STIMULUS .. Big boost … FM Nirmala offers three lakh crore collateral free loan for MSME sector

NEWS NIRMALA
NEW DELHI: Elaborating on what Prime Minister Narendra Modi announced by way of a massive economic stimulus package a day ago, Union Finance Minister Nirmala Sitharaman on Wednesday said the government aims at a major economic revival in these difficult times. Among other things, she said Rs 3 lakh crore will be made available for collateral free loan for those MSME units that have Rs 25 crore outstanding loan payments or Rs 100 crore turnover
To give a fillip to Discoms facing serious financial problems in view of plummeting revenues, the government would ensure a Rs 90,000crore liquidity injection for them. Besides, a corpus of Rs 10,000 crore would be formed though mother-fund and daughter-fund framework. “For MSMEs needing handholding, a Rs 50,000 crore ‘fund of funds’ through ‘mother fund – daughter fund’ framework is being created to expand their capacity and to get listed on markets which they choose,” she  said.
The finance minister said the loans for MSME will be available with a four-year tenure and a moratorium of 12 months. This would benefit 45 lakh units, she said. “This loan is for a four -year tenure and is 100 per cent guaranteed. This will last till October 21, 2020 and  benefit 45 lakh units. This will enable them resume activity and safeguard jobs,” the minister said.
“Today’s tranche has 14 different measures. Six of these are for MSMEs, two are for EPF, two for NBFCs and MFIs, one for discoms, one for contractors, one for real estate, and there are three tax measures,” the finance minister said.  
“Beginning today, I shall come with this entire team before you to present the details of Prime Minister Modi’s vision. We will come with tranches beginning today. We have a responsibility towards the poor, the needy, the migrants and the differently-abled,” she said.

NEWS NIRMALA
NEW DELHI: Elaborating on what Prime Minister Narendra Modi announced by way of a massive economic stimulus package a day ago, Union Finance Minister Nirmala Sitharaman on Wednesday said the government aims at a major economic revival in these difficult times. Among other things, she said Rs 3 lakh crore will be made available for collateral free loan for those MSME units that have Rs 25 crore outstanding loan payments or Rs 100 crore turnover
To give a fillip to Discoms facing serious financial problems in view of plummeting revenues, the government would ensure a Rs 90,000crore liquidity injection for them. Besides, a corpus of Rs 10,000 crore would be formed though mother-fund and daughter-fund framework. “For MSMEs needing handholding, a Rs 50,000 crore ‘fund of funds’ through ‘mother fund – daughter fund’ framework is being created to expand their capacity and to get listed on markets which they choose,” she  said.
The finance minister said the loans for MSME will be available with a four-year tenure and a moratorium of 12 months. This would benefit 45 lakh units, she said. “This loan is for a four -year tenure and is 100 per cent guaranteed. This will last till October 21, 2020 and  benefit 45 lakh units. This will enable them resume activity and safeguard jobs,” the minister said.
“Today’s tranche has 14 different measures. Six of these are for MSMEs, two are for EPF, two for NBFCs and MFIs, one for discoms, one for contractors, one for real estate, and there are three tax measures,” the finance minister said.  
“Beginning today, I shall come with this entire team before you to present the details of Prime Minister Modi’s vision. We will come with tranches beginning today. We have a responsibility towards the poor, the needy, the migrants and the differently-abled,” she said.

OTHER SALIENT FEATURES:

In a good news to employees, time for IT returns has been extended upto November 3o. Overall, there would be a gain of Rs 50,000crore for tax payers by way of new benefits under the new economic package.

Effective from May 14 to March 31 this year, TDS and TCS rates havebeen reduced by 25 per cent of the existing rate. The Centre plans to release Rs 50,000crore into the hands of the people instead of giving them as tax cuts. 

Special liquidy scheme: The government launched a Rs 30,000 crore Special Liquidity Scheme for non-banking financial companies, microfinance companies and housing finance companies, as announced by the FM.

So as to provide more take home salary for employees and  give relief to employers in payment of PF, EPF contribution is being reduced for businesses & workers for three months, amounting to liquidity support of Rs 6750 crore. 

An amount of Rs 45,000cr in liquidity to be infused in NBFCs through partial credit guarantee scheme. 

GLOBALTENDERS: Global tenders will be disallowed in government procurement up to Rs 200crore. This will help realise the dream of a self-reliant India and promote the ‘Make in India’ endavour. 

FOR STRESSED MSMES: Rs 20,000 crore in subordinate debt for stressed MSMEs; this will benefit 2 lakh MSMEs.  Collateral free loan to be provided to SMEs with 12 month moratorium; some 45 lakh units to benefit. REFUNDS: 000 crore refunds given to tax payers; 14 lakh taxpayers benefitted from clearing of refund dues, says finance minister. AGENCIES, IHN-NN 

INDIA HERE AND NOW www.indiahereandnow.com email:indianow999@gmail.com

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