LIVE: Govt gives FPI relief, makes loans cheaper, revs up auto sector

Finance Minister Nirmala Sitharaman is holding a press briefing, amid expectations that the government would announce steps to revive the country's economic growth.

India's GDP growth in January-March slid to a near five-year low of 5.8 per cent, and most analysts expect the data due later this month to show that growth in April-June faltered even further.

Domestic passenger vehicle sales, a key economic indicator, plunged an annual 31 per cent in July - the steepest recorded pace of decline in nearly two decades.


6:12 PM IST Higher vehicle registration fee deferred till June 2020. Govt departments will be "actively told" to replace their old vehicles. Ban on govt departments goes: FM Sitharaman

6:04 PM IST Aadhar-based KYC to be permitted for opening of demat accounts and investing in mutual funds: FM Sitharaman. 

6:01 PM IST Laws to be amended to ensure one MSME definition: FM Sitharaman  

5:55 PM IST Extra Rs 20,000 crore for HFCs from NHB; NBFCs can now use Aadhaar-linked KYC: FM Sitharaman  

5:48 PM IST Banks to make home, auto loans cheaper, says Finance Minister Sitharman.  Banks to ensure mandated return of loan documents to customers within 15 days of loan closure. It wil benefit customers who have mortgaged assets.

5:45 PM IST Banks have decided to launch an external benchmark-linked loan products. This will result in reduced EMI for housing loans, vehicles and other retail loans

5:44 PM IST FM says govt to withdraw 'Angel Tax' provisions for start-ups and investors

5:44 PM IST FM says govt has decided to withdraw surcharge on long and short term capital gains.   

5:39 PM IST All notices to tax assesses to be replied to within 3 months from October 1: FM Sitharaman

5:35 PM IST FM @nsitharaman lays out recent announcements @bsindia pic.twitter.com/UVoY1LH2mF — Arup Roychoudhury (@aruproytweets) August 23, 2019

5:35 PM IST There is no intention of the government to go on the prosecution route. CSR matters will be treated as civil liablity: FM Sitharaman.

5:31 PM IST Respect for wealth creators was spirit of budget for FY20; consultations with different sectors to understand their needs thereafter: FM Sitharaman  

LIVE UPDATES

Sops for auto industry

Higher vehicle registration fee deferred till June 2020. Govt departments will be "actively told" to replace their old vehicles. Ban on govt departments goes: FM Sitharaman

Aadhar-based KYC for demat accounts

Aadhar-based KYC to be permitted for opening of demat accounts and investing in mutual funds: FM Sitharaman. 

MSME definition

Laws to be amended to ensure one MSME definition: FM Sitharaman
 

NBFCs can use Aadhaar

Extra Rs 20,000 crore for HFCs from NHB; NBFCs can now use Aadhaar-linked KYC: FM Sitharaman
 

Bank loans cheaper, easier

Banks to make home, auto loans cheaper, says Finance Minister Sitharman.  Banks to ensure mandated return of loan documents to customers within 15 days of loan closure. It wil benefit customers who have mortgaged assets.

Bank loans

Banks have decided to launch an external benchmark-linked loan products. This will result in reduced EMI for housing loans, vehicles and other retail loans

Angel Tax dropped

FM says govt to withdraw 'Angel Tax' provisions for start-ups and investors

Surcharge goes

FM says govt has decided to withdraw surcharge on long and short term capital gains. 
 

Notice to tax assesses

All notices to tax assesses to be replied to within 3 months from October 1: FM Sitharaman

CSR violations

There is no intention of the government to go on the prosecution route. CSR matters will be treated as civil liablity: FM Sitharaman.

Respect for wealth creators

Respect for wealth creators was spirit of budget for FY20; consultations with different sectors to understand their needs thereafter: FM Sitharaman
 

India's growth higher

India's growth rate higher in comparison with many countries: FM Sitharaman

Global GDP growth may be revised

Global GDP growth may be revised downwards from current estimate of 3.2%; global demand going to be weak: Nirmala Sitharaman
 

Momentum on reforms

The government has not lost the momentum on reforms: Nirmala Sitharaman

Global GDP growth at 3.2%

Global GDP growth at 3.2  per cent this year, may be revised down, says Nirmala Sitharaman

'Volatile situation'

There is a 'very volatile situation in international trade' because of US, China trade war and other factors: Nirmala Sitharaman.

Presentation on economy

Finance Secretary to present 32 slides on the economy: Nirmala Sitharaman

Press briefing begins

Nirmala Sitharaman flanked by finance ministry officials and junior finance minister Anurag Thakur as she readies to brief the media in Delhi

Govt may exempt FPIs from super-rich tax

The government may soon roll back an additional levy on foreign funds and announce other measures to boost economic growth, Bloomberg reported while quoting a government official.

Speed on business decisions needed: Adi Godrej

"The speed of decision-making is very good for example in Kashmir, but the speed of decision-making on business matters is not good," said Adi Godrej, chairman of the Godrej Group, according to a Bloomberg report on Friday.

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