Finance Ministry Latest Announcements:-Update By Capitalstars

Union Finance Minister Nirmala Sitharaman announced series of measures to revive the slowing down economy, on 23rd of Aug’ 19.

Making a bold statement regarding the Indian economy and comparing it with the US economy she said that we are growing at a much faster rate compared to various developed and developing economies. Several times she repeated that these are the things she is saying is based on facts and figures.

These are the following announcement which was done yesterday:-

FPI

· Surcharge which was imposed on Foreign Portfolio Investor in Budget were rolled back, this can increase investment in capital market

· Angle tax provision to be withdrawn for startups and their investor

· A dedicated team will be made to address the concern of startups

Capital Infusion and GST

· Capital infusion of ₹70,000 crore in public sector bank will be done, this step is probably taken to boost liquidity, lending, and borrowing.

· All pending GST refunds of micro, small and medium enterprises (MSMEs) will be paid within 30 days. Also, in future, all GST refunds of MSMEs will be paid within 60 days from the date of application.

Loans, the repo rate

· Loans for home, vehicles and consumer goods to become cheaper and widely available through banking and NBFCs.

· Banks will pass on RBI rate cut benefits to borrowers through MCLR reduction.

· Working capital loans for the industry to become cheaper.

· Public sector banks (PSBs) will ensure the mandated return of loan documents within 15 days of loan closure.

· Additional liquidity support of ₹20,000 crore will be provided to housing finance companies (HFCs) by the National Housing Bank (NHB), thereby increasing the total support to ₹30,000 crore.

· NBFCs will be permitted to use the Aadhaar authenticated bank ‘Know Your Customer’ (KYC) to avoid repeated processes.

Auto sector

· BS-IV vehicles purchased up to March 2020 will remain operational for the entire period of registration.

· Both electric vehicles (EVs) and Internal Combustion Vehicles (ICV) will continue to be registered.

· Centre to lift the ban on the purchase of new vehicles for replacing all old vehicles by government departments.

· Additional 15% depreciation to be allowed, on all vehicles acquired from now till March 2020, taking the total to 30 %.

· Revision of one-time registration fees has been deferred until June 2020.

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