TIMESOFINDIA.COM | Updated: May 13, 2020, 20: 11 IST
NEW DELHI: The government on Wednesday announced about Rs 6 lakh crore package, including Rs 3 lakh crore of collateral-free loans for small businesses and a Rs 30,000 crore lifeline to non-bank and housing finance companies as part of measures to help the economy tide over disruptions caused by the coronavirus lockdown. Also, it cut the tax rate on non-salary payments by 25%, extended support to companies to meet statutory liability on employees’ retirement fund, provided a Rs 90,000 crore bailout to cash-starved electricity distribution companies and gave construction firms up to six more months to complete the government projects.
Here are the top developments:
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India
- During a press conference on Wednesday, Nirmala Sitharaman said that Rs 20,000 crore subordinate debt will be provided for stressed MSMEs, adding this would benefit 2 lakh such businesses.
- MSME definition has been changed to allow units with investment up to Rs 1 crore to be called micro units in place of Rs 25 lakh now. Also units with turnover up to Rs 5 crore to be called micro units, she said, adding a turnover based criteria is being introduced to define small businesses.
- Global tenders will be banned for government procurement up to Rs 200 crore, she said, adding this would help MSMEs to compete and supply in government tenders.
- In a relief to taxpayers, the government extended the deadline for filing of all income tax returns for 2019-20 fiscal till November 30, 2020.
- Nine states and UTs including Chhattisgarh, Ladakh, Manipur and Meghalaya have not reported any new case of Covid-19 in the last 24 hours while Daman and Diu, Sikkim, Nagaland and Lakshadweep have not reported any cases so far, Union health minister Harsh Vardhan said.
- With the aim of scaling up coronavirus testing facilities, the Union health ministry has designated 14 health establishments such as AIIMS, New Delhi, PGIMER in Chandigarh and JIPMER, P