Self Reliant India Scheme

The Prime Minister of India announced a relief package of INR 20 lakh crore (20 trillion) (10% of the GDP) to revive the economy from COVID-19. Following this, the Finance Minister announced the measures to be included, along the five pillars of economy, infrastructure, system, vibrant demography and demand. The summary of measures is: 1. INR 3 lakh crore (3 trillion) Emergency Working Capital Facility for Businesses, including micro, small and medium enterprises (MSMEs) 2. INR 20,000 crore (200 billion) Subordinate Debt for Stressed MSMEs 3. INR 50,000 crore (500 billion) equity infusion through MSME Fund of Funds 4. New Definition of MSME and other Measures for MSME 5. No Global tenders for Government tenders of up to INR 200 crore (2 billion)6. Extending the Employees Provident Fund (EPF) Support for business and organised workers for another 3 months for salary months of June, July and August 2020 7. EPF Contribution to be reduced for employers and employees for 3 months to 10% from 12% for all establishments covered by Employees Provident Fund Organisation (EPFO) for next 3 months 9. INR 30,000 crore (300 billion) Special Liquidity Scheme for Non-Banking Financial compnaies (NBFC), Housing Finance Companies (HFCs) and Microfinance Institutions (MFIs) 10. INR 45,000 crore (450 billion) Partial credit guarantee Scheme 2.0 for Liabilities of NBFCs/MFIs 11. INR 90,000 crore (900 billion) Liquidity Injection for power distribution companies (DISCOMs) 12. Relief to contractors given by extension of up to six months for completion of contractual obligations, including in respect of engineering, procurement, construction and concession agreements. 13. Relief to Real Estate Projects: the registration and completion date for all registered projects will be extended up to six months. 14 .Tax relief to business as pending income tax refunds to charitable trusts and non-corporate businesses and professions to be issued immediately 15. Reduction in Rates of ‘Tax Deduction at Source’ and ‘Tax Collected at Source” by 25% for the remaining period of FY 20-21 16. Due Dates for various tax related compliances extended

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