Finance minister Nirmala Sitharaman takes stock of the implementation of key announcements by the ministries of finance and corporate affairs as part of the Rs 20 lakh crore Covid19 relief package. ET takes a look:
Insolvency & bankruptcy code changes for ease of business:
Initiation of insolvency resolution process suspended for 1 year
Special insolvency resolution for MSMEs to be notified soon
Default threshold for IBC application raised to Rs 1 crore from Rs 1 lakh
Local procurement:
Global bids disallowed in govt procurement tenders up to Rs 200 cr
Relief to contractors:
6-month extension for completing contractual obligations
Invocation of Force Majeure Clause (FMC) allowed
No cost/ penalty imposed on contractors
Performance security returned to contractor/suppliers proportional to work done
Support to states:Borrowing limits for states raised to 5% from 3% for 2020-21
Additional borrowing of 2% of projected GSDP for 2020-21 allowed
States to get extra resources of Rs 4.28 lakh crore
Credit to MSMEs:Rs 3 lakh crore collateralfree loans under ECLGS
From May 25 till July 9: Public sector banks sanctioned Rs 68,145 crore, disbursed Rs 38,372 crore
Pvt banks sanctioned Rs 51,954 crore, disbursed Rs 23,615 crore
Tax relief measures:
TDS/TCS rate reduction by 25%
I-T returns deadline extended till
November 30 for AY 2020-21
Vivaad Se Vishwas can be availed till year end
Speedy refunds of Rs 62,361 crore issued to 20.44 lakh cases as of June 30
Relief for MFIs/HFCs/NBFCs:
As on July 7: SBICAP received 24 applications
Seeking Rs 9,875 crore of financing
Rs 30,000 crore special liquidity scheme -first application approved, remaining being considered.


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