Booster Dose by FM for Indian Economy

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The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman addressing a press conference, in New Delhi on August 23, 2019. The Minister of State for Finance and Corporate Affairs, Shri Anurag Singh Thakur, the Secretary, Department of Financial Services, Shri Rajiv Kumar, the Principal Director General (M&C), Press Information Bureau, Shri Sitanshu R. Kar and other dignitaries are also seen.
The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman addressing a press conference, in New Delhi on August 23, 2019. The Minister of State for Finance and Corporate Affairs, Shri Anurag Singh Thakur, the Secretary, Department of Financial Services, Shri Rajiv Kumar, the Principal Director General (M&C), Press Information Bureau, Shri Sitanshu R. Kar and other dignitaries are also seen.

Highlights of press conference of FM Nirmala Sitharaman :

  1. Government to infuse Rs.70,000 crore in PSU Banks immediately.
  2. Surcharge on FPIs removed.
  3. Angel Tax on Startups removed
  4. Home and vehicle loan interest rates to be reduced.
  5. Surcharge on LTCG and STCG also removed.
  6. Pending GST refunds to MSMEs to be paid within 30 days and from now on GST refund matters will be solved within 60 days .
  7. Housing Finance Companies(HFCs) to receive Rs.20,000 Crores
  8. Steps to improve Indian bond market to be implemented soon.
  9. RBI and government jointly working to set up a market for credit default swaps(CDS)
  10. BS IV vehicles purchased till March 2020 will remain operational till their registration is valid.
  11. No increase in vehicle registration charges till June 2020.
  12. KYC norms for FPIs to be simpler.

Further notes on FM’s speech

  1. GST returns to be further simplified
  2. Monetary penalties will be on focus, no prosecution anymore. Not fulfilling CSR will be a civil offense, not criminal offense
  3. all IT summons will be issued from a centralized system
  4. Any notice without a Document Identification Number (DIN) will be treated as invalid. All old notices will be uploaded with DIN on or before 31st October 2019.
  5. All notices on which responses have been received will be closed within 3 months from the date of response.
  6. Enhanced surcharge on CGs in case of FPIs removed
  7. Section 56(2B) of IT Act, 1961 shall be not applicable to a registered startup. A dedicated cell in CBDT will be available to resolve issues related to startup
  8. The benefit of Interest Rate reduction will be passed on by the banks.
  9. Banks to link Repo rates with Interest rates on loan: Working capital loan and Home loan interest rate change to be effected immediately once RBI repo rate changes
  10. Bank Documentation after loan repayment to be completed within 15 days.
  11. Online tracking of loan application will be available with status.
  12. Banks for One-time settlement of loan by MSME will follow a checkbox approach
  13. Banks to classify matters as Vigilance and Non-vigilance to improve the decision-making process
  14. NBFC to be permitted to use Aadhar authenticated bank KYC to avoid the repeated process.
  15. All pending GST refund due till date to MSMEs shall be paid within 30 days.
  16. All new GST refund due to MSMEs shall be paid within 60 days
  17. MSME definition will soon have one single definition
  18. Bond markets in India to be deepened.
  19. Indian companies to access global markets – Depository Receipt Scheme to be operationalized
  20. Aadhar based KYC for domestic retail investors
  21. Measures to bring Offshore rupee market to domestic stock exchanges
  22. Delayed Infra payment from Government / Central Public Sector Enterprises (CPSEs) will be dash boarded and monitored for early clearance.

Automobile sector:

  1. BS-IV vehicles purchased till 31.3.2020 will remain operational for the entire period of registration.
  2. Revision of one-time registration fee is deferred till June 2020.
  3. Additional 15% depreciation on all vehicles acquired from now till March 2020 is available (in essence 30%)
  4. Both Electric Vehicles and Internal Combustion vehicle will continue to be registered.
  5. Government departments to replace old vehicles with new ones

Presentation made by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman on measures to boost Indian Economy

By PIB Delhi

Click here to see FM Presentation:

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