In her fourth press conference to share details of an economic package announced by Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman also announced a cluster-based approach to promote the mantra of "vocal for local with global outreach".
The Finance Minister also proposed another radical agriculture marketing reform for providing marketing choices to farmers.
US Fed Chair Jerome Powell warned of an extended period of weak economic growth and called for additional fiscal spending to stem the fallout from the pandemic.
The support was earlier offered till the end of May. However, for public sector units, it will remain 12 per cent but PSU employees can pay 10 per cent.
Except for Nifty pharma and FMCG, all sectoral indices at the National Stock Exchange were in the positive zone with Nifty private bank up by 6.5 per cent, realty by 3.6 per cent, financial service by 3.3 per cent and auto by 2.3 per cent.
The information regarding the press conference by the Union Finance Minister was given through a tweet by the Ministry of Finance today morning.
If a company director does not comply with the minimum residency requirement, it will not be treated as a violation. The deadline to maintain a deposit reserve of 25 per cent by April has been extended to June 30.
The government on Saturday hiked the excise duty on petrol and diesel by Rs 2 per litre and road cess by Re 1, effectively a Rs 3 per litre hike on both commodities.
The scheme has been approved with the objective of protecting depositors' interest and providing stability to Yes Bank as well as to the entire financial system, she added.
The Prime Minister also outlined that key announcements have been made to aid exports and the Micro, Small and Medium Enterprises (MSME) sector.