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Aatma Nirbhar Bharat Package – Progress So Far

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  1. Rs. 1,500 crore Interest Subvention for MUDRA-Shishu  Loans:

The current portfolio of MUDRA-Shishu loans is Rs 1.62 lakh crore (Maximum loan amount of Rs. 50,000). The Cabinet approved the Scheme on 24.6.2020 and guidelines of the Scheme were issued on 26.6.2020. However, 86% of eligible accounts were on moratorium till 31. 8.2020. Budget allocation of Rs. 1,232 crore made for FY 2020-21 and Rs. 120 crore released to SIDBI on 7th September 2020.

  1. Rs 2 lakh crore Concessional credit boost to 2.5 crore farmers through Kisan Credit Cards in a Special Drive
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In Phase I, 58.12 lakh KCC cards with KCC limit of Rs. 46,330 crore had been sanctioned.

Under Phase II, as on 25th September 2020, a total number of 83.03 lakh KCC with KCC limit of Rs. 78,999.80 crore has been sanctioned. Following is the break-up of this 80.46 lakh KCC sanctioned in Phase II:

Area in which KCC sanctioned                   Number of KCC sanctioned

    1. Crop Loan                                                                    – 70.31 lakh
    2. Crop loan with AH or fisheries ac                          – 1.92 lakh
    3. Dairy                                                                             – 2.97 lakh
    4. Poultry, cattle & sheep rearing, etc                         – 21,961
    5. Fisheries                                                                        -10,622
  1. Rs 50,000 crore liquidity through TDS/TCS rate reduction:

Legislative amendments to give effect to this announcement was incorporated in The Taxation and Other Laws (Relaxation and Amendment of Certain provisions) Bill, 2020 which was introduced in the Lok Sabha on 18th September 2020.  After, the assent of Hon’ble President ,The Taxation and Other Laws (Relaxation and Amendment of certain provisions) Act, 2020 has been notified on 29th September,2020.

  1. Other Direct Tax Measures:

During the Current Financial Year, a number of 33, 53,898 refunds amounting to Rs.1,18,324 crore have been issued. Remaining refunds are under process.

Under the ANBP, the following was announced:

    1. Due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October, 2020
    2. Date of assessments getting barred on 30th September, 2020 will be extended to 31st December, 2020 and those getting barred on 31st March, 2021 will be extended to 30th September, 2021.
    3. Period of Vivad se Vishwas Scheme for making payment without additional amount will  be extended to 31st December, 2020.

Legislative amendments to give effect to these announcements were incorporated in The Taxation and Other Laws (Relaxation and Amendment of Certain provisions) Bill, 2020 which was introduced in the Lok Sabha on 18th September 2020. After, the assent of Hon’ble President , The Taxation and Other Laws (Relaxation and Amendment of certain provisions) Act, 2020 has been notified on 29th September,2020.

  1. Further enhancement of Ease of Doing business through IBC related measure :

The Government has raised the threshold of default under section 4of the IBC, 2016 to 1 crore (from the existing threshold of Rs 1 lakh) vide Notification dated 24.6.2020.

A special resolution under section 240A of the Code, to provide relief to the MSMEs is being finalized and the same would be notified soon.

Insolvency and Bankruptcy Code (Second Amendment) Act, 2020 has been notified on 23rd September, 2020 with effect from 5th June, 2020 thereby providing insertion of Section 10A in the Insolvency and Bankruptcy Code 2016 (Code) to temporarily suspend initiation of Corporate Insolvency Resolution Process (CIRP) under Sections 7, 9 and 10 of the Code for a period of six months or such further period, not exceeding one year, from 25th March, 2020. The benefit of the proposed suspension will be available to all those defaults of the corporate debtor that occur from 25th March 2020 and till the end of the period of suspension. Further, such defaults arising between the 25th March, 2020 and till the completion of the suspension period will remain as non-est for the purpose of initiation of CIRP under the Code as a permanent carve-out. Section 66 of the Code is also amended to disallow the resolution professional from filing application of action against the directors or partners of the corporate debtor with respect of such default.

10. Decriminalization of Companies Act defaults:

The Companies (Amendment) Bill, 2020, has been passed by Lok Sabha on 19th September, 2020 and by Rajya Sabha on 22nd September, 2020.  After, the assent of Hon’ble President , The Companies ( Amendment) Act,2020  has been notified on 28th September, 2020.

  1. Ease of Doing Business for Corporates :

The Companies (Amendment) Bill, 2020, has been passed by Lok Sabha on 19th September, 2020 and by Rajya Sabha on 22nd September, 2020.  After, the assent of Hon’ble President , The Companies ( Amendment) Act,2020  has been notified on 28th September, 2020.

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