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FM Nirmala Sitharaman participated in the 2nd Extraordinary G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Saudi Arabian Presidency to discuss the impact of COVID-19 on the global economy and coordinate efforts to fight it.
India made an offer of $10 million after SAARC Countries meet.
Maharatna CPSE under Ministry of Power, GoI and Central Transmission Utility (CTU) has decided to contribute Rs.130 Crore to Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund to support India’s fight against COVID-19.
It also distributed food packets in slum areas to help the needy
Govt. has brought in an ordinance which provides for extension of last date for filing of original as well as revised IT returns for the FY19 to 30th June. Donations made to the PM CARES fund shall be eligible for 100% deduction under section 80G of IT Act
NGOs registered under Section 12A of IT Act are exempted from IT
The World Bank has said that the economic slowdown due to the pandemic could put millions of people into poverty in China and other East Asian-Pacific countries. The World Bank report projected that growth in the region would slow to 2.1% from 5.8%.
IMF had said that the global economy has entered a recession.
The RBI had earlier issued directions asking lending institutions to allow a three-month moratorium on loan payments. Banks like SBI, Punjab and Sind Bank, Canara Bank, BoB have announced the offer of the moratorium to customers.
CNB is providing collateral & margin free loan up to ₹20L to SHG
BioScience of IIT Kanpur has prepared a design of live saver portable ventilator. Prof. A. Bandyopadhyay told that within 3 to 4 days the prototype will be ready & in 1 month will be able to produce maximum number of ventilators to save the lives of public
Ventilators only provide support and keep the lung inflated.
The Government extended the existing foreign trade policy (2015-20) for one year till Mar 21 in light of COVID-19. Exports during April-February this fiscal dipped by 1.5% to $292.91 billion. Imports during the period declined by 7.30% to $436 billion.
Export Promotion Capital Goods is an export-promotion scheme.
NRIs who have more than ₹15 lakh income from Indian sources will be deemed as Indian residents for the purpose of taxation if they had spent 120 days in India in the previous year. Earlier, the number of days was 182.
Taxation of dividend in the hands of shareholders was introduced
A panel led by NITI Aayog CEO Amitabh Kant has begun working on a response strategy to contain the spread of COVID-19. The Empowered Committee held a meeting on March 30 and saw attendees from the private sector and industry.
Representatives from ASSOCHAM, NASSCOM, FICCI & CII were present
The Centre has slashed interest rates on small savings schemes by 70 to 140 bps for FY21. Interest rates on PPF have been brought down to 7.1% and for Kisan Vikas Patra to 6.9%. The interest rate on the girl child-focussed Sukanya Samriddhi scheme is 7.6%
Int rate on small savings schemes are revised on quarterly basis
Online travel firm MakeMyTrip has launched 'Stays for Saviours' initiative to support temporary accommodation needs of the medical frontline at special rates. It will enable medical practitioners to book from over 900 hotel properties across 200 cities.
Make My Trip CEO – Deep Kalra
Headquarters – Gurugram, Haryana
6 PSU lenders will be merged into 4 to make them globally competitive. Following the consolidation, there will be 7 large PSBs & 5 smaller ones. The merger will result in the creation of 7 PSBs with each amalgamated entity having a business of over ₹8L cr.
Sec 45 of Banking Regulations Act allows RBI for mergers.
ADB has signed an agreement to lend up to $60 million to Aavas Financiers Ltd to improve access to housing finance for lower-income borrowers, particularly women. Aavas is one of the largest housing finance companies in India’s affordable housing segment.
Aavas CEO – Sushil Kumar Agarwal
Headquarters –Jaipur, Rajasthan
Union Tourism ministry launched a web portal named ‘stransdedinindia.com’ to reach out to foreign nationals stranded in India owing to the lockdown. It consists of information around Covid-19 helpline numbers that foreign tourists can reach out for help.
Minister of Tourism–Prahlad Singh Patel
Constituency–Damoh, MP
State-owned Coal India Limited (CIL) has pledged ₹ 220 Crore to the PM CARES Fund to fight against the pandemic. NLC India has committed ₹ 25 Crores.
Power Finance Corporation pledged ₹ 200 Crores.
According to a report by UNCTAD titled ‘The COVID-19 Shock to Developing Countries: Towards a ‘whatever it takes’ programme’ the world will go into a recession with a predicted loss of trillions of dollars with the likely exception of India and China.
UNCTAD – United Nations Conference on Trade and Development
The CGA, the govt’s bookkeeper reported that fiscal deficit for the first 11 months of the current fiscal has reached 135% of the revised estimate. According to the CGA data, the fiscal deficit touched ₹10.36 lakh-crore. The target was ₹7.66 lakh-crore.
Fiscal Deficit = Income – Expenditure of the government.
The output of the 8 core sectors of Indian industry -coal, crude oil, natural gas, refinery products, fertiliser, steel, cement & electricity – grew 5.5% in February as compared to the same month last year. The growth was the best in 11 months.
Data was released by Ministry of commerce & industry.
Odisha celebrated 85 years of its foundation. The day is also known as ‘Utkal Divas.’ To commemorate the sacrifices of people for the formation of Odisha province in 1936.Odisha was the first State to be formed on linguistic basis in 1936.
Earlier, Odisha was part of Bihar.