Key highlights of Finance minister Press conference Part-1

Rs 3 lakh crore collateral free automatic loan for businesses

Collateral Free Loan for MSME, this will help 45 Lac Small businesses. This loan will be for 4 Yrs with a Moratorium period of 12 Months.. Total 3 Lakh Cr Loan will be given under this scheme.

Definition of MSME changed. Now Turnover criteria is introduced, No difference between manufacturing and service SME now. Micro Units Investment limit increased to Rs. 1Cr from Rs. 20 Lakh. For Medium Enterprise the limit increased to 10 Cr Investment.

Global tenders to be disallowed up to Rs 200 crores

Global Tenders for Government procurement upto Rs. 200 Cr are disallowed now, bringing a step towards self reliant India and helping MSMEs.

Rs. 2500 Cr EPF support for business and workers for 3 months

 Under Pradhan Mantri Garib Kalyan package payment of 12% of employer and employee contribution for eligible establishments will be made into their EPF account is now extended for 3 more months. This will provide liquidity relief of Rs 2,500 Cr to 3.67 Lakh establishments and for 72.22 Lakh employees.

Rs 1.70 Lakh crore relief package under Pradhan Mantri Garib Kalyan

Insurance coverage of Rs. 50 Lakh per health worker, 5KG wheat or rice and 1 KG Pulse to poor people for next 3 months. 20 Cr. women Jan Dhan account holders get Rs. 500 per month for next 3 months. Gas cylinders, free of cost, provided to 8 crore poor families for the next 3 months.

Increase in MNREGA wages to Rs 202/- a day from Rs 182/- to benefit 13.62 Cr families and  Ex-gratia of Rs 1000/- to 3 Cr poor senior citizen, poor widows and Divyang.

EPF contribution reduced for business and workers for three months

Contribution reduced from 12% to 10% for those organization having more than 100 employee for next 3 months. This will provide liquidity of Rs 6,750 crore to employers and employees over three months.

Special 30,000 Cr Liquidity scheme for NBFC, MFI, HFC

Government will launch a Rs 30,000 crore Special Liquidity Scheme, under which investment will be made in both primary and secondary market transactions in investment grade debt paper of NBFCs/HFCs/MFIs This scheme is to Give Rs. 45000cr Liquidity to NBFC. First 20% Loss will be born by Govt of India.

Rs 90,000 crore Liquidity Injection for DISCOMs

Discom presently have Rs. 94000 Cr payable to power generation companies. Rs. 90,000cr Special fund created to pay all outstanding of Power Generation Companies.

Extension to Contractors

6 Month extension will be given to all Govt contractors of Railways, Roads, PWD and Other departments. Govt Agencies will partially release Bank Guarantees to the extent of work completed.

Extension of completion and registration date of real estate projects under RERA

Using the Force Major Clause the project registration will be extended by 6 Month suo-moto for projects expiring March 25, 2020 without application.

TDS/TCS Rate Reduction FY 2020-21

Non Salaried TDS and TCS rates will be reduced by 25% from existing rates. This will be effective from tomorrow and will remain till 31-03-2021. This will release liquidity of Rs. 50,000 Cr.

Tax Refunds and Return Due Date FY 2020-21

All Pending Refunds will be issued immediately to all even above 5 Lakhs. For AY 2020-21 the ITR Dates extended from July 31, 2020 to Nov 30, 2020, And Tax Audit Date extended from September 30, 2020 to October 31, 2020.

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