Breaking [DAY-2] Unfolding of 20 Lakh Crore Package| FM announces second tranche of economic reliefs; One Nation One Ration Card!

Background:

Amidst the Corona crisis, PM announced  a special economic package with a new resolution. This economic package will serve as an important link in the ‘AtmaNirbhar Bharat Abhiyan” (Self Reliant India Campaign)‘.

LIVE UPDATES:

• FOCUS: Migrant Workers, Street vendors, Small Farmer, Self Employed, Traders, etc.
• 9 Steps will be announced.
• 14.62 crore person-days of work generated till 13th May 2020
• 10,000 crore actual expenditure till date
• National Floor Wage to be introduced
• Re-skilling of workers
• Universal minimum wages

Reliefs

• Free food grain supply to all migrants for next 2 months [For non-card holders: 5 kgs of wheat or rice or 1 kg of chana]; State Governments to implement, Centre to borne costs
• One Nation One Ration card to be implemented within 3 months
• Affordable rented accommodation for migrants; Rental Housing Scheme;Migrant Workers / Urban Poor to have Affordable Rental Housing Complexes (ARHC): Government will launch a scheme under
• Mudra Shishu Loans: Government of India will provide Interest subvention of 2% for prompt  MUDRA– Shishu Loans payees for a period of 12 months; Relief of Rs 1500 cr to MUDRA-Shishu loanees
• Special Credit facility for Street Vendors: Easy access to credit; Rs 5000 cr Special Credit Facility
• Middle Income Group with upto 6 to 18 lakh income group: Credit link subsidy scheme for housing to be extended till March 2021; 2.5 lakhs middle income families to benefit during 2020-21
• To create job opportunities for Tribals /Adivasis-Plans worth Rs 6000 crores to be approved shortly under Compensatory Afforestation Management & Planning Authority (CAMPA) Funds
• Rs 30,000 Crore additional emergency working capital fund through NABARD
• Kisan Credit Card: 2 lakh Crore concessional credit for farmers; 2 lakh crore Concessional credit boost to 2.5 crore farmers through KisanCreditCards; Fishermen and Animal Husbandry farmers will also be included in this drive

Read below the reliefs offered yesterday by the Finance Minister, with the focus being MSMEs:

LIVE UPDATES [14-05-2020] 

• Focal point: Liquidity, Labour, Law and Land.
• 6 Major steps for MSMEs
• Collateral free Automatic Loans upto Rs 3 lakh Crores
• 100 % credit guarantee
• Additional Funds for MSME revival
• Loans to be given till October 31st
• Rupees 20 Crore for stressed MSMEs
• 50,000 Crore equity to be infused for viable and potential MSMEs
• New Definition of MSMEs — Investment can be upto 1 Cr and turnover upto 5 Crore
• Global tender to be allowed upto Rs 20 Crores
• Other interventions for MSMEs
• Rs 2500 crores EPF support for businesses and Workers for 3 months
• EPF contribution reduced for Business and Workers for 3 months — Rs 6750 Crores
• Rs 30,000 crores liquidity facility for NBFC/HCs/MFIs
• Rs 45,000 Crores Partial Credit Guarantee Scheme 2.0 for NBFC
• Rs 90,000 CR liquidity injection for DISCOMs
• Relief to contractors
• Extension of registration and completion date of real estate projects under RERA; No individual applications needed; Suo Moto be done; Registered projects expiring on or after 25th March
• Rs 50,000 crores Liquidity through TDS/TCS reductions till March 2021
• Tax filing due date extended to 30th November, 2020
• Pending refunds to charitable trusts and non-corporate businesses & professions including proprietorship, partnership, LLP and Co-operatives shall be issued immediately.
• Due date of all income tax return for FY2019-20 extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October, 2020.
• Date of Assessments getting barred on 30th September, 2020 extended to 31st December, 2020 and those getting barred on 31st March, 2021 will be extended to 30th September, 2021.
• Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December, 2020