Commerce and Management Continues its historical activities during the extended lockdown due to Covid-19 in India

I write about Commerce and Management in a third row to inform you about the historical, magical and healing work of Commerce and management during the extended lockdown due to Covid-19 in India.Whatever may be the subject, Whether it may be a flood or it may be any other natural disaster, Commerce  helps the common man and corporates to go beyond them. Commerce and management believe only in universal brotherhood and humanity. Therefore during this period it tries its best to our nation .Some of important elements which you want to know is being reproduced below for your information and better understanding about commerce and management in a universal way .

I. Draft Guidance Note on Accounting for Share-based Payments

Institute of Chartered Accountants of India invites your valuable comments on different aspects of draft of the ‘Guidance Note on -Accounting for Share-based Payments’. You may give your comments on or before June 4,2020.

II. Supreme court of India has ordered in an Appeal that SARFAESI Act will be applicable to even Cooperative Banks

Implication

1. Now they can attach properties without court intervention.

III. CBDT has announced that forced stay of NRIs in our country due to lockdown will not count for residential status in the F.Y 2019-2020 and 2020-2021

IV. CBDT has asked the Tax officers not to communicate with the assesses or issue scrutiny notices without its intervention

V. Government has decided to revise its borrowing limit. Now the limit is 12 trillion Rupees

VI. As per the Finance Act of 2020, to get exemption under sec 10(23), 12AA, 35 and Sec 80G of the Income Tax Act every firm ,institution ,trust and other similar institutions has to get approval or registration as per the new procedure laid down in the said act. Now the applicability of this clause has been deferred from 1/6/2020 to 1/10/2020

VII. Government of India has announced 20 lakh crore Atma Nirbhar Bharat Abhiyan Relief Package to tackle the situation and increase our GDP during the third lockdown period

The Finance Minister has made announcements from 13/5/2020 to 17/5/2020-

Atma Nirbhar Bharat: Part-1: Businesses including MSMEs Text of Press Release by FM on 13th May 2020
Atma Nirbhar Bharat: Part-2: Poor, including migrants and farmers Text of Press Release by FM on 14th May 2020
Atma Nirbhar Bharat: Part-3 – Agriculture Text of Press Release by FM on 15th May 2020
Atma Nirbhar Bharat Part-4: New Horizons of Growth Text of Press Release by FM on 16th May 2020
Atma Nirbhar Bharat- Part-5: Government Reforms and Enablers Text of Press Release by FM on 17th May 2020

We may summarize the main announcements made by the Finance Minister on 13/5/2020 as follows—

1. New vision with respect to our economy

2. Self reliant India is the main focus of this package

3. The package is resting on five pillars as already mentioned by the Prime Minister on 12/5/2020

4. The package aims at entire development of our society

5. Various reforms will be announced in coming days

6. We have to market our products internationally

7. Reforms of past made us a power surplus state

8. This package is a continuation of March Package

9. Fifteen different measures has been announced on 13/5/2020

10. Out of 15, six measures are meant for MSMEs

11. Out of 15, two measures are meant for EPFs

12. Out of 15, two measures are meant for Direct taxation

13. Collateral free loan will be given to MSMEs.

14. No processing charges on those loans

15. Loans worth 3 lakh crore to MSMEs

16. One- year moratorium in respect of those loans to MSMEs

17. All measures aimed at liquidity injection in the economy

18. Sud-ordinate debts to stressed MEMEs

19. The amount will be given to banks to cancel NPAs in respect of those loans taken by MSMEs

20. Financial Assistance to standard MSMEs

21. Definition of MSMEs has been changed

22. Same definition to manufacturing and service MSMEs

23. 20,000 crore loans will be given to stressed MSMEs

24. To get security free loan MSMEs may apply up to October 31,2020.

25. Government will invite global tenders up to Rs 200 crore

26. 30,000 crore package has been announced to NBFCs. Also Guaranty should be provided by GOI in respect of loans to those firms

27. Government of India will give EPF contribution for next three months

28. EPF contribution by both employee and employer has been reduced to 10 percentage subject to certain conditions

29. Contractors will get an additional six months for completion of their works

30. Contractors will get partial security release on the basis of work completion .

31. Real estate developers will get extension by six months

32. TDS and TCS rates has been reduced by 25 %

33. All pending Income Tax refunds should be paid immediately

34. Income Tax Return Submission date is extended up-to 30,November 2020

We may summarize the main announcements made by the Finance Minister on 14/5/2020 as follows—

1. Second day announcements focused on migrant workers, small farmers ,street vendors etc.Total Nine measures are announced by FM

2. Three measures are related to migrant workers and one is related with employment generation and two of the measures are related street vendors

3. Schemes meant for marginal and nominal farmers are announced

4. Benefit of Subsidized Loan facility to agriculturists has been extended to May 31,2020

5. Moratorium of three months to agriculturists has been declared .

6. Migarnt workers can enroll inMGNREGA(Mahatma Gandhi National Rural Employment GuarantyAct)

7. Right to minimum wages will be universal

8. Disparity of minimum wages pan India will be removed

9. One India,One wages will be the objective

10. ESI facility will be provided to all employees

11. Free  food grains to migrant workers for next three months .15 Kg of food already given .Now,this facility will extend for even non ration card holders

12. One KG pulse per month will be given as free

13. One India -One ration card scheme will be implemented

14. GOI will implement rental housing scheme for urban poor

15. Shishu loan holders under Mudra loan will get interest subsidy for 12 months @2 percentage

16. GOI  will give easy loan to street vendors

17. Appointment letters to all employees is the need of the hour

18. Credit link subsidy housing scheme for middle class has been extended to march 2021

19. More jobs will be provided to Tribal men.

20. Farmers will get more working capital loans

21. Fisherman and animal husbandry farmers will get KisanCredit cards

We may summarize the main announcements made by the Finance Minister on 15/5/2020 as follows—

1. Third day focus on agriculture ,animal husbandry ,food processing and allied sectors

2. Total 11 measures are announced

3. Eight out of eleven are meant for infrastructure facilities

4. One lakh crore for co-operatives and other related agencies for infrastructure facilities creation related with agriculture and farm sector

5. 10,000 crore Rupees will be provided to clusters of food processing institutions

6. New fishing vessels and new fishing harbours are provided

7. Hundred percentage of cattle population should be vaccinated

8. Animal husbandry development fund of 50,000 crore should be established

9. New measures for promotion of medicinal plant cultivation

10. New scheme for bee keepers .500 crore fund should be provided

11. 500 crores should be provided as subsidies to farmers for processing of perishable commodities

12. Essential commodities Act should be amended

13. New central law for inter-state trade

14. GOI will ensure minimum fair price before starting agriculture operations

We may summarize the main announcements made by the Finance Minister on 16/5/2020 as follows—–

1. DBT ,GST ,IBC are the most important reforms in India in commerce and management

2. Direct taxation reforms ,power reforms and coal sector reforms are the other reforms which contributes positively to our economic development

3. Fourth day ,focus will be on reforms

4. FM has announced reforms in eight sectors

5. Coal sector reforms

Sanction has been given to commercial coal mining on revenue sharing basis

6. As a first step ,50 blocks of coal farms should be opened for privatization

7. Any one can participate in the tender process

8. Transfer of mining lease is permitted

9. Privatization is permitted in mineral sector

10. Single company can do all tasks related with mining

11. Manufacturing of defenceequipments in India is our objective

12. Ordinance factories should be corporatized

13. FDI limit in respect of defenceequipments should be increased from 49 percentage to 74 percentage

14. Make in India will be implemented in defence sector

15. Defence imports should be prohibited in certain areas

16. Airport Authority of India will get more financial assistance

17. More efficient use of Indian space will be possible

18. Privatization in Airports should be encouraged

19. Power Distribution companies in the union territories should be privatized

20. More opportunities for private players related with ISRO

21. Reserach reactor will be established in PPP model related with medical isotopes

22. Energy sector will be open for reforms

We may summarize the main announcements made by the Finance Minister on 17/5/2020 as follows—-

1. Major sections of IBC will be suspended for one year

2. Decriminalise the offences under companies Act

3. 40,000 crore to MGNREGA scheme (Mahatma Gandhi National Rural Employment GuarantyAct)

4. Sanction to 12 new education channels

5. Online education should be promoted

6. Online education through TV channels

7. TV channels for each class

8. E Padhasala facility will be improved including 200 more books

9. Indian companies can list their shares in foregin exchanges

10. IBC new limit will be one crore

11. More funds will be allotted to public health

12. GOI announces New Public sector policy .

13. 50 Lakh insurance to health workers

14. online classes of experts will be provided

15. Publicsector undertakings should be merged .

16. Only 4 big public sector undertakings in notified strategic sector

17. Migrant workers will get work on monsoon

18. Public sector undertakings in non -strategic sector should be privatized

19. New online scheme  known as Deesha

20. Revenue deficit grants to State Goverments

21. Now states can borrow upto 5 percent of their GDP subject to certain conditions

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