War against Coronavirus: Highlights of Finance Minister Nirmala Sitharaman’s press conference today

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Coronavirus cases are increasing in India, and Prime Minister Narendra Modi on Tuesday announced Rs 20 lakh crore special economic package for the country to be ‘self-reliant’ and deal with COVID-19. Following which, Union Finance Minister Nirmala Sitharaman on Wednesday announced the major relief for many industries.

Highlights of Nirmala Sitharaman’s press Conference Today

Due date for Income Tax Returns for the year 2019-2020 now being extended from 31st July and 31 Oct to 30 November 2020: FM

TDS/TCS rates to be reduced by 25% till March 31, 2021: FM

Ministry of Housing to advise States/UTs &their Regulatory Authorities to extend registration & completion date suo-moto by 6mnts for all registered projects expiring on or after 25Mar,2020 without individual applications. Treat COVID-19 as an event of ‘Force Majeure’ under RERA: FM

RS 90,000 crore liquidity injection for Power Distribution Companies (DISCOMs): FM

The government announces Rs 45,000 crore liquidity infusion through a Partial Credit Guarantee Scheme 2.0 for NBFCs: FM

Government launches a Rs 30,000 crore Special Liquidity Scheme for non-banking financial companies, microfinance companies, housing finance companies: FM

In a major relief to contractors, all Central agencies to provide an extension of up to 6 months, without cost to contractor, to obligations like completion of work covering construction and goods and services contracts: FM

In order to provide more take home salary for employees and to give relief to employers in payment of PF, EPF contribution is being reduced for businesses & workers for 3 months, amounting to liquidity support of Rs 6750 crores: FM

To ease financial stress as businesses get back to work, Government decides to continue EPF support for business & workers for 3 more months providing a liquidity relief of Rs 2,500 crores: FM

Govt of India and Central Public Sector Enterprises will honour every MSME receivable in the next 45 days: FM

Global tenders to be disallowed in Government procurement up to Rs 200 crores. This will make self-reliant India, will also then be able to serve ‘Make in India’: FM

Definition of MSMEs has been revised, investment limit to be revised upwards, additional criteria of turnover also being introduced: FM

Rs 50,000 cr. equity infusion for MSMEs through Fund of Funds; to be operated through a Mother Fund and few daughter funds; this will help to expand MSME size as well as capacity: FM

This will enable 45 lakh MSME units to resume business activity and also safeguard jobs: FM

Government to provide stressed MSMEs with equity support; Government will facilitate the provision of Rs. 20,000 Crores as subordinate debt: FM

Collateral free automatic loans to MSMEs worth Rs3 Lakh Crore. These have 4 year tenor, valid up to October 31st, 2020: FM

In a major initiative, we announce Rs 3 lakh crores collateral-free automatic loans for businesses, including SMEs. Borrowers with up Rs 25Cr outstanding and Rs100 Cr turnover are eligible: FM

We shall not forget that we do have a responsibility towards the poor, needy, the migrants workers, divyang and the aged of the country : Finance Minister Nirmala Sitharaman

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