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LIVE: Press Conference by Union Finance Minister Nirmala Sitharaman - GST Station

LIVE: Press Conference by Union Finance Minister Nirmala Sitharaman

    6:35 PM- The higher surcharge will continue to be applicable to Higher Net Worth Individuals (HNIs), but it will be reviewed after the 75th Independence Day, said FM Sitharaman.

    6:19 PM- The approximate revenue implication for the FPIs and domestic investors will be around Rs 1,400 crore, said Revenue Secretary Ajay Bhushan Pandey.

    6:14 PM- BS-IV vehicles purchased upto March 2020 will remain operational till their lifetime.

    6:12 PM- Government will consider various measures, include a scrappage policy, but only because we need to create the necessary infrastructure for it, said FM Sitharaman.

    6:02 PM- Finance Minister is working to bring offshore rupee market to domestic stock exchanges.

    6:01 PM- Will resolve to deepen the bond market, said FM Sitharaman.

    6:01 PM- Will resolve to deepen the bond market, said FM Sitharaman.

    6:00 PM- The government will take action for the development of the credit-default swap market.

    5:58 PM- There will be one definition for an MSME, through which companies could now feel with their business activities. It will be passed to Cabinet.

    5:56 PM- The request GST refunds coming from MSMEs henceforth will now be cleared within 60 days of intimation, said FM Sitharaman.

    It has been decided that enchanced surcharge levied on long term and short term capital gains on equities goes, said FM Sitharman.

    5:51 PM- NFBCs will now be able to use Aadhaar-authenticated KYCs to simplify the taking up of credit, said FM Sitharaman.

    5:47- Surcharge on FPIs and domestic investors revoked.

    5:46 PM- Public Sector Banks will ensure the return of loan documents to customers within 15 days of the closure of a loan, said FM Sitharman.

    5:45 PM- Banks have decided to launch repo-rate linked products, said Finance and Corporate Affairs Minister Nirmala Sitharaman.

    5:45 PM- Banks have agreed to pass on all Repo Rate cuts into their MCLR, said FM Sitharaman.

    5:44 PM- An additional capital of Rs 70,000 crore has been sanctioned for banks, which will enable loans worth Rs 5 lakh crore, said FM Sitharaman.

    5:42 PM- Section 56 2(b) Of I-T Act not to be applicable for startups registered with DPTIT, said FM Sitharaman.

    5:41 PM- The surcharge on FPIs and domestic investors goes, says Finance Minister.

    5:38 PM- It has been enchanced surcharge levied on long term and short term capital gains, said FM Sitharman.

    5:37 PM- All assessments will be cleared in three months, said FM Sitharaman.

    5:36 PM- Issue of I-T orders, summons and letters etc shall now go through a centralised system from October 1, said FM Sitharaman.

    5:32 PM- We have shifted 16 sections from prosecution to monetary penalties, said FM Sitharaman.

    5:31 PM- We have introduced the fixed-term employment, and announced relaxations ESIC. Faster and easier approvals for mergers and acquistions, and revision of rules for differential voting rights were also announced, said FM Sitharaman.

    5:29 PM- Will meet the GSTN to remove further glitches in the GST, said FM Nirmala Sitharaman.

    5:28 PM- We are moving towards pre-filed I-T returns, and faceless scrutiny of taxation is going to be coming in by Vijayadashmi, said FM Sitharaman.

    5:25 PM- We have not lost the momentum, we are keeping it high on the agenda, said FM Sitharaman.

    5:16 PM- The liquidity crisis that is grappling the Indian economy is an unprecedented situation, Rajiv Kumar, vice-chairman NITI Aayog, said on August 22. “In the last 70 years nobody had faced this sort of situation where the entire financial system is under threat, and nobody is trusting anybody else within the private sector. Nobody is ready to lend, everyone is sitting on cash,” Kumar said. A persistent liquidity crunch among India’s shadow banks, which are among the major sources of financing, has disrupted India’s financial system and has been one of the reasons behind the current economic slowdown.

    5:14 PM- Moody’s Investors Service on Friday cut India’s GDP growth forecast for 2019 calendar year to 6.2 percent from the previous estimation of 6.8 percent. For 2020 calendar year, it reduced the estimate by a similar measure to 6.7 percent. In a statement, it said the weaker global economy has stunted Asian exports and the uncertain operating environment has weighed on investment.

    Source- PIB.