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Nirmala Sitharaman announces Rs 1.7 lakh crore plan to contain coronavirus spread: Key updates – Times of India

NEW DELHI: Union finance minister Nirmala Sitharaman on Thursday introduced a complete financial bundle to cope with the impression of lethal coronavirus outbreak. Earlier on Tuesday, Sitharaman had relaxed timelines for submitting revenue tax (I-T) returns and raised default thresholds for invoking chapter proceedings.
Here are the highest updates from the finance minister’s briefing:
* Rs 1.7 lakh crore bundle is for individuals who are in “immediate need” with an purpose to get cash of their arms
* Insurance cowl: Rs 50 lakh per particular person for frontline warriors (sanitation, ASHA or authorities staff)
* Garib Kalyan Anna Yojana: 5 kg of wheat/rice per particular person might be given for subsequent three months as well as to the 5 kg which is already given; 1 kg of pulse per family
* Cash switch primarily based on DBT (direct profit switch):
i) Farmers, who get Rs 6,000 yearly below PM-Kisan, will get first inslatment of Rs 2,000 as well as and it is going to be given instantly within the first week of April.
ii) MGNREGA: Wages below the scheme has been elevated (Rs 2,000 per employee on common as extra revenue)
iii) Widow, poor widows, poor, ‘divyang’ and senior residents: Ex-gratia Rs 1,000 (to be given in two instalment)
iv) Women Jan Dhan Yojana: Ex-gratia quantity of Rs 500 per thirty days (subsequent three months)
v) Ujjwala Scheme: For subsequent three months, free cylinders might be given to those that are enrolled within the scheme
vi) Self-help group ladies coping with livelihood missions: Amount elevated to Rs 20 lakh from Ra 10 lakh
vii) Organised sector: Govt to pay EPF contribution (each employer and worker) for subsequent three month for these institutions which have up to a 100 staff and 90% staff incomes lower than Rs 15,000
Workers can withdraw up to 75% from the PF funds (non-refundable advance) or three months of wages (whichever is decrease)
viii) Constructions staff: The Centre directed state governments to use fund of Rs 31,000 crore to present reduction
ix) District mineral fund: State authorities can use the fund to deal with the coronavirus unfold
The finance minister talked about that these measures and allocations might be accomplished on an “immediate” foundation.
Prime Minister Narendra Modi final week had constituted a job power — headed by the finance minister — to work out bundle for financial system hit by coronavirus.
Coronavirus instances in India crossed 600-mark as authorities beefed up preparedness to struggle the pandemic. The quantity of deaths throughout the globe from the novel virus crossed 19,000. Complete lockdown of your complete nation is underway for 21 days to halt the unfold of coronavirus.

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