While the entire world is suffering through the pandemic of COVID 19, India had implemented one of the biggest nation-wide lock down. This resulted to extreme economic disruption and warranted a bailout. The Government of India (GOI) has announced a package of INR 20 Lakh Crore and series of measures in continuation to earlier initial measures by RBI and announcement of extension of time lines of various compliances by Finance Ministry.
GOI has made various announcements to provided relaxations and incentives under this ‘Atmanirbhar Bharat Abhiyan (Self Reliant India)’. We are hereby highlighting some of the relevant measures announced:
A] Measures for MSMEs:
The GOI has announced several measures on compliance timelines and reduction in TDS/TCS rates to ease liquidity and immediate issuances of refunds…read more
C] Provident Fund related measures:
Employees Provident Fund Contribution Support for business and organized workers now further extended for 3 more months and EPF Contribution to be reduced for Employers and Employees for 3 months to support liquidity and relief to employers…read more
D] Measures for NBFCs, HFCs and MFIs:
Special Liquidity Scheme for NBFC/HFC/MFIs with 100% guaranteed by the Government of India and Partial Credit Guarantee Scheme 2.0 for Liabilities of NBFCs/MFIsto cover the borrowings of low credit rated NBFCs, HFCs and other Micro Finance Institutions (MFIs)…read more
E] Measures for DISCOMs, government Contractors and Real Estate Projects:
The GOI has announced measures to Inject Liquidity for DISCOMs, extend timeline for Contractors and for Real Estate Projects under RERA…read more
F] Corporate Law measures:
Government is working on a mission mode on next phase of ease of doing business and related reforms relating to easy registrations, fast disposal of commercial disputes and simpler tax regime to make India as one of easiest places to do business. The GOI has announced various measures under corporate law to simplify compliances burden, easy registration, etc.…read more
G] Insolvency and Bankruptcy Code related measures:
The GOI has taken several measures such as increasing the threshold limit to initiate insolvency proceedings, special framework for MSMEs under the Act, suspension of fresh proceedings upto 1 year, etc.…read more
H] Public Sector Enterprise Policy measures:
The government announced that new policy shall open all sectors for private sector while Public Sector Enterprise (PSEs) will play an important role in defined areas…read more
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