Government extends EPF contribution assistance by 3 months
Union Finance Minister Nirmala Sitharaman held a press conference on the roadmap for the 20 lakh crore relief package. Through the press conference she told in which areas 20 lakh crores will be used and how much will be given to them. How will this amount be used? In order to bring back the economy of the country which is affected by the Corona crisis, PM Narendra Modi announced an economic package of 20 lakh crores on Tuesday.
Low-rated NBFCs will also get loans
Finance Minister Nirmala Sitharaman said that a scheme of 30 thousand crores is being brought for NBFCs. Discoms are facing problems of cash flow, 90 thousand crores of assistance has been fixed for them. NBFCs will have an expansion of the already running scheme of Rs 45,000 crore. The loan guarantee scheme will be expanded. In this, NBFCs with Double A or below rating will also get loan.
Finance Minister Nirmala Sitharaman said that a scheme of 30 thousand crores is being brought for NBFCs. Discoms are facing problems of cash flow, 90 thousand crores of assistance has been fixed for them.
Assistance given for EPF extended for next three months
Finance Minister Nirmala Sitharaman said that the assistance given for EPF is being extended for the next three months, which was earlier extended for March, April, May. Finance Minister Nirmala Sitharaman said that the government will deposit 24 percent of the salary in the PF for government assistance to those having salary less than Rupees 15000. The government has taken this step to increase take home salary. In the case of employees whose EPF contribution is not paying 24% i.e. the salary is more than 15 thousand, the percentage of contribution in PF for both employer and employee has been reduced from 12 to 10 percent. Finance Minister Nirmala Sitharaman said that the PF contribution is being reduced for the next three months, it has been done for employers. Government and PSUs will have to pay 12 percent only. PSUs will pay only 12% of the PF but the employees will have to pay 10% of the PF.
Money stuck in public sector banks will be withdrawn in the next 45 days. There will be no global tender for works below 200 crores, which will benefit MSMEs.
MSME Change Definition
Companies with high investment will be kept under the purview of MSMEs. Earlier it was decided only on the basis of investment. Now the definition of MSME will also be decided on the basis of turnover. Up to 25 thousand investment in micro units was considered, now companies investing ten million will be micro units. Now this investment can be up to 1 crore, and turnover can be up to 5 crore but still you will come inside the micro unit.
Finance Minister Nirmala Sitharaman, said that NPA who are in trouble due to the lockdown, will benefit from this move. 45 lakh MSMEs will get relief from paying tax for one year. MSMEs who are competent, but are troubled by Corona, will be supported to expand the business through a Rs 10,000 crore fund of funds.
Finance Minister Nirmala Sitharaman said that 15 different steps will be mentioned in which 6 will take steps for MSMEs, two steps are related to finance of MSME and 2 are related to PF. MSMEs will get loans of 3 lakh crores without any guarantee. Provision of 20 thousand crores for micro, small, medium and cottage industries. At the same time a fund of 50000 crores will be put into MSMEs.
Finance Minister Nirmala Sitharaman said the Modi government believes in dialogue and sensitivity with the people and immediately after the budget there was an outbreak of corona.
Minister of State for Finance Anurag Thakur said that PM took the first step with respect to the poor of the country. Package of one lakh 70 thousand crores was given. It has added new energy to the people of the country to create a self-reliant India. People are seeing opportunities in crisis.
Finance Minister Nirmala gave an account of the economic package of 20 lakh crores in today’s press conference. She said that the package has been decided after a long discussion with several ministries. The country has to be made self-dependent with the help of this package. Therefore, it is being called the Self-Reliant India Campaign. Whatever plans we announce will reach people directly. Money is reaching the poor’s account directly.
