Nirmala Sitharaman to adress media over COVID-19

[Kool_SRG]

Finance Minister Nirmala Sitharaman is expected to address the media in New Delhi at 1 pm. The finance minister is likely to announce a relief package amid 21-day nationwide shutdown over coronavirus pandemic. 

Press conference will also be live streamed on FINMIN SM Platforms and Telecast live by DD and ANI.

 

 

[Kool_SRG]

Welfare package for the poor will be announced: Nirmala Sitharaman 

"The government has been working so that those affected due to the novel corona virus since the lock down commenced on the intervening night of 24-25 March, will be reached out. We have come up with a package which will take care of the welfare concerns of the poor," said Nirmala Sitharaman.

[Kool_SRG]

Centre announces Prime Minister Gareeb Kalyan Scheme

The Centre on Thursday announced the 'Prime Minister Gareeb Kalyan Scheme' for Rs 1.7 lakh crore. "This scheme includes food security and cash transfers," said Nirmala Sitharaman. 

 

 

[Kool_SRG]

80 crore people to benefit from PM Gareeb Kalyan Yojana: Nirmala Sitharaman

Under the Prime Minister Gareeb Kalyan Yojana (food scheme), 80 crore people will be benfitted, said Finance Minister Nirmala Sitharaman. "Every one under this scheme will get 5 kg of wheat/rice for free in addition to what they are already getting. We will also give one kg of one choice of pulse to each household under this scheme for the next three months. They can take it in two installments also," said Sitharaman.

[Kool_SRG]

8.69 crore farmer to benefit from PM-KISAN scheme

"Wage increase under MNREGA scheme will benefit 5 crore families. Wage increase will result in additional income of Rs 2,000 per worker," said Nirmala Sitharaman.

"They receive Rs 6,000 per annum through the PM-KISAN scheme. We will now be giving the first instalment upfront. Around 8.69 crore farmer will get immediate benefit out of this," said the finance minister. 

[Kool_SRG]

Who all to benefit from PMGKAY 

Cash transfer under PMGKAY will be through DBT in eight parts: Farmers, MNREGA, widows, poor pensioners, divyang, women under Jan Dhan Yojana, women and households under Ujjwala scheme, self-help groups for women especially under the livelihood mission, organized sector workers under EPFO, construction workers and district mineral funds.

[Kool_SRG]

Centre to contribute 24% towards EPF for firms with over 100 employees

Centre will pay the EPFO contribution both, of the employer and of the employee (12 percent each) for firms with over 100 employees for the next three months, said Finance Minister Nirmala Sitharaman. 

[Kool_SRG]

Exgratia amount of Rs 500/ month for women Jan Dhan account holders

Women Jan Dhan account holders to get Rs 500 per month for the next three months. "There are 63 lakh self-help groups for women in the country. They get up to Rs 10 lakh collateral-free loans right now. We are doubling that to Rs 20 lakh," Finance Minister Nirmala Sitharaman said. 

[Kool_SRG]

8.3 crore BPL families to get free LPG cylinders for 3 months

Ujjwala scheme women will be given free cylinders for the next three months. 8.3 crore families below poverty line will get free LPG cylinders for three months.
Expected to benefit 8.3 crore BPL families

[Kool_SRG]

3.5 crore construction workers to be benefited

State governments to be directed under Buildings and Other Construction Workers’ Fund to utilise an existing Rs 31,000 crore welfare fund for benefit of 3.5 crore construction workers.

The District Mineral Fund will also be utilised to augment medical testing, screening and other requirements to fight coronavirus and preventing its spread

[Kool_SRG]

Nirmala Sitharaman: Cash transfer, free LPG, grains, part of coronavirus package

 

• Nirmala Sitharaman today announced a ₹1.7 lakh crore Gareeb Kalyan Yojana to help the poor tide over the coronavirus lockdown
• The 21-day lockdown is expected to cost the Indian economy ₹9 lakh crore

 

NEW DELHI : To protect the poor from the economic impact of the 21-day nationwide lockdown, the Narendra Modi government today announced a ₹1.7ß lakh crore Prime Minister Gareeb Kalyan Yojana. Finance minister Nirmala Sitharaman announced that the relief package would include direct benefit cash transfers, free LPG, grains and pulses for the poor while the middle class would be able to withdraw funds from their Employees Provident Fund (EPF) account.

Nirmala Sitharaman press conference:

 

• We have made provision so that bank branches can remain open: FM
• Building and construction workers: Central government has given orders to state governments to use funds of Rs31,000 crore to provide relief to them.
• The scheme comes into effect immediately. People will get the benefits from April 1: Sitharaman
• EPFO to allow 75% non-refundable advance or 3 months of wages whichever is lower: Sithraman.
• Ujjwala beneficiaries to get free cooking gas (LPG) cylinders in next three months; this will benefit 8.3 crore BPL families: FM.
• Collateral-free loan doubled to ₹20 lakh to 63 lakh women self-help groups; to impact 7 crore households.
• Government will pay EPF contribution, both of employer and employee, for 3 months for all those establishments with less than 100 employees out of which 90% earn less than ₹15,000 per month.
• Direct benefit cash transfers will benefit farmers, MGNREGA, poor widows, Pensioners & divyangs.
• An ex-gratia of ₹1,000 to 3 crore poor senior citizen, poor widows and poor disabled.
• Women Jan Dhan account holders: They will get an ex-gratia amount of ₹500 per month for 3 months to run household during this period.
• 8.69 crore farmers to be immediately benefited through Direct cash transfers. Installment of ₹2000 in the first week of April will be transferred: Nirmala Sitharaman
• Every MNREGA worker to get hike of ₹2,000: Sitharaman
• We announce a wage increase in MNREGA. It will benefit 5 crore families: Sitharaman.
• The package will impact 80 crore people: FM
• No poor will be without food in his hand for the next 3 months: Sitharaman
• 1 kg dal will also be given for free: FM
• Prime Minister Garib Ann Yojna will ensure that each one will get an additional 5 kg rice or wheat per month in addition to the existing scheme.
• Direct benefit transfer will be a part of the scheme: FM
• Health workers to get medical insurance cover of ₹50 lakh
• We do not want anyone to remain hungry: FM
• ₹1.7 lakh crore Prime Minister Garib Kalyan Yojna announced.
• We have now come with a package which will immediately take care of the welfare concerns and thse who need immediate help: Sitharaman
• FM presser begins.
• In Bihar, Chief Minister Nitish Kumar has announced a ₹100 crore relief package for the poor.
• The cost of the COVID-19 lockdown has been pegged at ₹9 lakh crore or 4% of the GDP, according to a report by British brokerage Barclays.
• Sonia Gandhi has also urged the Centre to defer all EMI payments for 6 months.
• Congress interim president Sonia Gandhi has demanded that the Modi government must bring in a Minimum Income Guarantee Scheme, 'Nyay Yojana', proposed by the Congress to tackle the economic impact of coronavirus.
• The economic package might be used to put money directly into the accounts of more than 100 million poor and to support businesses hit the hardest by the lockdown, Reuters had reported earlier.
• A report by Nomura had said that nearly 75% of the Indian economy will be shutdown during the 21-day period. The lockdown will lead to a direct output loss of approximately 4.5%.
• The package will be focused on micro, small and medium enterprises (MSMEs) and daily wage workers besides injecting liquidity in the market, ANI said.
• Prime Minister Narendra Modi last week had constituted a task force headed by the Finance Minister to work out package for economy hit by coronavirus.

[Kool_SRG]

Workers can draw upto 75% of their EPF or their three months’ wages, whichever is lower. The government will regulate the provident fund scheme.

[Kool_SRG]

Relief for employers! Govt to bear EPFO contribution

The government will pay the EPF (Employees' Provident Fund) contribution both of the employer and the employee (10 per cent each) for the next three months

Finance Minister Nirmala Sitharaman on Thursday said the government will pay the EPF (Employees' Provident Fund) contribution both of the employer and the employee (10 per cent each) for the next three months in wake of coronavirus outbreak. This scheme will be applicable for organisation with up to 100 employees, where 90 per cent of employees draw less than Rs 15,000 salary.

"Government of India will pay the EPF contribution - of both employer and employee (10% each) - for the next three months, so that nobody suffers due to loss of continuity in EPF contribution," she said.

The FM said that the provident fund scheme regulations will be amended which will allow workers under EPFO to draw up to 75 per cent of their non-refundable advance or 3 months of wages, whichever is lower. This scheme will benefit 4.8 crore workers registered with EPFO (Employees' Provident Fund Organisation), she added.

FM Sitharaman also announced Rs 1.7 lakh crore relief package under Pradhan Mantri Garib Kalyan Yojana for the economy hit by coronavirus. According to her, 80 crore people will benefit from this scheme.

 

Among others, she announced an insurance cover of Rs 50 lakh per person to frontline health workers - ASHA workers, paramedics, doctors, nurses, sanitary workers - who are putting their lives at risk and treating coronavirus patients.

She also announced one-time amount of Rs 1,000 for senior citizens, widows and divyang people, in two installments over the next three months.

 

"20 crore woman Jan Dhan account holders to be given ex-gratia amount of 500 rupees per month for the next three months, to run the affairs of their household," she said.

The FM also announced that Self Help Groups (SHGs) can now obtain collateral-free loans up to Rs 20 lakh, which is likely to benefit 63 lakh SHGs and have an impact on 7 crore households.

[Kool_SRG]

EPF rules changed for getting non-refundable advance

 

• This has been done to ease the hardship caused by economic disruption due to coronavirus lockdown
• This will benefit about benefit 4.8 crore employees

 

To help tide over hardship caused by the coronavirus lockdown, Employees' Provident Fund (EPF) rules will be relaxed, finance minister Nirmala Sitharaman announced today. EPF subscribers can now withdraw 75% of their PF balance or 3 month wages as a non-refundable advance, whichever is lower. This will benefit about benefit 4.8 crore employees.

Experts have welcomed the move. "The proposal to permit non-refundable advance to employees out of their PF balances will help employees to tide over their liquidity issues," says Saraswathi Kasturirangan, partner at Deloitte India.

Currently non-refundable advances are permitted only for specified purposes such as housing, marriage etc. Even these are permitted where the employee has put in a minimum services period.

The finance minister's proposal will enable employees to withdraw up to 75% of the PF balances limited to 3 months wages as non refundable advance enhancing liquidity of employees, she said.

[johnydanylee]

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