Finance Minister announces Rs 3 lakh crore collateral free automatic loan for businesses

Agencies
May 13, 2020

New Delhi, May 13: Finance Minister Nirmala Sitharaman on Wednesday announced Rs 3 lakh crore collateral-free automatic loan for businesses, including MSMEs.

This will benefit 45 lakh small businesses, she said detailing parts of the Rs 20 lakh crore economic stimulus package.

The loan will have 4-year tenure and will have a 12-month moratorium, she said.

Also, Rs 20,000 crore subordinated debt will be provided for stressed MSMEs, she said adding this would benefit 2 lakh such businesses.

The Finance Minister said a fund of funds for MSME is being created, which will infuse Rs 50,000 crore equity in MSMEs with growth potentials.

Also, MSME definition has been changed to allow units with investment up to Rs 1 crore to be called micro-units in place of Rs 25 lakh now.

Also units with turnover up to Rs 5 crore to be called micro-units, she said, adding a turnover based criteria is being introduced to define small businesses.

The investment and turnover limits for small and medium businesses have likewise been raised to allow them to retain fiscal and other benefits, she said.

Global tenders will be banned for government procurement up to Rs 200 crore, she said, adding this would help MSMEs to compete and supply in government tenders.

Comments

JM
 - 
Thursday, 14 May 2020

Fully automatic loan..... not reachable to poor needy......

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Agencies
February 5,2020

New Delhi, Feb 5: Delhi High Court on Wednesday stated that that death warrant of all convicts in the Nirbhaya gangrape and murder case should be executed together.

The Delhi prison rules do not state whether when the mercy petition of one convict is pending, the execution of the other convicts can take place and from the trial court to Supreme Court all convicts have been held by a common order and a common judgment, Justice Suresh Kumar Kait observed while passing the order.

High Court dismissed the Central government and Tihar Jail authorities plea challenging the Patiala House court's order, which stayed the execution of the four convicts in the case. It also observed that the convicts indulged in a heinous offence of a bone-chilling rape and murder of a girl and that criminal appeals by all convicts were dismissed by the courts.

Moreover, the court observed that the review petitions were filed after long wait and convicts are taking shelter of Article 21 which is available to them till their last breath.

A single-judge bench of Justice Suresh Kumar Kait had on Sunday kept the order reserved in the matter after special hearing of two days.

Earlier, Solicitor General Tushar Mehta, appearing on behalf of the Centre, alleged that the convicts were deliberately delaying the execution, adding that any delay in death sentence will have a dehumanising effect on the convicts.

A Delhi court last week stayed till further orders the execution of the four convicts -- Akshay Thakur, Mukesh Singh, Pawan Gupta, and Vinay Sharma -- which was earlier scheduled to take place on February 1.

The case pertains to the gang-rape and brutal murder of a 23-year-old paramedical student in a moving bus on the night of December 16, 2012, by six people, including a juvenile, in Delhi. The woman had died at a Singapore hospital a few days later.

One of the five adults accused, Ram Singh, had allegedly committed suicide in the Tihar Jail during the trial of the case.

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News Network
January 23,2020

Patna, Jan 23: "They should go wherever they want," Bihar Chief Minister and JDU supremo Nitish Kumar said on Thursday when asked of Prashant Kishor and Pavan Verma's repeated questions about the party's stand's on the newly enacted Citizenship Act.

"It is their personal decision. They should go wherever they want. We don't have an objection. Don't look at JDU in the context of statements by some people. JDU works with determination. We have a clear stand and don't have any confusion," the Chief Minister told reporters here.

"If they have something to tell, they should come and discuss it within the party. They should go wherever they want. They have my good wishes," he said.

JDU spokesperson and national general secretary Pavan Verma has questioned his party's alliance with the BJP in Delhi Assembly polls while Kishor has more than once made his differences with the party known on the issue of the amended Citizenship Act, and National Register of Citizens.

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News Network
March 16,2020

Mar 16: A fourth batch of 53 Indians returned to India from Iran on Monday, taking the total number of people evacuated from the coronavirus-hit country to 389.

This comes a day after over 230 Indians were brought back from Iran to New Delhi and quarantined at the Indian Army Wellness Centre in Jaisalmer, the third batch to be evacuated from that country.

"Fourth batch of 53 Indians - 52 students and a teacher - has arrived from Tehran and Shiraz, Iran. With this, a total of 389 Indians have returned to India from Iran. Thank the efforts of the team @India_in_Iran and Iranian authorities," Jaishankar tweeted.

The Indians came in a Mahan Air flight that landed at the Delhi airport at around 3 am, officials said, adding that they were later taken to Jaisalmer in an Air India flight for being quarantined.

The first batch of 58 Indian pilgrims were brought back from Iran last Tuesday and the second group of 44 Indian pilgrim arrived from there on Friday.

Iran is one of the worst-affected countries by the coronavirus outbreak and the government has been working to bring back Indians stranded there. Over 700 people have died from the disease in Iran and nearly 14,000 cases have been detected.

Jaishankar had told Rajya Sabha last week that the government was focusing on evacuating Indians stranded in Iran and Italy as these countries are facing an "extreme situation".

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