Highlights of press conference of FM Nirmala Sitharaman :
- Government to infuse Rs.70,000 crore in PSU Banks immediately.
- Surcharge on FPIs removed.
- Angel Tax on Startups removed
- Home and vehicle loan interest rates to be reduced.
- Surcharge on LTCG and STCG also removed.
- Pending GST refunds to MSMEs to be paid within 30 days and from now on GST refund matters will be solved within 60 days .
- Housing Finance Companies(HFCs) to receive Rs.20,000 Crores
- Steps to improve Indian bond market to be implemented soon.
- RBI and government jointly working to set up a market for credit default swaps(CDS)
- BS IV vehicles purchased till March 2020 will remain operational till their registration is valid.
- No increase in vehicle registration charges till June 2020.
- KYC norms for FPIs to be simpler.
Further notes on FM’s speech
- GST returns to be further simplified
- Monetary penalties will be on focus, no prosecution anymore. Not fulfilling CSR will be a civil offense, not criminal offense
- all IT summons will be issued from a centralized system
- 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.
- All notices on which responses have been received will be closed within 3 months from the date of response.
- Enhanced surcharge on CGs in case of FPIs removed
- 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
- The benefit of Interest Rate reduction will be passed on by the banks.
- 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
- Bank Documentation after loan repayment to be completed within 15 days.
- Online tracking of loan application will be available with status.
- Banks for One-time settlement of loan by MSME will follow a checkbox approach
- Banks to classify matters as Vigilance and Non-vigilance to improve the decision-making process
- NBFC to be permitted to use Aadhar authenticated bank KYC to avoid the repeated process.
- All pending GST refund due till date to MSMEs shall be paid within 30 days.
- All new GST refund due to MSMEs shall be paid within 60 days
- MSME definition will soon have one single definition
- Bond markets in India to be deepened.
- Indian companies to access global markets – Depository Receipt Scheme to be operationalized
- Aadhar based KYC for domestic retail investors
- Measures to bring Offshore rupee market to domestic stock exchanges
- Delayed Infra payment from Government / Central Public Sector Enterprises (CPSEs) will be dash boarded and monitored for early clearance.
- BS-IV vehicles purchased till 31.3.2020 will remain operational for the entire period of registration.
- Revision of one-time registration fee is deferred till June 2020.
- Additional 15% depreciation on all vehicles acquired from now till March 2020 is available (in essence 30%)
- Both Electric Vehicles and Internal Combustion vehicle will continue to be registered.
- 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