Finance Minister Nirmala Sitharaman Live: Finance Minister Nirmala Sitharaman is announcing a loan of 86 thousand crores in the month of March and April

By Shivani Reddy On May 14, 2020

Finance Minister Nirmala Sitharaman Live: Finance Minister Nirmala Sitharaman is announcing the second installment of the Rs 20 lakh crore package announced by Prime Minister Narendra Modi to give relief to the sluggish economy and common people due to Corona virus lockdown. Announcing at the National Media Center, the Finance Minister said…

– Today I am presenting the second installment of the package to create self-reliant India. Its focus will be on migrant laborers, hawkers, small traders and farmers.

Finance Minister Nirmala Sitharaman has said that 3 crore farmers have availed loan moratorium facility on a loan of Rs 4.22 lakh crore. Apart from this, exemption on interest, incentive on crops has been extended till 31 May 2020. Apart from this, 25 lakh new Kisan Credit Cards have been issued. The loan limit on these will be 25 crores.

63 million loans were sanctioned in rural areas in March and April, which is about 86 thousand 600 crore rupees. The Cooperative Bank has an important role in the village. Of these, Nabard refinished Rs 29 thousand 500 crore in March 2020. 4200 crores has been given till March 2020 for Rural Infrastructure.

The central government has allowed the state governments to use the State Disaster Response Fund to provide food and food to migrant laborers. The central government has given Rs 11002 crore in this fund. Food is being given to three people per day. 12 thousand self-help groups have made 3 crore masks and 1.20 lakh liter hand sanitizers. After Gujarat, now Paisa Portal for Self Help Group will be launched across the country.

Earlier on Wednesday, Finance Minister Nirmala Sitharaman announced a relief package for the MSME sector. Apart from this, help was also announced for taxpayers and employed people. Finance Minister Nirmala Sitharaman said that in order to bring back the slow economy due to Corona virus and turn this crisis into an opportunity, Rs.3 lakh crore out of the economic package of Rs 20 lakh crore was given to the MSME collateral free loan Will go. With this, the definition of MSME has been increased to Rs 100 crore for medium enterprise business.

The Finance Minister has changed the definition of MSMEs, giving additional time of six months without compensation to contractors and developers for completion of infrastructure and housing sector projects, quarterly reduction in rate of TDS and TCS deduction, submission of income tax returns. To extend the time till November, EPFO also announced a vantage in contribution. These measures are expected to increase cash flow and ease of business. The first phase package mainly focuses on small to medium units. This includes a number of announcements such as providing three lakh crore working capital without guarantee for the MSME sector and measures to provide more cash to non-banking financial companies (NBFCs) and housing finance companies (HFCs).

Finance Minister Nirmala Sitharaman announced yesterday what …
1. Under this campaign, a provision has been made to provide collateral free loan of three lakh crore rupees for MSMEs. This loan will be for four years and the principal will not have to be repaid for the first year. Under this, MSMEs with a turnover of Rs 100 crores will get loans up to Rs 25 crores. 100% guarantee cover will be available for banks and NBFCs. The scheme will be available till 31 October 2020.

2. In addition, the definition of MSME has been changed. Under the new definition of MSME, micro enterprises can be invested up to Rs 1 crore and its business limit will be Rs 5 crore. Similarly, an investment of Rs 10 crore can be made in a small enterprise and its total annual turnover will be Rs 50 crore. The medium enterprise will have an investment of up to 20 crores and its total business will be up to 100 crores.

3. A provision of 20 thousand crores has been made to help the stressed MSMEs. This will benefit such MSMEs who are NPAs or non-beneficiaries. This will benefit more than two lakh MSMEs. 50 thousand crore rupees will be invested in MSMEs which are doing better business. A fund of 10 thousand crore rupees will be set up for them. This will help in listing the MSMEs in the stock market.

4. The period of all income tax returns to be filed by 31 July 2020 and 31 October 2020 has been extended till 30 November 2020. Along with this, the period of the audit report has also been extended to 31 October by filling up by 30 September.

5. All pending refunds up to five lakh rupees are being issued. More than 14 lakh refunds have been issued so far. The assessment date up to 30 September has been extended to 31 December 2020 and 31 March 2021 to 30 September 2021.