Addressing the media here, Finance Minister Nirmala Sitharaman also said that banks will pass on RBI rate cut benefits to borrowers through MCLR reduction.
"BS4 vehicles purchased up to March 2020 will all remain operational for their entire period of registration", the finance minister added.
She gave a brief a picture of what is happening globally. Pre-budget position is restored.
"NBFCs are receiving liquidity from the banks, and NBFCs are also moving towards funding of people giving credits to people, example shall be out by late evening today. some of them will come for you all to double check that this has indeed started moving. therefore the NHB related increase in funding from Rs 20,000 crore to 30,000 crore is sure to make a difference", Sitharaman said.
In a bid to restore the faith in the Indian economy and the Narendra Modi government, Finance Minister Nirmala Sitharaman assured the investors that the government respects wealth creators. "The corporate affairs ministry would review the sections concerned under the Companies Act", she said.
India's finance minister said the global growth rate is forecast at 3.2 per cent, asserting that global demand is weak at the present. "There will be no one authority or officer who will do this on his own". In order to encourage investment in capital market, the government has chose to withdraw the enhanced surcharge levied by Finance (No. 2) Act, 2019 on long and short-term capital gains arising from transfer of equity shares and units.
Stan Lee's daughter accuses Marvel of disrespecting his legacy
It is also rumored that more three stand-alone movies of Spider-Man are in the production line starring Tom Holland as Spider-Man. She said that by splitting from Disney and Marvel , Sony will be able to do good with the character of Spider-Man.
Eurozone business activity picks up in August but still muted
Despite increasing worries about a global slowdown, the US and China have shown no sign of backing down in their trade war. The August figure was down from 50.4 in July, the London-based global information provider said in its press release.
Billionaire Conservative Activist David Koch Dead At 79
The Koch brothers announced earlier this year that they would not support Trump's 2020 re-election bid. David Koch retired from the company and the Koch political operations in 2018, citing health reasons .
"CSR violations will not be treated as a criminal offence and instead be as civil liabilities".
Amid concerns over economic slowdown, she addressed a press conference in which she also announced the withdrawal of "angel" tax provision for startups and their investors.The impact of rollback of enhanced tax surcharge will be about Rs 1,400 crore.
FM Sitharaman announced one-time loan settlement through a check box approach to help MSMEs and retail borrowers.
The government's announcements are aimed to improve private investment and assuage concerns of portfolio investors in the country.
Ratings agency Moody's has lowered India's GDP growth forecast to 6.2 percent from 6.8 percent for 2019.
From the financial crisis in the NBFC (non-banking finance company) sector to a huge decline in auto sales, the industries are in dire need of stimulus package to bounce back from the economic slowdown.