Nirmala Sitharaman on Economic Package: 'Due date for income tax returns extended to Nov 30, TDS/TCS rates cut by 25 per cent' | Highlights
New Delhi | Jagran News Desk: Finance Minister Nirmala Sitharaman addressed the media today. In her address, she spelled out the details about the Rs 20 lakh crore stimulus package announced by Prime Minister Narendra Modi on Tuesday, to support an economy battered by a sweeping weeks-long lockdown to fight the novel coronavirus.
Sitharaman, while addressing the media said that Prime Minister laid out a comprehensive vision, and that vision was laid out after wide consultations with several sections of the society. She also listed out economic reforms brought in 2014-19 regime of Modi Government.
PM Modi, while announcing the Rs 20 lakh crore fiscal and monetary help, said that the package was equivalent to 10 per cent of the country's GDP, and was aimed at the multitudes out of work and the businesses reeling under the prolonged shutdown.
It will cater to various sections including cottage industry, medium and small enterprises, labourers, middle class, industries, among others, PM Modi added.
Here are the Highlights from Nirmala Sitharaman’s address on Rs 20 lakh crore stimulus package:
5:25 pm: Among other measures, Due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October,2020.
5:15 pm: Government to infuse Rs 50,000 crores liquidity by reducing rates of TDS, for non-salaried specified payments made to residents, and rates of Tax Collection at Source for specified receipts, by 25% of the existing rates.
5:10 pm: Ministry of Housing and Urban Affairs will advise States/UTs and their Regulatory Authorities to extend the registration and completion date suo-moto by 6 months for all registered projects expiring on or after 25th March, 2020 without individual applications.
5:07 pm: 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.
5:04 pm: To give a fillip to DISCOMs with plummeting revenue and facing an unprecedented cash flow problem, Government announces Rs. 90,000 Crore Liquidity Injection for DISCOMs: FM Sitharaman
5:00 pm: The government announces Rs 45,000 crore liquidity infusion through a Partial Credit Guarantee Scheme 2.0 for NBFCs: FM Nirmala Sitharaman
4:56 pm: Government launches a Rs 30,000 crore Special Liquidity Scheme for non-banking financial companies, microfinance companies, housing finance companies: FM Sitharaman
4:52 pm: 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 a liquidity support of Rs 6750 crores.
4:50 pm: 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 Nirmala Sitharaman
4:47 pm: Govt of India and Central Public Sector Enterprises will honour every MSME receivable in the next 45 days: Finance Minister Nirmala Sitharaman
4:44 pm: 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': Finance Minister Nirmala Sitharaman
4:38 pm: Definition of MSMEs has been revised, investment limit to be revised upwards, additional criteria of turnover also being introduced: Finance Minister Nirmala Sitharaman
4:34 pm: 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.
4:32 pm: Government to provide stressed MSMEs with equity support; Government will facilitate the provision of Rs. 20,000 Crores as subordinate debt: Finance Minister Nirmala Sitharaman
4:29 pm: Collateral free automatic loans to MSMEs worth Rs3 Lakh Crore. These have 4 year tenor, valid up to October 31st, 2020. This will enable 45 lakh MSME units to resume business activity and also safeguard jobs: Finance Minister Nirmala Sitharaman
4:27 pm: 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: Finance Minister Nirmala Sitharaman
4:25 pm: 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
4:24 pm: Rs 18,000 cr refunds given to tax payers; 14 lakh taxpayers benefitted from clearing of refund dues, says FM
4:23 pm: Beginning today, over the next few days we will come before you (media) with team to put forth PM's vision: Finance Minister Nirmala Sitharaman
4:20 pm: Intention is to make local brands and take it into global level: Nirmala Sitharaman
4:12 pm: Atmanirbhar (self-reliant) India does not mean India is to be an isolationist country: Finance Minister Nirmala Sitharaman
4:10 pm: Five pillars of 'Atmanirbhar Bharat- economy, infrastructure, system, demography and demand: Finance Minister Nirmala Sitharaman.
4:08 pm: Essentially this is to spurt growth and to build a very self reliant India and that is why this whole initiative is called Atmanirbhar Bharat Abhiyan: Finance Minister Nirmala Sitharaman
4:07 pm: PM laid out a comprehensive vision, and that vision was laid out after wide consultations with several sections of the society: FM Nirmala Sitharaman
4:05 pm: Watch LIVE Streaming here
3:58 pm: Nirmala Sitharaman to begin her address shortly.
3:53 pm: The Rs 20 lakh crore package includes the Rs 1.7 lakh crore stimulus of free foodgrains to poor and cash dole to elderly and poor women announced by the Centre in March and liquidity measures and interest rate cuts worth around Rs 6.5 lakh crore.
3:50 pm: PM Modi in his address had said that the Rs 20 lakh crore stimulus package will cater various sections, including the MSMEs, migrant labourers, middle class among others.
3:45 pm: Finance Minister Nirmala Sitharaman will begin her address at 4 pm
Posted By: Talib Khan