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Economic package soon, ATM withdrawals free for 3 months: Sitharaman announces COVID-19 relief measures

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Union Finance Minister Nirmala Sitharaman on Tuesday said work is going on and the Government is very close to coming up with an economic relief package that will be announced soon amid the Coronavirus pandemic.

“We have come up with a comprehensive plan about statutory and regulatory compliance matters,” said Sitharaman during a media presser on Tuesday.

“The lockdown has been done with an 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,” she added.

The Finance Minister further announced that the last date for income tax returns for the financial year 2018-19 has been extended from March 31 to June 30. She said she will be making announcements on income tax, customs, the Insolvency and Bankruptcy Code (IBC)-related matters, bank-related compliances, fisheries, among other things. She added that for the delayed payments, interest rate has been reduced from 12 percent to 9 percent.

Aadhaar-PAN linking date has been extended to June 30, 2020. Earlier the deadline for Aadhaar-PAN linking was March 31, 2020.

Sitharaman also said the interest rate on delayed deposit of TDS has been reduced. No extra 10 percent interest will be charged between now and 30 June, the minister said.

“Interests for delayed deposit of TDS reduced to 9% from 18%,” said Sitharaman.

The last date for filing March, April and May 2020 GST returns has been extended to June 30, 2020. She added that different staggering dates will be applicable, but all will be the end of June. The interest rate for filing a delayed return has also been brought down.

The finance minister further announced that no interest, penalty and late fee will be charged for companies with a turnover of less than Rs 5 crore. she announced that the interest rate for such companies has been reduced to 9 percent.

The Government also announced that the payment date under the ‘Sabka Vishwas’ scheme, which was for settling disputes in the indirect tax regime, has been extended till June 30, 2020.

In a major relief to imports/exporters, Finance Minister Nirmala Sitharaman said customs clearance is now an essential service till June 30, 2020 and will be working 24/7.

Mandatory requirement of holding board meetings has been relaxed by a period of 60 days and this relaxation is for the next two quarters.

For the newly incorporated companies, extra six months have been granted to file declaration.

Sitharaman announced that the threshold of default has been extended to Rs 1 core from existing Rs 1 lakh, in order to prevent insolvency proceedings against MSMEs.

The Government is considering suspending Section 7, 9 and 10 of the Insolvency and Bankruptcy Code (IBC), at a later stage, if the current situation continues beyond six months.

Meanwhile, for fisheries, the finance minister said a one-month delay will be condoned in the arrival of the consignment of fisheries. Import permits for fisheries expiring in April have been extended by three months.

In a major relief for the general public, Finance Minister Nirmala Sitharaman said debit cardholders who withdraw from ATMs can do it free of charge, from any bank’s ATM, for the next three months. There shall not be any minimum balance requirement fee in bank accounts, the minister noted.

Meanwhile, bank charges have been reduced for digital trade and transactions.

As the briefing came to a close, Nirmala Sitharaman reiterated that an economic relief package will be announced “sooner”, rather than later.

“We are closely monitoring the situation. SEBI has come up with guidelines and stated its position on the recent volatility. We are monitoring the stock market,” she added.

The relief measures come as a majority of India has gone under complete lockdown to arrest the spread of the Coronavirus pandemic.

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Justice Served: UP Gangster Atiq Ahmed and 2 Others, Sentenced to Life Term for Kidnapping

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Photo : PTI

In a recent development, a court in Prayagraj has sentenced Atiq Ahmed, a well-known gangster turned politician, along with two others, to rigorous life imprisonment. The verdict was pronounced after they were found guilty of the 2007 kidnapping case of Umesh Pal. Pal was an eyewitness in the murder case of BSP MLA Raju Pal. The court has also acquitted seven others, including Atiq’s brother Ashraf.

The sentencing of Atiq Ahmed and his accomplices comes after a long-drawn legal battle. They were found guilty of abducting Umesh Pal, who was a crucial witness in the murder case of Raju Pal. The court’s decision to award rigorous life imprisonment to the three accused has been welcomed by many, who see it as a step towards justice for the victim and his family.

In another development, earlier today, the Supreme Court refused to entertain Ahmed’s plea seeking protection in connection with the case. The apex court directed Ahmed’s lawyer to approach the High Court with his grievances instead. This decision has come as a setback for Ahmed, who was seeking protection from possible harm in jail.

The verdict in the case is being seen as a significant victory for the judiciary and the law enforcement agencies, who have been working tirelessly to bring the accused to justice. It sends a strong message to anyone who thinks they can get away with heinous crimes like kidnapping and murder. The case has also highlighted the need to protect witnesses in such cases, who play a crucial role in ensuring justice is served.

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Covid cases increasing in Delhi, more than 150 cases in 24 hours, infection rate also increased.

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Representational Image | Photo by Firosnv. Photography on Unsplash

The number of confirmed cases of COVID-19 in Delhi has been on the rise again in recent days. The capital has seen a continuous surge in the number of cases, with 152 new infections reported in the last 24 hours alone. The infection rate has also risen to 6.66%. This represents a significant increase from the 117 cases reported on Thursday, indicating that the situation is worsening rapidly.

Experts have suggested that the rise in COVID-19 cases may be linked to the increasing number of cases of H3N2 flu in the city. As more people have been getting tested for H3N2, some have been found to be positive for COVID-19 as well. The trend is reflected in the figures from the past few days, with 84 cases reported on Wednesday and 83 on Tuesday, before the sudden spike on Friday.

The Municipal Corporation of Delhi has issued several recommendations to hospitals in the city to help tackle the situation. Hospitals have been advised to screen patients with fever and maintain an adequate supply of essential medicines. They have also been instructed to ensure that ventilators and other equipment are in good working order.

The Corporation has urged hospitals to promote the booster vaccine dose to their employees and patients and to follow all government guidelines to prevent the spread of COVID-19. A nodal officer has been appointed to ensure that hospitals maintain cleanliness, prevent the spread of infection, and manage biomedical waste effectively.

The situation is not limited to Delhi, as cases of COVID-19 are rising rapidly in other parts of India as well. Maharashtra, Gujarat, and Karnataka are all areas of concern, and the central government has held a meeting to discuss the matter. The focus remains on testing, tracing, and treatment, as authorities work to contain the spread of the virus.

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Traffic chaos in Delhi as marshals struggle to control heavy vehicles on Ashram flyover

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Representational Image | Image Courtesy : Paramjit Dhillon @Paramjitdhillon (Twitter)

Delhi, India – Chaos ensues as the Ashram Flyover becomes a traffic nightmare for commuters in the city. But fear not, as a group of marshals has been deployed to restore order and bring some sense to the madness.

The Ashram Flyover, a major artery in the bustling metropolis of Delhi, has been a headache for commuters for quite some time now. The flyover, which connects the city’s south and central areas, sees heavy traffic congestion during peak hours, causing long delays and frayed nerves.

But things have taken a spicy turn as marshals have been brought in to keep things under control. These marshals, donning bright green jackets, have been tasked with managing the traffic flow, ensuring that vehicles move smoothly and without incident.

The marshals have their work cut out for them, as the chaos on the flyover seems to have no end in sight. The heavy traffic, coupled with the city’s notorious lack of lane discipline, has resulted in a free-for-all on the flyover, with vehicles jostling for space and tempers flaring.

But the marshals are undeterred. Armed with whistles and hand signals, they are determined to bring some order to the chaos. And their efforts seem to be paying off, as traffic has started moving more smoothly, and the honking and shouting have reduced considerably.

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