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May 17, 2020

Education, De-criminalisation of Cos act, IBC, Privatise PSU, Know FM 5th Stimulus on 17 May 2020

by facelesscompliance in Compliance Law, Corporate Law

Education, De-criminalisation of Cos act, IBC, Privatise PSU, Ease of Doing Business, Know FM 5th Stimulus on 17 May 2020

Today marks the last of the tranches of announcements. As a nation, we stand at a very crucial juncture. Such a big disaster is a signal for India, it has brought a message and opportunity says FM

FM begins 5th and last tranche of economic package announcement by quoting PM Modi’s recent remarks on self-reliant India on “land, labour, liquidity & laws.”

Entire team of Finance Ministry & Corporate Affairs to announce the 5th & last tranche of Economic Relief measures under the #Atma Nirbhar Bharat Abhiyan

We will today be continuing in the series of reforms announced. Soon after lockdown, we came with PMGarib Kalyan Package, we provided food grains to those who needed it, we did not want to scout for money to search for grains says FM

Finance Minister Nirmala Sitharaman credits government agencies & state governments for arranging food for migrants

Reforms to be focus of 5th and final tranche of eco stimulus package, says Finance Minister Nirmala Sitharaman

In order to prove the resolve of an Aatma Nirbhar Desh, land, labour, liquidity and laws have all been emphasized in Aatmanirbhar Bharat Package. The crisis and the challenge is an opportunity to build a self reliant India, says FM

Pulses too were given 3 months in advance. I appreciate the concerted efforts of FCI, NAFED and states, giving pulses and grains in huge quantities, despite logistical challenges.

Pradhan Mantri Garib Kalyan Package used technology to do direct benefit transfer to people, we could do what we did because of the initiatives taken during the last few years

One-time transfer of ₹2,000 has reached 8.19 crore farmers, total amount ₹16,394 crore NSAP beneficiaries got ₹ 1,405 crore in first installment and ₹1,402 crore in 2nd instalment, target of ₹ 3,000 crore nearly achieved

Today FM has 7 announcements to make including MNREGS, education, De-criminalisation of cos act, ease of doing biz, Public Sector Enterprises, state govt’s & resources

20 crore Jan Dhan account holding women got ₹ 10, 025 crore 2.2 crore building and construction workers got ₹ 3,950 crore 6.81 crore people got free LPG cylinders 12 lakh EPFO holders got online withdrawal of advance

Seven sectors to be addressed today.

1. MGNREG scheme

2. Health and education

3. Businesses & COVID19

4. Decriminalisation of the Companies Act

5. Ease of doing business

6. Public sector enterprises

7. State govts & related resources

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1) Govt has taken a number of health-related steps for COVID19 containment- Rs 15000 crore announced for states, essential items&testing labs&kits along with rolling out of tele consultation services,launch of Arogya Setu app&protection to health care workers with adequate PPEs

2) Online education during COVID19: Swayam Prabha DTH channels launched to support and reach those who do not have access to the internet; now 12 channels to be added. Government has ensured Education of students does not suffer; SWAYAM PRABHA DTH channels have reached those who do not have access to the internet; DIKSHA platform has had 61 crore hits from 24th March

3) Apart from Companies conducting the Board meetings and AGM, now even Rights issue can be conducted virtually using Digital India – Nirmala Sitharaman

4) Health Related Steps taken so far for COVID containment.

5) Recent Corporate Law measures to boost Measures for Ease of Doing Business

Click here to Know Online Step wise process to form a Company in India using SPICE Plus Forms from April 2020

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6) Recent Corporate Law measures for Ease of Doing Business.

7) The government will now allocate an additional Rs 40,000 crores to MGNREGS to provide employment boost

To provide a fillip to employment, Government will now allocate an additional Rs 40,000 crore under MGNREGS; move will help generate nearly 300 crore person days in totaL

8) To prepare India for any future pandemics Government will increase Public Expenditure on Health and invest in grass root health institutions

9) India is changing and so is our way of education PM eVIDYA – a programme for multi-mode access to digital/online education to be launched immediately; Top 100 universities will be permitted to automatically start online courses by 30th May

10) With an eye on further enhancement of Ease of Doing Business Government announces suspension of fresh initiation of insolvency proceedings up to one year; decides to exclude COVID 19 related debt from the definition of “default” under IBC

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11) Government moves to decriminalise Companies Act defaults; 7 compoundable offences altogether dropped and 5 to be dealt with under alternative framework

12) Further key reforms for Ease of Doing Business are in the pipeline including direct listing of securities by Indian public companies in permissible foreign jurisdictions

13) Upto 4 PSEs will be present in a notified strategic sector, details will be worked out and notified later. In Other sectors PSEs will be privatised at appropriate time

A new AatmanirbharBharat will stand on a new Public Sector Enterprise Policy. In strategic sectors, at least one enterprise will remain in the public sector but private sector will also be allowed. In other sectors, PSEs will be privatized

14) Centre agrees to States request for increased borrowing. States borrowing limits hiked to 5% from 3% for current financial year ending Mar 31, 2021 ONLY. Rs 4.28 LkCr extra borrowing. States net borrowing for FY21 projected Rs 6.41 LkCr at 3% of GSDP

15) To assist States, which are facing a sharp decline in revenues, Government has taken these measures

16) To promote State level reforms, part of the borrowing will be linked to specific reforms like increasing job creation through investment and promoting urban development, health and sanitation

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