New Delhi: Union Finance Minister Nirmala Sitharaman addresses a press conference in New Delhi to share details of the Rs 20 lakh crore package announced by Prime Minister Narendra Modi. WATCH LIVE: https://www.facebook.com/NewsroomPostCom/videos/172704150741488/ HIGHLIGHTS: # Due date for Income Tax returns for the year 2019-2020 now being extended from 31st July and 31 Oct to 30 November 2020 # TDS/TCS rates to be reduced by 25% till March 31, 2021: # Ministry of Housing to advise States/UTs &their Regulatory Authorities to extend registration&completion date suo-moto by 6mnts for all registered projects expiring on or after 25Mar,2020 without individual applications.Treat COVID-19 as an event of 'Force Majeure' under RERA # In a major relief to contractors, all Central agencies to provide an extension of up to 6 months, without cost to contractor, to obligations like completion of work covering construction and goods and services contracts # RS 90,000 crore liquidity injection for Power Distribution Companies (DISCOMs) # Government launches a Rs 30,000 crore Special Liquidity Scheme for non-banking financial companies, microfinance companies, housing finance companies # The government announces Rs 45,000 crore liquidity infusion through a Partial Credit Guarantee Scheme 2.0 for NBFCs # In order to provide more take home salary for employees and to give relief to employers in payment of PF, EPF contribution is being reduced for businesses & workers for 3 months, amounting to liquidity support of Rs 6750 crores: FM # To ease financial stress as businesses get back to work, Government decides to continue EPF support for business & workers for 3 more months providing a liquidity relief of Rs 2,500 crores # Govt of India and Central Public Sector Enterprises will honour every MSME receivable in the next 45 days # Global tenders to be disallowed in Government procurement up to Rs 200 crores. This will make self-reliant India, will also then be able to serve 'Make in India'. # Definition of MSMEs has been revised, investment limit to be revised upwards, additional criteria of turnover also being introduced # Rs 50,000 cr. equity infusion for MSMEs through Fund of Funds; to be operated through a Mother Fund and few daughter funds; this will help to expand MSME size as well as capacity # This will enable 45 lakh MSME units to resume business activity and also safeguard jobs # Government to provide stressed MSMEs with equity support; Government will facilitate the provision of Rs. 20,000 Crores as subordinate debt # In a major initiative, we announce Rs 3 lakh crores collateral-free automatic loans for businesses, including SMEs. Borrowers with up Rs 25Cr outstanding and Rs100 Cr turnover are eligible # Collateral free automatic loans to MSMEs worth Rs3 Lakh Crore. These have 4 year tenor, valid up to October 31st, 2020 # We shall not forget that we do have a responsibility towards the poor, needy, the migrant workers, divyang and the aged of the country # Beginning today, over the next few days we will come before you (media) with the team to put forth PM's vision. # Atmanirbhar (self-reliant) India does not mean India is to be an isolationist country: Finance Minister Nirmala Sitharaman # Five pillars of 'Atmanirbhar Bharat- economy, infrastructure, system, demography and demand # Essentially this is to spurt growth and to build a very self reliant India and that is why this whole initiative is called Atmanirbhar Bharat Abhiyan # PM laid out a comprehensive vision, and that vision was laid out after wide consultations with several sections of the society
