india

Updated: Aug 23, 2019 20:30 IST

Union finance minister Nirmala Sitharaman, along with top officials from finance ministry addressed the media on Indian economy today in New Delhi. Ahead of her address, market benchmark BSE Sensex rebounded from early lows to close 228 points higher on Friday on expectations of FPI tax roll back and some measures by the government to boost growth.

The 30-share barometer closed higher by 228.23 pts or 0.63 per cent at 36,701.16, hours ahead of the presser by Finance Minister Nirmala Sitharaman.

Follow highlights here:

• We respect wealth creators. That is the spirit with which budget was presented and why we invited different sectors of the economy to speak with us. These were in-depth consultations: Nirmala Sitharaman

• Global GDP growth may be revised downwards from current estimate of 3.2%; global demand going to be weak: Nirmala Sitharaman

• This government even from 2014 has kept reform at the top of the agenda. It is a continuous process and have not forgotten it. Just compare the time that an environment clearance took in previous regimes, she said. We have not slowed down or forgotten reforms: Nirmala Sitharaman

• Issue of income tax orders, summons notices from 1 October, will be issued through centralised computer system. What this means is if there is a notice being issued at a ground level, without a central approval, cannot happen: Nirmala Sitharaman

• Any communication issued without computer-generated Document identification number will be treated invalid. A decision on all old notices to be decided by 1 October. If some of them are decided to be issued, these will be uploaded so it will be a transparent system: Nirmala Sitharaman

• All tax notices to be disposed of within three months from the date of reply of the assessee: Nirmala Sitharaman

• Our government has kept reform at the top of our agenda, since 2014. We are maintaining the reform momentum, be it regarding self certification or labour reforms or environmental clearance : Nirmala Sitharaman

• Indian GDP growth continues high above other countries; consumption growth is down in not just emerging but also advanced economies; volatile situation has developed in global trade: Nirmala Sitharaman

• Enhanced surcharge on foreign and domestic portfolio investors withdrawn: Nirmala Sitharaman

• The notion is being disproved that this government is inclined to go through prosecution; we are more in favour of penalty than prosecution where possible; we have withdrawn 14,000 prosecutions under Companies Act: Nirmala Sitharaman

• Banks will launch Repo rate/ external benchmark linked loan products. Reduced EMI for housing loans, vehicle and other retail laons by directly linking Repo rates to interest rates. Working capital loans for industry will also become cheaper: Nirmala Sitharaman

• NBFCs to be permitted to use the Aadhaar authenticated bank KYC to avoid repeated processes. This was a major demand by NBFCs. Necessary changes will be made in PMLA rules and Aadhaar regulations: Nirmala Sitharaman

• To mitigate genuine difficulties of startup and their investors, it has been decided that section 56(2)(vii b) of the income -tax act shall not be applicable to a start up registered with DPIIT. It has also been decided to set up a dedicated cell under member of CBDT for addressing the problems of startups. A startup having income tax issue can approach the cell for quick resolution of the same: Nirmala Sitharaman

• Banks have agreed to link Repo rate to interest rate; this will cause reduced EMIs for housing and vehicle loans and other retail loans: Nirmala Sitharaman

• In order to reduce harassment and bring in greater efficiency, Public Sector Banks to return return of loan documents within 15 days of loan closure: Nirmala Sitharaman

• All pending GST refund due to MSMEs shall be paid with in 30 days. In future all GST refunds shall be paid with in 60 days from the date of application: Nirmala Sitharaman

• Decisions on recommendations from UK Sinha Committee such as ease of credit, marketing, technology, delayed payments among others to be taken within 30 days: Nirmala Sitharaman

• Relief from enhanced surcharge on Long-term/Short-term Capital Gains. Withdrawal of so-called ‘angel tax’ provisions for startups and their investors: Nirmala Sitharaman

• CSR violations not to be treated as criminal offence. IT orders, notices, summons, letters, etc to be issued through a centralized system: Nirmala Sitharaman

• Additional credit expansion through PSBs. Banks to effect timely rate cuts.Banks to launch repo rate/external benchmark linked products. PSBs to ensure mandated return of loan documents within 15 days of loan closure: Nirmala Sitharaman