The Union Finance Minister of India, Nirmala Sitharaman recently addressed a press conference on various statutory and regulatory compliance factors. These pertain to the ongoing Coronavirus pandemic, that has recently taken a hit on India. The country has almost completely shut down many major cities and imposed a curfew on many states. The date for linking your Aadhaar and PAN cards has now been extended till June 30. The additional 10 percent payment has been waived off. Further, the Vivad se Vishwas Scheme has also been extended to the same date. The deadline of the Sabka Vishwas scheme has now also been extended till June 30, 2020.
“The lockdown has been done with the intention of flattening that curve of coronavirus’ spread. Therefore, I must appreciate you all for joining us today. We are close to coming up with an economic package, which will be announced soon,” said Sitharaman.
Watch: Samsung Galaxy Z Flip Review
Apart from the deadline extension for Aadhaar-PAN linking, there were many more new updates. The minister also announced that debiting money from the ATMs of other banks will not incur any extra cost for the next three months. Further, the minimum balance charges of bank accounts have been waived off too. She also mentioned that people should go to banks only when absolutely necessary and avoid crowding to avoid spreading the Coronavirus.
Further, the IBC Section 7, 9 and 10 may be suspended for up to six months to stop companies from being forced to insolvency. Moreover, the existing threshold of Rs 1 lakh has now been increased to Rs 1 crore to protect MSMEs. For a director in any company, less than a minimum residency of 182 days will not be treated as a violation anymore. The last date of income tax returns will now also be extended to June 30. Interest rates for delayed payments have been cut down.
Coronavirus update in India
The changes are heavily affected by the ongoing Coronavirus pandemic. The disease so far has 3,78,414 cases globally and 511 cases in India. India’s death toll due to the disease recently came to 10 people.