business

Updated: Mar 24, 2020 15:24 IST

The government has allowed free of charge cash withdrawal from any other bank ATM for debit card holders for three months in the wake of the coronavirus pandemic.

The measure was announced by Finance Minister Nirmala Sitharaman at a press conference on Tuesday.

She also announced complete waiver of minimum balance charges for savings bank account. The steps taken by the government are going to help customers as the country is locked down to check the spread of coronavirus disease Covid-19.

Also Read:Govt extends tax deadline till June 30

To help small companies facing the threat of defaults due to coronavirus-related lockdown, the government raised the threshold that would trigger insolvency proceedings to Rs 1 crore from current Rs 1 lakh.

This raising of the threshold will help small and medium enterprises, Sitharaman said.

She also said that the government is considering suspending Sections 7, 9, 10 of the Insolvency and Bankruptcy Code (IBC) for six months if the current economic situation continues beyond April, adding this would help companies being forced into insolvency on default of loans.

On late filing of Goods and Services (GST) returns, no late fee, penalty or interest will be charged for companies with turnover of up to Rs 5 crore, said Sitharaman.

For companies with more than Rs 5 crore turnover, no late fee and penalty will be charged on GST return filed by 15 days. A reduced interest rate of 9 per cent will be charged, she said.

The finance minister said that ‘Sab ka Vishwas’ indirect tax dispute redressal scheme has also been extended to June 30 and no interest on payment made till June 30 will be charged.Additionally, the government relaxed company provisions including that of mandatory holding of board meeting and filing of return by newly incorporated companies.