COVID-19 lockdown: Economic package likely by weekend

COVID-19 lockdown: Economic package likely by weekend

Agency News

New Delhi, Mar 25: An announcement of a package of up to Rs 2 lakh crore could be made by the weekend for enterprises and businesses whose economic activity could be adversely affected in view of the 21-day lockdown, declared by the government to curb the spread of coronavirus outbreak. Sources said on Wednesday that the Finance Ministry is holding consultations with various ministries and the work for preparation of a relief package was in progress.

The Prime Minister's Office, Ministry of Finance and the Reserve Bank of India are also holding discussions in this regard, they said. Finance Minister Nirmala Sitharaman said here on Tuesday that discussions were going on with various ministries and a relief package will be announced soon. She announced a variety of exemptions to the general public and businessmen related to income tax returns and last date of compliance among others.

Announcements were also made related to Income Tax, Goods and Services Tax (GST), Customs and Excise, Insolvency and Bankruptcy Law, Banking and Fisheries among others. Meanwhile, Information and Broadcasting Minister Prakash Javadekar said here on Wednesday that the Finance Ministry is doing this work and when such a problem comes, the economic sectors are affected. Preparations are being made to tackle and overcome the crisis, he added. Sources said that preparations for relief package ranging from Rs 1.5 lakh crore to Rs 2 lakh crore were under way. (UNI)