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PM Modi announces economic relief package worth ₹20 lakh cr(270 Billion )$

USD itself will have to devalue possibly.America is about to face the worst crisis since the great depression.

Nice bania brain you have. I think it's time to hedge my bets on Australian dollar, New Zealand dollar, and even Singapore dollar.

I play a little forex. Not too much it does cover some of my expenses.
 
Was there anything for the poor migrants and laborers or do they still get to walk home?
 
indians shouldn't hold their breath. the modi government is full of corrupt to the core people both at the union & state level not to mention, an extremely corrupt bureaucracy. that 20 lakh crore won't reach the public...most if not all will be gobbled up.
 
Dont you guys have words like arab or kharab to mention Money?
Arab is mainly used as Hindi translation of the word Billion
However in daily use it's mainly meant to denote billions of USD not billions of rupees
Since most Indians feel comfortable with crore as the biggest denomination

So this news translates as Modi announcing 20 lac crores or 270 Arab Dollars package
 
FM Nirmala Unveils India's Rs 20 Lakh Crore Package: FULL List Of First 15 Measures Here
On Wednesday, Union Finance Minister Nirmala Sitharaman unveiled the first set of fifteen measures of the massive financial package worth Rs.20 lakh crore.
Written By
Akhil Oka
Read: 'Aatmanirbhar Bharat Does Not Mean That India Is An Isolationist Country:' FM Sitharaman

Here are all the measures announced by the Finance Minister:
1. Rs. 3 lakh crore collateral-free automatic loans for business, including MSME-Emergency credit line extended to businesses including MSMEs from banks and NBFCs up to 20% of outstanding credit as on February 29,2020. This is set to benefit 45 lakh units.

15893689305ebbd8620c262.jpeg

2. Rs. 20,000 crore subordinate debt for MSMEs- Centre will facilitate the provision of Rs.20,000 crore as subordinate debt for stressed MSMEs. 2 lakh MSMEs are likely to benefit.

15893689545ebbd87a7e3e1.jpeg

3. Rs. 50,000 crore equity infusion through MSME Fund of Funds- As MSMEs face severe shortage of equity, the Fund of Funds with a corpus of Rs.10,000 crore shall be set up. This shall provide equity funding for MSMEs with growth potential and encourage them to get listed on the main board of Stock Exchanges.

15893689825ebbd896940eb.jpeg

Read: Major Relief For Central Agencies Contractors, RERA Timelines To Be Extended By 6-months

4. The new definition of MSMEs- The definition of MSMEs has been revised whereby investment limit shall be revised upwards. Also, an additional criteria of turnover is being introduced. Necessary amendments to the laws will be brought about.

15893690085ebbd8b052449.jpeg

5. Global tenders to be disallowed up to Rs. 200 crore- Global tenders shall be prohibited in government procurement tenders up to Rs.200 crore as Indian companies have faced unfair competition from foreign companies. This is a crucial step towards a self-reliant India.

15893691145ebbd91a5c44e.png

6. Other interventions for MSMEs- The Union government and Central Public Sector Enterprises will honour every MSME receivable in the next 45 days. E-market linkage shall be promoted as a replacement of trade fairs.

15893709605ebbe050bf40e.png

7. Rs. 2500 crore EPF support for business and workers for 3 more months- The payment of 12% of employer and 12% of employee contributions made into the EPF accounts of eligible establishments shall continue for the months of June, July and August. Overall, liquidity relief of Rs.2500 crore will be provided to 72.22 lakh employees.

15893690385ebbd8ce96285.jpeg

8. EPF contribution reduced for business and workers for 3 months- Statutory contribution of both employer and employee shall be reduced to 10% each from the existing 12% each for all establishments covered under EPFO. This move shall provide liquidity of Rs.6750 crore to employees and employers over a period of 3 months.

15893691715ebbd9537f7eb.png

9. Rs.30,000 crore liquidity facility for NBFCs/HFCs/MFIs- The Centre will launch a Rs.30,000 crore special liquidity scheme to provide liquidity support for NBFC/HFCs/MFIs and mutual funds, creating confidence in the market.

15893694945ebbda969953a.png

Read: Finance Min Lists Steps On PM's 'local' Push; To Disallow Global Tenders Up To Rs 200 Cr

10. Rs.45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs- The existing PCGS scheme will be extended to cover borrowings such as primary issuance of bonds/CPs of NBFCs, HFCs and MFIs. It shall result in liquidity of Rs.45,000 crore.

15893695275ebbdab79edcf.png

11. Rs.90,000 crore liquidity injection for DISCOMs- As the revenue of power distribution companies have plummeted, liquidity of Rs.90,000 crore shall be infused in DISCOMs against receivables.

15893696625ebbdb3eacaeb.jpeg

12. Extension of registration and completion date of real estate projects under RERA- The registration and completion date of all registered projects expiring on or after March 25, 2020, shall be extended suo-moto by 6 months. It can be extended by a further period of up to 3 months if required.

15893704335ebbde412ee4c.png

13. Rs.50,000 crore liquidity through TDS/TCS reductions- The Tax Deduction at Source for non-salaried specified payments made to residents and rates of Tax Collection at Source for the specified receipts shall be reduced by 25% of the existing rates. This measure shall be applicable from May 14 until March 31, 2021, releasing liquidity of Rs.50,000 crore.

15893707875ebbdfa38f938.png

14. Other direct tax measures- The due date of all Income Tax return for Fiscal Year 2019-20 shall be extended from July 31, 2020 and October 31, 2020 to November 30, 2020. Furthermore, the period of Vivad Se Vishwas scheme for making payment without additional payment will be extended to December 31, 2020.

15893712935ebbe19d1f796.png

15893713365ebbe1c8c0ece.png

15. Relief for contractors- All Central agencies such as Railways, Ministry of Road Transport and Highways shall extend construction work, service contracts etc. by 6 months.

15893700685ebbdcd49a2cb.png
 
Can someone post how much Ambani and Adani are getting? Is it 50% each?
 
Can someone post how much Ambani and Adani are getting? Is it 50% each?
Are they MSME?

If you didn't listen to FM's Press Conference cant you just read the post just above yours?

I know that you feel trolling is your birthright but please do some intelligent trolling.

And before you start calculating, this is just the first part. more measures will be announced.
 
Are they MSME?

If you didn't listen to FM's Press Conference cant you just read the post just above yours?

I know that you feel trolling is your birthright but please do some intelligent trolling.

And before you start calculating, this is just the first part. more measures will be announced.
I am happy that this govt isn't handing out free money. It's better to strengthen the MSMEs.
 
FM Nirmala Unveils India's Rs 20 Lakh Crore Package: FULL List Of First 15 Measures Here
On Wednesday, Union Finance Minister Nirmala Sitharaman unveiled the first set of fifteen measures of the massive financial package worth Rs.20 lakh crore.
Written By
Akhil Oka
Read: 'Aatmanirbhar Bharat Does Not Mean That India Is An Isolationist Country:' FM Sitharaman

Here are all the measures announced by the Finance Minister:
1. Rs. 3 lakh crore collateral-free automatic loans for business, including MSME-Emergency credit line extended to businesses including MSMEs from banks and NBFCs up to 20% of outstanding credit as on February 29,2020. This is set to benefit 45 lakh units.

15893689305ebbd8620c262.jpeg

2. Rs. 20,000 crore subordinate debt for MSMEs- Centre will facilitate the provision of Rs.20,000 crore as subordinate debt for stressed MSMEs. 2 lakh MSMEs are likely to benefit.

15893689545ebbd87a7e3e1.jpeg

3. Rs. 50,000 crore equity infusion through MSME Fund of Funds- As MSMEs face severe shortage of equity, the Fund of Funds with a corpus of Rs.10,000 crore shall be set up. This shall provide equity funding for MSMEs with growth potential and encourage them to get listed on the main board of Stock Exchanges.

15893689825ebbd896940eb.jpeg

Read: Major Relief For Central Agencies Contractors, RERA Timelines To Be Extended By 6-months

4. The new definition of MSMEs- The definition of MSMEs has been revised whereby investment limit shall be revised upwards. Also, an additional criteria of turnover is being introduced. Necessary amendments to the laws will be brought about.

15893690085ebbd8b052449.jpeg

5. Global tenders to be disallowed up to Rs. 200 crore- Global tenders shall be prohibited in government procurement tenders up to Rs.200 crore as Indian companies have faced unfair competition from foreign companies. This is a crucial step towards a self-reliant India.

15893691145ebbd91a5c44e.png

6. Other interventions for MSMEs- The Union government and Central Public Sector Enterprises will honour every MSME receivable in the next 45 days. E-market linkage shall be promoted as a replacement of trade fairs.

15893709605ebbe050bf40e.png

7. Rs. 2500 crore EPF support for business and workers for 3 more months- The payment of 12% of employer and 12% of employee contributions made into the EPF accounts of eligible establishments shall continue for the months of June, July and August. Overall, liquidity relief of Rs.2500 crore will be provided to 72.22 lakh employees.

15893690385ebbd8ce96285.jpeg

8. EPF contribution reduced for business and workers for 3 months- Statutory contribution of both employer and employee shall be reduced to 10% each from the existing 12% each for all establishments covered under EPFO. This move shall provide liquidity of Rs.6750 crore to employees and employers over a period of 3 months.

15893691715ebbd9537f7eb.png

9. Rs.30,000 crore liquidity facility for NBFCs/HFCs/MFIs- The Centre will launch a Rs.30,000 crore special liquidity scheme to provide liquidity support for NBFC/HFCs/MFIs and mutual funds, creating confidence in the market.

15893694945ebbda969953a.png

Read: Finance Min Lists Steps On PM's 'local' Push; To Disallow Global Tenders Up To Rs 200 Cr

10. Rs.45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs- The existing PCGS scheme will be extended to cover borrowings such as primary issuance of bonds/CPs of NBFCs, HFCs and MFIs. It shall result in liquidity of Rs.45,000 crore.

15893695275ebbdab79edcf.png

11. Rs.90,000 crore liquidity injection for DISCOMs- As the revenue of power distribution companies have plummeted, liquidity of Rs.90,000 crore shall be infused in DISCOMs against receivables.

15893696625ebbdb3eacaeb.jpeg

12. Extension of registration and completion date of real estate projects under RERA- The registration and completion date of all registered projects expiring on or after March 25, 2020, shall be extended suo-moto by 6 months. It can be extended by a further period of up to 3 months if required.

15893704335ebbde412ee4c.png

13. Rs.50,000 crore liquidity through TDS/TCS reductions- The Tax Deduction at Source for non-salaried specified payments made to residents and rates of Tax Collection at Source for the specified receipts shall be reduced by 25% of the existing rates. This measure shall be applicable from May 14 until March 31, 2021, releasing liquidity of Rs.50,000 crore.

15893707875ebbdfa38f938.png

14. Other direct tax measures- The due date of all Income Tax return for Fiscal Year 2019-20 shall be extended from July 31, 2020 and October 31, 2020 to November 30, 2020. Furthermore, the period of Vivad Se Vishwas scheme for making payment without additional payment will be extended to December 31, 2020.

15893712935ebbe19d1f796.png

15893713365ebbe1c8c0ece.png

15. Relief for contractors- All Central agencies such as Railways, Ministry of Road Transport and Highways shall extend construction work, service contracts etc. by 6 months.

15893700685ebbdcd49a2cb.png

Better than expected. There is good focus on MSME/employment-intensive sectors.

Let us see the implementation.
 
It means India's debt has increased by 10% of its current gdp. The reality is India's economy has collapsed.
 

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