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Finance Commission concludes deliberationsGovt working on production-linked sops for more sectorsOfficers who are invested with powers u/s 53 of the NDPS Act are 'police officers' within the meaning of s.25 of the Evidence Act: SC by MajorityCus - 200% Customs duty on imports from Pakistan not applicable as goods entered territory of India prior to the issuance/uploading of the notification 5/2019-Cus dt. 16.02.2019 at 8.45 pm: HCIDS - Input Services & capital goods - Awaiting their fateCus - Kerala gold smuggling case - Power of Customs Department to question applicant u/s 108 cannot be curtailed by granting anticipatory bail: HCStatement recorded u/s 67 cannot be used as a confessional statement in the trial of an offence under the NDPS Act: SC by MajorityCOVID-19 - Second wave is back with vengeance - Over 5 lakh daily global caseload is backFinance Commission to submit its report to President of India on Nov 9ITR filing - CBDT extends due date including that of Audit reportST - Advertisement and Business Promotion, Bank Charges, Brokerage, Housekeeping Services, Insurance Service, Legal and Professional Service, Manpower Consultancy Service, Security services, Telephone & Internet Services are Input services; credit admissible: CESTATCOVID Effect - Devolution of taxes - States get Rs 51K Crore less so farPakistan wittingly admits a hand in Pulwama terror attackCX - Once the proportionate reversal of CENVAT credit takes place, it tantamounts to non-availing of credit: CESTATCus - Ignorance of law and cooperation in investigation are mitigating factors & per se cannot take away the guilt of attempting to bring goods into India without payment of duty: CESTATGovt issues draft 'Coastal Shipping Bill, 2020' for public consultation47-day delay in filing appeal is condoned where caused by the assessee having to change the legal counsel handling the matter: ITAT'Filthy Air' Saga - Is it not a case of Pot calling Kettle black!Penalty notice issued u/s 271(1)(c) r/w Section 274 is sustainable where the AO omits to strike off the relevant charge u/s 271(1)(c), for which such penalty was imposed: ITATGovt exempts cash allowance of Rs 36K towards LTC of non-Govt employeesPenalty in respect of bogus purchases, cannot be levied where it is based on an estimation of the assessee's income from such purchases: ITATGST - DGGI nabs man accused of Rs 392 Cr ITC fraudBank credit grows by over Rs one lakh crore in Sept monthIncome tax raids real estate developer; finds dummy companies with investment overseasGST - Another kingpin nabbed in Rs 1278 Cr ITC fraudUS economy recovers in Q3 - grows at 7.4%Govt reduces tariff value of gold and silver but hikes the same for edible oilsPatient Assistance Proramme - Drugs of many companies exempted from Customs dutyCore Sector output shrinks by 0.8% in Sept monthCabinet approves extension of norms for mandatory packaging in Jute MaterialsPradhan invites Global Oil & Gas majors to partner India in energy transition
 
FM helms review meet of NBFCs & SCBs; urges reaching out to eligible borrowers

By TIOL News Service

NEW DELHI, SEPT 04, 2020: THE Union Minister for Finance & Corporate Affairs Ms Nirmala Sitharaman held a review meeting with the heads of Scheduled Commercial Banks and NBFCs through Video Conferencing yesterday to review their state of preparedness for implementation of the loans resolution framework for COVID-19 related stress. During the meeting, Ms Sitharaman impressed upon the lenders that as and when moratorium on loan repayments is lifted, borrowers must be given support and COVID-19 related distress must not impact the lenders' assessment of their creditworthiness. During her interaction, the Finance Minister focused on -

  1. Lenders immediately putting in place Board-approved policy for resolution, identifying eligible borrowers and reaching out to them 
  2. Quick implementation of a sustained resolution plan by lenders for revival of every viable business

The Finance Minister also emphasised that Resolution schemes must be rolled out by lenders by 15 th September, 2020, and a sustained media campaign to create awareness be carried out thereafter. She advised lenders to ensure that regularly updated FAQs on the resolution framework are uploaded on their websites in Hindi, English and regional languages, and also circulated to their offices and branches.

The lenders assured that they are ready with their resolution policies, have started the process of identifying and reaching out to eligible borrowers, and that they will comply with the timelines stipulated by the Reserve Bank of India (RBI).

The Ministry of Finance has also been engaging with RBI to ensure that the lenders are assisted by RBI in the resolution process.  

The Finance Minister also reviewed the progress made by various lenders under ECLGS, PCGS 2.0 and Sub-ordinate Debt Schemes announced as part of the ‘Aatmnirbhar Bharat Abhiyaan', and advised lenders to try and extend the maximum possible relief to borrowers before the festive season. An amount of Rs. 1.58 lakh crore has been sanctioned as on 31.8.2020 under ECLGS , out of which more than Rs. 1.11 lakh crore has also been disbursed. Under PCGS 2.0, Bonds/CPs of Rs. 25,055.5 crore have been approved for purchase by Public Sector Banks so far, out of which Rs. 13,318.5 crore amounting to more than 53% of the portfolio pertains to Bonds/CPs rated below AA-. The Scheme has thus been a crucial intervention for lower rated Bonds/CPs.

The Finance Minister appreciated the efforts of banks and NBFCs during the lockdown in effective implementation of the Pradhan Mantri Garib Kalyan Yojana and the Aatmnirbhar Bharat related measures.  The Finance Minister also exhorted the lenders to proactively respond to needs of companies and businesses, as well as those of individual borrowers, and to spearhead the efforts for rebuilding businesses desperate for help owing to COVID-19 related distress.


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