Kerala govt to deliver liquor at doorstep for those with doctor prescription

New Delhi, Mar 25: The Indian Rail Catering and Tourism Corporation (IRCTC) on Wednesday appealed to the people not to cancel their e-tickets on their own in case of trains being cancelled by the national transporter due to nation-wide lockdown to help curb the spread of novel coronavirus pandemic.

Clearing the doubts of the railway passengers, IRCTC spokesperson Siddharth Singh said, "Doubts have been raised regarding cancellation of e-tickets subsequent to the halting of railway passenger trains.

"It may be submitted that for trains cancelled by the railways in its complete run, refund on e-tickets is full and automatic. In this case, no cancellation exercise is required to be done on the part of the user," he said.

The IRCTC official said that if user cancels his e-ticket in situations of train cancellations, there are chances he may get "less refund". "Hence passengers are advised not to cancel e-tickets on their own for those trains which have been cancelled by the railways," he said.

He also said that the refund amount will be credited to the user account used for booking e-tickets automatically and no charges will be deducted by the railways in case of train cancellation.

His remarks came as the national transporter announced the suspension of the passenger, mail and express services from March 23 till March 31. However, the railways extended the suspension of services till April 14 in the wake of the three week lockdown announced by Prime Minister Narendra Modi from March 25 during his second special address to the nation on Tuesday night.

The railways has cancelled over 13,600 passengers trains across the country in a bid to combat the spread of novel coronavirus. Only freight trains are running to ensure the supply of essential services. About 9,000 freight trains are transporting essential items every day across the country.

On Wednesday, India recorded 562 cases of COVID-19 with 10 deaths.

New Delhi, May 25: Realtors' apex body CREDAI has written a letter to Prime Minister Narendra Modi, seeking immediate relief measures to tide over the crisis caused by the COVID-19 pandemic.

The association, which has around 15,000 developer members, has sought one-time debt restructuring, lower interest rate on home loans and tax sops to boost liquidity and demand in the sector.

In an open letter to the prime minister, the Confederation of Real Estate Developers' Associations of India (CREDAI) said, "In this distressful situation arising out of the COVID-19 calamity, we in the real estate sector seek immediate relief for our survival."

Stating that the sector contributes substantially to the country's GDP and has backward and forward linkages with almost 250 industries, CREDAI said, "Our survival, therefore, is not just desirable, it is rather crucial for the economy."

Liquidity crunch, stagnant demand and cartelization of raw materials are major impediments for the industry to kickstart, it added.

CREDAI made seven recommendations to revive the sector and sought immediate intervention from the prime minister.

Pointing out that the situation is "much worse" than global financial crisis in 2008, CREDAI said "a one-time restructuring scheme as was permitted by RBI in 2008 may be quickly instituted by all lending institutions."

Since real estate was already reeling under a cyclical downturn before COVID-19, debt restructuring needs to be allowed for all accounts which were standard as on December 31, 2019, it added.

CREDAI demanded that all banks, non-banking financial companies (NBFCs) and housing finance companies (HFCs) should be directed to provide additional credit equal to 20 per cent of the existing real estate project related advances with no additional security and without the classification of project as NPA.

The penal interest charged by banks and financial institutions should be suspended for a period of one year or until such time as it takes for the pandemic to abate.

To revive housing demand, CREDAI suggested that "government should reduce the maximum rate of interest on new home loans to 5 per cent by subsidizing the interest component of EMIs for next five years."

The limit of principal deduction on housing loan under Section 80C should be increased to 2.5 lakh.

Interest deduction under Section 24 on housing loan for homebuyers may be increased to Rs 10 lakh, it said.

There should be no capital gains for residential properties held for a period longer than one year.

CREDAI also demanded that the subvention scheme be allowed again by National Housing Bank (NHB) and the Reserve Bank.

Under the scheme, builders used to pay EMIs on behalf of homebuyers during construction of projects.

"The economic uncertainty and job insecurity at the moment would not allow purchase of residential property at this time. A scheme whereby a homebuyer would need to pay only margin money with no EMI for 24 months will address this insecurity," the letter said.

The association pointed out that prices of cement and steel have been increased during the lockdown period, and asked for crackdown on cartelisation by manufacturers.

On the GST front, CREDAI said that the current regime of GST provides a rate of 1 per cent  for affordable housing.

"The limit of Rs 45 lakh serves as a criterion of affordability for the purpose of GST. On all other housing, GST is applied at the rate of 5 per cent without input tax credit. It has been felt that the criterion of Rs 45 lakh is too low an index of affordability anywhere across the country, and especially so in the metros," the letter said.

It will serve as an inducement to buyers in the metros if the benefit of GST at the rate of 1 per cent is extended to units costing up to Rs 75 lakh, the association said.

CREDAI pointed out that the flat rate of 5 per cent GST for under construction residential housing is causing cost build up and is acting as a deterrent for sale of under construction projects since there is no GST on completed units.

It suggested that GST rate of 1 per cent and 5 per cent, without input tax credit, should continue.

"However, an option of GST @12 per cent for normal housing/ 8 per cent for affordable housing (with 1/3rd deduction for land i.e. effective GST rate of 8 per cent for normal housing and effective GST rate of 5 per cent for affordable housing) with input tax credit (ITC) benefits in line with the scheme applicable for the works contracts for government may be revived and made applicable to the real estate," the letter said.

Lastly, CREDAI demanded that a Rs 25,000 crore stress fund for completing stalled housing projects should be deployed at the earliest.

"We shall be grateful for your much-needed intervention for the above mentioned measures required to revive the real estate sector," CREDAI said in the letter to the PM.

New Delhi, May 3: Union Health and Family Welfare Minister Dr Harsh Vardhan on Sunday said that India's COVID-19 mortality rate of 3.2 per cent is the lowest in the world and over 10,000 coronavirus patients have been discharged from hospitals after recovering from the disease so far.

"Today more than 10,000 COVID-19 patients have been discharged. Those still admitted at hospitals are on the road to recovery. If in last 14 days doubling rate was 10.5 days, then today it is around 12 days," the Minister told ANI after visiting Lady Hardinge Hospital.

"Our mortality rate of 3.2 per cent is the lowest in the world," he said.

With 2,644 more COVID-19 cases and 83 deaths in the last 24 hours, the number of people infected from coronavirus in the country has reached 39,980 including 1,301 deaths, said the Union Ministry of Health and Family Welfare on Sunday.

Currently, there are 28,046 active cases while 10,633 COVID-19 positive patients have been cured/discharged.