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Home / News / Business News / Finance Minister Nirmala Sitharaman addresses media: Here are key takeaways
  • Business

    Finance Minister Nirmala Sitharaman addresses media: Here are key takeaways

    Sagar Malik
    Written by
    Sagar Malik
    Twitter
    Last updated on Aug 23, 2019, 08:14 pm
    Finance Minister Nirmala Sitharaman addresses media: Here are key takeaways
  • Union Finance Minister Nirmala Sitharaman today addressed the media in the capital, over growing concerns of economic slowdown.

    During the press conference, the FM assured that the Indian economic growth is more than that of the US and China.

    She added that reforms are the government's top priority, and measures to revive the economy are being taken.

    Here are the key takeaways.

  • In this article
    Global growth is 3.2%, she said CSR violations will no longer be treated as criminal offense Government withdraws surcharge on FPIs; ends angel tax on start-ups Home and car loan EMIs to become cheaper: Sitharaman GST refunds due to MSMEs to be paid within 30-days Government to infuse Rs. 70,000 crore into Public sector banks BS-IV vehicles purchased upto March'20 to remain operational till lifetime Reforms for the auto sector
  • Quote

    Global growth is 3.2%, she said

  • "I want to give you a picture of what is happening globally. Global growth is 3.2%, likely to be revised downwards. Many organizations say global demand is very weak," Sitharaman said during the press conference.

  • CSR violations

    CSR violations will no longer be treated as criminal offense

    CSR violations will no longer be treated as criminal offense
  • The Finance Minister announced that violations concerning CSR (Corporate Social Responsibility) shall no longer be treated as a criminal offense. Instead, they will be considered a civil liability, from now.

    The government has provided the companies revised orders and appropriate time for fulfilling their CSR obligations.

    Further, Ministry of Corporate Affairs shall review the relevant sections under the Companies Act, according to the announcement.

  • Surcharge, Angel tax

    Government withdraws surcharge on FPIs; ends angel tax on start-ups

    Government withdraws surcharge on FPIs; ends angel tax on start-ups
  • Further, in what would come as a major relief to the FPIs (Foreign Portfolio Investors), Sitharaman announced that the government has withdrawn the enhanced surcharge on foreign investors.

    Additionally, the Finance Minister said that the government has decided to do away with Angel tax on start-ups and their investors, if they are registered with the DPIIT (Department of Industrial Policy and Promotion).

  • Cheaper EMIs

    Home and car loan EMIs to become cheaper: Sitharaman

    Home and car loan EMIs to become cheaper: Sitharaman
  • Sitharaman further said that home and car loan EMIs (Equated Monthly Instalments) will soon become cheaper.

    This is so because the Reserve Bank of India (RBI) had been cutting down the repo rate (rate at which the Central bank lends money to consumer-banks) every quarter, but the banks were not passing it to borrowers. The banks have now agreed to grant the benefit.

  • Information

    GST refunds due to MSMEs to be paid within 30-days

  • Subsequently, the FM said that all pending GST refunds due to MSMEs (Micro, Small and Medium Enterprises) shall be paid within 30 days. The request of GST refunds coming from MSMEs henceforth will now be cleared within 60 days of intimation.

  • Investment

    Government to infuse Rs. 70,000 crore into Public sector banks

  • Meanwhile, in a move that is aimed at boosting lending and improving the liquidity situation of financial institutions in the public sector, the government is all set to infuse Rs. 70,000 crore into public sector banks.

    The decision is expected to generate an additional lending and liquidity capability in the financial system to the tune of Rs. 5 lakh crore, the FM said.

  • Auto

    BS-IV vehicles purchased upto March'20 to remain operational till lifetime

    BS-IV vehicles purchased upto March'20 to remain operational till lifetime
  • Last but not the least, BS-IV vehicles purchased upto March 2020 will remain operational for their entire period of registration, as announced by the FM.

    Furthermore, both electric vehicles and internal combustion engines shall continue to be registered, she added.

    However, an additional 15% depreciation will be provided on vehicles acquired from now upto March 2020, taking the total depreciation rate to 30%.

  • Twitter Post

    Reforms for the auto sector

  • FM #NirmalaSitharaman on Auto Sector:

    BS IV vehicles purchased till March, 2020 shall be valid for period of registration
    The higher registration fees deferred till June 2020
    Depreciation increased to 30% - additional 15% depreciation on all vehicles acquired till March 31, 2020 pic.twitter.com/u2sXZKbtgk

    — moneycontrol (@moneycontrolcom) August 23, 2019
  • India
  • Nirmala Sitharaman
  •  
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