The Union Finance Minister Nirmala Sitharaman has made some big announcement today, as a relief sight to the citizens of the nation struggling in the COVID-19 outbreak. The announcement were made by the finance minister while addressing a press conference on various statutory and regulatory compliance issues. Minimum balance waiver is for three months in bank accounts and debit card holders can withdraw cash from any bank’s ATM free of charge for 3 months and amongst the highlights of FM’s speech. Keep on reading to know about all changes announced by the Finance Minister as relief measures Amid Corona Virus Outbreak.
Relief Measures Amid Corona Virus Outbreak.
- FM has announced a Minimum balance waiver for three months at the moment. No penalty will be charged for breaching the minimum balance.
- Bank charges for digital transaction are being reduced. Electronic payments, NEFT and RTGS transfer are more safe and convenient during COVID-19 outbreak.
- Debit card holders can withdraw cash from any ATM without a fee for 3 months. Earlier banks used to charge a fee of Rs. 20 per transaction on exceeding the limit of cash withdrawal from other bank ATM.
- The minister urges all citizens to go to banks only when it is absolutely required and do online transactions instead to stay safe.
- The deadline for filing March, April, May GST returns has been extended to June 30.
- The last date for filing income tax return and for the deadline of document submission and compliance has been moved to 30th June 2020.
- Aadhaar-PAN linking deadline has also been extended to 30th June.
- The FM has announced the reduction in interest rate on delayed payments of income tax for financial year 2018-19.
- Customs clearance will operate 24×7 doing its duties as essential services.
- Threshold for default under the Insolvency and Bankruptcy Code has been raised by 100 times to ₹1 crore. This is effective immediately to stop the triggering of insolvency proceedings against micro, small, and medium enterprises.
- Under Section 149(3) of the new Companies Act, every company is required to have at least one director who has stayed in India for a total period of not less than 182 days in the previous calendar year. A violation will be condoned in the wake of the current coronavirus crisis.
- Vivad se Vishwas tax dispute resolution scheme extended by 3 months to June 30. Those availing the scheme by the extended deadline will not have to pay 10 per cent interest on the principal amount
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