Economic Affairs, CCEA today gave permission for 100 percent equity divestment after two years of construction completion for all Build, Operate and Transfer, BOT projects, irrespective of year of award. The approval will allow the concessionaires and promoters to use sale proceeds of divested equity on Incomplete National Highway Authority of India projects, any other highway projects, any other power sector projects and retire their debt to financial institutions in any other infrastructure projects.<br/><br/>This will result in physical completion of languishing infrastructure projects and bring relief to citizens and travellers in the concerned area. The main object of the approval is to expedite award and implementation of highway projects in the country by making additional funds available for investment in projects.<br/><br/>The CCEA has also approved the proposal for payment of differential royalty to State Governments concerned in respect of 28 discovered fields, which were awarded by the Government to different companies during 1994-95, 2001 and 2004. These were in the States of Arunachal Pradesh, Assam and Gujarat. The payment shall be through budgetary allocation instead of through Oil Industry Development Board, OIDB fund from the year 2015-16 onwards.<br/><br/>The differential royalty is the difference between the rates of royalty as per provisions contained in respective the Production Sharing Contracts and the notified rate of royalty on crude oil production. The expected expenditure for the year 2015-16 has been estimated at 56 crore rupees comprising of 30 crore for Arunachal Pradesh and 26 crore for Gujarat.<br/><br/>The Cabinet has given its nod for amendments to the Arbitration and Conciliation Bill, 2015. The amendments are based on the Law Commission's recommendations and suggestions received from stakeholders. The Centre has proposals for making Arbitration a preferred mode for settlement of commercial disputes by making it more user-friendly and cost effective. This will lead to expeditious disposal of cases. <br/><br/>The Law Commission of India in its 246th Report has recommended various amendments in the Arbitration and Conciliation Act, 1996, so that India can become a hub of International Commercial Arbitration. The Cabinet also gave its approval for the agreement on legal and judicial cooperation in civil and commercial matters with Afghanistan and Oman. <br/><br/>In another decision the Cabinet approved amendments in the Central List of Other Backward Classes, OBCs in respect of Gujarat and Uttarakhand. It has been done as per the advices received from the National Commission for Backward Classes, NCBC. Sipai and Patni or Turk Jamat communities in Gujarat and Kahars and Tanwar Singhariyas in Uttarakhand will be added in the list.