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Updates from the Nirmala Sitharaman press conference:
-Banks are not avoiding the disbursement of loans, but many clients say that they will use the loans after the end of the blockade, this is one of the reasons why sanctioned loans are not granted, explains FM
-There is no time to estimate the extent of damage due to the coronavirus. Now we are busy responding to the situation: FM
-The change in the definition of MSMEs is to allow the inclusion of more companies in MSMEs, Sitharaman explains.
-Vivad se Vishwas deadline of the scheme extended until December 30, 2020: FM
-The tax audit period has been extended from September 30, 2020 to October 31.
– Date of filing of income tax returns (ITR) extended from July 31 to November 30: Sitharaman
-All pending payments will be issued immediately: FM
-The reduction of TDS will instill liquidity of ₹Rs 50 billion: FM
-The TDS rate cuts will be applied for all purposes. It takes effect from tomorrow: FM
-Until March 31, 21, TDS, TCS rates by 25%: Sitharaman
-In great relief to contractors, all central agencies will provide an extension of up to 6 months, at no cost to the contractor, to obligations such as completion of work covering construction and contracts for goods and services: Minister of Finance Nirmala Sitharaman
-The urban development ministry will ask state governments to treat Covid as force majeure and be flexible about the execution of real estate projects.
– ₹Infusing liquidity of Rs 45 billion, the first loss of 20% will be borne by the government. from India, even unskilled documents will be eligible for investment, allowing NBFCs to reach even MSMEs in remote areas: FM
– ₹Liquidity injection of Rs 90 billion for energy distribution companies (DISCOM)
-Partial credit guarantee scheme for NBFC
– ₹Rs 30 billion liquidity scheme through debt documents, HFCs and microfinance institutions: Sitharaman
-The reduction of the EPF legal contribution will increase the net salary and will also increase liquidity
-CPSE will continue to maintain 12% EPF: FM
-The legal contribution of the FP is reduced from 12% to 10% for 3 months: Sitharaman
-Govt of India will pay for EPF for another 3 months. 72 lakh employees will benefit from it: FM
-Liquidity relief is being granted for all EPF establishments. 12% of the contribution paid by the employer, and 12% of the employee now extends for another 3 months.
-Global tenders will not be allowed in public procurement until ₹200 million rupees. This will make India self-sufficient, and then it can serve ‘Make in India’: Sitharaman
-The new definition of MSMEs addresses the fear of MSMEs to lose benefits due to exceeding the definition of MSMEs. Now, MSMEs do not have to worry about growing in size, they can continue to receive the benefits of MSMEs: Sitharaman.
– ₹50,000 cr. infusion of capital for MSMEs through the Fund of Funds; be operated through a Mother Fund and few child funds; this will help expand the size and capacity of MSMEs: Finance Minister Nirmala Sitharaman
-Definition of MSMEs under review: FM
-Borrowers with up ₹25 million rupees outstanding and ₹Rs 100 million eligible for automatic unsecured loans: FM
-45 lakh units can resume business and safeguard jobs due to aid package
-Sitharaman announces subordinated debt schemes for stressed NPAs
-This will allow 45 lakh MSME units to resume commercial activity and also safeguard jobs: FM
– Unsecured loan for MSMEs up to ₹3 lakh crore: Sitharaman
-6 main steps for SMEs: FM
-15 measures to be announced today: EPF, small companies in the sector, MFIs, discoms, contractors, real estate and tax measures.
-Tax refund taxes ₹Rs 18 billion accelerated to improve liquidity: FM
– Starting today, over the next few days, I will disclose details of the vision that the Prime Minister presented yesterday: FM
-Self-sufficient India does not mean separating from the rest of the world: Sitharaman.
-The Prime Minister has always been on the side of reforms: FM
-Given the pillars on which we seek to build ‘Aatma nirbhar Bharat’, our focus would be on land, work, liquidity and law. An integration of the global value chain is part of this vision: FM
-India’s economic package is among the largest economic stimulus packages announced by nations around the world, but it would be behind Japan, the United States, Sweden, Australia and Germany.
-The intention is to take local brands and take them to a global level: FM
-Essentially, it is to stimulate growth and build a self-sufficient India: Sitharaman
-The FM press conference begins.
-Before the FM lobby, the Sensex set 637.49 points or 2.03% higher at 32,008.61 while the NSE Nifty jumped 187 points, or 2.03 percent, to finish at 9,383.55.
-Sitharaman has said that the financial package is a stimulus for reform, a revision of mentality and a boost in governance.
– Prime Minister Modi has also hinted at important economic reforms.
-Sitharaman had said yesterday that the “India Aatma Nirbhar Bharat” or self-sufficient campaign in India does not imply isolationism or becoming exclusionary. “We will build capabilities, train and compete globally by building strengths. We will build the local. After all, each global brand started with its local strength. We will integrate with the GVCs,” he said.
-In late March, the Narendra government had announced worthwhile tax measures. ₹1.7 lakh crore while the RBI offered liquidity support of ₹3.7 lakh crore in March and ₹2 lakh crore in April.
– The Sitharaman press conference begins at 4 p.m.
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