Nirmala Sitharaman LIVE updates: Rs 1.7 lakh crore relief package announced; money to transfer directly to the poor

Finance Minister Nirmala Sitharaman held a press conference at 1 p.m. Thursday. This is his second address to the media in the space of a week. The finance minister is expected to announce a much-anticipated relief package for the coronavirus-hit economy. During her previous press conference, the finance minister said that an economic package was under consideration and could be announced sooner rather than later. Industry leaders and workers are turning to the package as businesses have been hit hard amid the nationwide lockdown, which will last more than 20 days from now.

Read also: Covid-19: No regulatory relief; Nirmala Sitharaman asks banks to take a hit instead

Also read: No fees on cash withdrawals from ATMs of any bank for 3 months: FM Nirmala Sitharaman

Follow Nirmala Sitharaman’s press conference updates here:

2:12 p.m.: While DBT transfers will put a lot of pressure on banks, MHA has now announced that banking services are essential and will remain operational and will be exempt from the lockdown: FM Sitharaman

2:07 p.m.: Today’s measures target people who are in immediate need of food, cash and cooking gas, FM Sitharaman said.

2:05 p.m.: These announcements will be implemented immediately, FM Sitharaman said.

2:01 p.m.: Asking state governments to use district mining funds for coronavirus testing and medicine: FM Sitharaman

1:58 p.m.: Workers welfare fund of Rs 31,000 crore to be used for construction workers. We plan to order state governments to help 3.5 million construction workers for this purpose: FM Sitharaman

1:53 p.m.: This will benefit 4.8 million workers – PF scheme regulations will be amended due to coronavirus to allow employees to receive a non-refundable advance of 75% of the amount to be credited or 3 months salary, whichever is lower : FM Sitharaman

1:50 p.m.: Under Prime Minister Gareeb Kalyan, the government will pay the EPF contribution for both employer and employee for the next 3 months. This concerns establishments with up to 100 employees of which 90% earn less than Rs 15,000 per month: FM Sitharaman

1:48 p.m.: Under National Rural Livelihood Mission scheme, guaranteed loans will be doubled to Rs 20 lakh for women: FM Sitharaman

1:45 p.m.: Women in the Ujjwala program will receive free cylinders for the next 3 months. It will benefit families of 8.3 crore BPL: FM Sitharaman

1:44 p.m.: Women holding a Jan Dhan account will receive Rs 500 in their accounts so that they can take care of their household. This will happen for the next 3 months: FM

1:42 p.m.: The finance minister said 8.69 million farmers will immediately benefit from direct cash transfers. A payment of Rs 2000 in the first week of April will be transferred.

1:40 p.m.: Per person 5 kg of rice or 5 kg of wheat free of charge for 3 months; 1 kg of pulses per household according to regional preference: FM Sitharaman

1:39 p.m.: Rs 2,000 to be immediately transferred first week of April to farmers: FM Sitharaman

1:38 p.m.: Cash transfer to be discussed:

  • 1. Farmer:
  • 2.MNREGA
  • 3.Widows/Retirees
  • 4. Jan Dhan Yojana
  • 5. Ujwala Program
  • 6. Self-Help Women’s Groups
  • 7. Organized sector workers (EPFO)/construction workers

1:35 p.m.: The Minister of Finance announces 5 kg of rice or wheat free of charge for the needy.

1:30 p.m.: “No one will go hungry. PM Gareeb Kalyan Scheme package is worth Rs 1.7 lakh crore”: Finance Minister Nirmala Sitharaman

1:26 p.m.: The Minister of Finance thanks frontline workers and expresses her gratitude to ASHA workers, doctors, healthcare workers and paramedics. She advertises insurance coverage for them of Rs 50 lakh per person.

1:20 p.m.: The government is trying to help those affected, especially migrant workers. We came with a welfare program to help the poor and those in need of immediate assistance: FM Sitharaman.

1.15pm: QUICK RECAP – Rs 15,000 crore to health workers

Prime Minister Modi has announced Rs 15,000 crore to boost health infrastructure in India. In his address to the nation, Prime Minister Modi said the fund will be used to expand health infrastructure in the country, increase the number of beds, test kits and even train professionals to fight the disease.

1:05 p.m.: QUICK RECAP – DBT to construction workers

The Department of Labor said it would use the Rs 52,000 crore cessation fund to provide relief to construction workers through Direct Benefit Transfer (DBT). There are 3.5 million construction workers registered with construction welfare boards.

1:00 p.m .: Sonia Gandhi beats for the postponement of EMI

Sonia Gandhi has written to Prime Minister Modi urging the government to postpone NDEs for 6 months. “The Center could consider postponing all IMEs for 6 months; interest charged by banks for this period can therefore be waived. All loan disbursement deductions from government employee salaries can also be deferred for six months,” wrote Sonia Gandhi.

12:55 p.m.: QUICK RECAP — GST filing deadline extended

At its latest press conference, FM announced that the deadline for filing TPS returns for March, April and May has been extended to June 30. The previous filing date for GST returns was March 31, 2020. The deadline for GST composition returns has also been extended to June 30.

12:50 p.m.: QUICK RECAP – No fees on ATM transactions

The minister announced at her last press conference that all debit card holders can withdraw money from any bank for free. It was announced as the nation was under lockdown and people could only withdraw money from the nearest bank or ATM.

12:48 p.m.: QUICK RECAP – Income tax deadline extended

The Minister of Finance has announced that the deadline for filing tax returns has been extended due to the coronavirus. The deadline that was previously March 31 will now be June 30.

12:45: QUICK RECAP – Extended PAN-Aadhaar bonding delay

During her last press conference, Finance Minister Sitharaman announced a series of measures to help combat the impact of the coronavirus. It has extended the PAN and Aadhaar card linking deadline from March 31 to June 30.

12:40 p.m.: The Ministry of Finance announces that the Minister of Finance will hold a press conference at 1 p.m.

Comments are closed.