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In a bid to help struggling small businesses in Covid-19 times, Facebook has introduced Shops to help set up a single online store for customers to access on both Facebook and Instagram.

While Facebook Shops is being rolled out from Wednesday, the company will introduce Instagram Shop, a new way to discover and buy products in Instagram Explore, this summer, starting in the US.

The social networking giant also announced that it will invest in features across its family of apps to inspire people to shop and make buying and selling online easier.

"Creating a Facebook Shop is free and simple. Businesses can choose the products they want to feature from their catalogue and then customise the look and feel of their shop with a cover image and accent colours that showcase their brand," Facebook said in a statement late Tuesday.

Any seller, no matter their size or budget, can bring their business online and connect with customers wherever and whenever it's convenient for them.

People can find Facebook Shops on a business' Facebook Page or Instagram profile, or discover them through stories or ads.

"From there, you can browse the full collection, save products you're interested in and place an order — either on the business' website or without leaving the app if the business has enabled checkout in the US," informed the company.

Last month, Facebook announced $40 million in grants for 10,000 small businesses in the US to help them get through these challenging time.

The grants will go to small businesses in 34 locations where Facebook employees live and work.

The company said that in Facebook Shops, users will be able to message a business through WhatsApp, Messenger or Instagram Direct to ask questions, get support, track deliveries and more.

In the future, they will be able to view a business' shop and make purchases right within a chat in WhatsApp, Messenger or Instagram Direct.

Later this year, Facebook will add a new shop tab in the navigation bar, so people can get to Instagram Shop in just one tap.

Facebook said it is making it easier to shop for products in real time.

Soon, sellers, brands and creators will be able to tag products from their Facebook Shop or catalogue before going live and those products will be shown at the bottom of the video so people can easily tap to learn more and purchase.

"We're starting to test this with businesses on Facebook and Instagram, and we'll roll it out more broadly in the coming months," said the company.

Facebook is also working with partners like Shopify, BigCommerce, WooCommerce, ChannelAdvisor, CedCommerce, Cafe24, Tienda Nube and Feedonomics to support small businesses.

New Delhi, Jun 12: The Supreme Court on Friday asked Solicitor General Tushar Mehta to convene a meeting of the Finance Ministry and RBI officials over the weekend to decide whether interest incurred on EMIs during the moratorium period can be charged by banks.

A bench comprising Justices Ashok Bhushan, Sanjay Kishan Kaul and M.R. Shah queried Mehta as the court was concerned since the Centre has deferred loan for three months.

"Then how can interest of these 3 months be added?" the apex bench asked. Mehta replied: "I need to sit down with the RBI officials and have a meeting."

SBI's counsel, senior advocate Mukul Rohatgi, intervened during the proceedings and said "all banks are of the view that interest cannot be waived for a six month EMI moratorium period".

"We need to discuss it with the RBI," insisted Rohatgi.

Justice Bhushan then asked Mehta to convene a meeting of the RBI and Finance Ministry officials over the weekend, and listed the matter for further hearing on June 17.

The top court, during the hearing, indicated that it was not considering a complete waiver of interest but was only concerned that postponement of interest shouldn't accrue further interest on it.

After the RBI said the waiver of interest charges on EMIs during moratorium will lead to loss of 1 per cent of the nation's GDP, the top court had earlier asked the Finance Ministry to reply, whether the interest could be waived or it would continue during the moratorium period.

The top court said these are not normal times, and it is a serious issue, as on one hand moratorium is granted and then, the interest is charged on loans during this period.

"There are two issues in this (matter). No interest during the moratorium period and no interest on interest," said Justice Bhushan. The observation from the bench came on a petition by Gajendra Sharma, in which he sought a direction to declare portion of the RBI's March 27 notification as ultra vires to the extent it charged interest on the loan amount during the moratorium period.

The GST Council is unlikely to make major changes in the indirect tax structure at its next meeting slated mid June.

A top government source said that the Centre is not in favour of increasing tax rates on any goods or service as it could further impact consumption and demand that is already suppressed due the COVID-19 pandemic and lockdown.

It was widely expected that the GST Council could consider raising tax rates and cess on certain non-essential items to boost revenue for states and the Centre. Several states have reportedly taken an over 80-90 per cent hit in GST collections in April, the official data for which has not yet been released by the Centre.

"The need of the hour is to boost consumption and improve demand. By categorising items into essential and non-essential and then raising taxes on non-essential is not what Centre favours. But, the issue on rates and relief will be decided by the GST Council that is meeting next month," the finance ministry official source quoted above said.

The GST Council is chaired by the Union finance minister and thus the views of the Centre play out strongly in the council meetings.

However, the Council will also have to balance the expectations of the states whose revenues have nosedived after the coronavirus outbreak and wide scale disruption to businesses while they have still not been paid GST compensation since the December-January period.

To the question of wider scale job losses in the period of lockdown as businesses get widely impacted, the official said that the Finance Ministry has asked the labour ministry to collect data on job losses during Covid-19 and is constantly engaging with the ministry to oversee job losses and salary cuts.

On restrictions put on Chinese investment in India, the official clarified that no decision had yet been taken to restrict China through the Foreign Portfolio Investment (FPI) route.

Asked about monetising government debt, the official said that the issue would be looked at when we reach a stage. It has not come to that stage yet.

In the government's over Rs 20 lakh crore economic package, the official defended its structure while suggesting that comparisons with the economic packages of other countries should not be drawn as India's needs were different from others.

"We have gone in more reforms that is needed to give strength to the economy. This is required more in our country," the official source said.