Economic Stimulus Package - May 2020

-
The Finance Minister, Government of India, announced a 5-part economic stimulus package from 13-17 May 2020, as part of the Atmanirbhar Bharat programme.

The incentives announced in each tranche of the stimulus package are as below:






Please note that where statutory reforms have been announced, the relevant amendment bills/ordinances are awaited. 

Popular Posts

Government of India announces exemption from Customs Duty for certain medical devices

-
In the wake of COVID-19 outbreak, and to facilitate the fight to contain its spread, the Government has issued a Notification No. 20/2020-Customs dated April 9, 2020 , exempting the following medical devices from all customs duty and health cess: COVID-19 test kits; Face masks and surgical masks; Personal Protection Equipment (PPE); Artificial respiration or other therapeutic respiration apparatus (i.e. ventilators); and Inputs required in manufacturing such products provided that importer follows the procedure set out in the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017.  This exemption will remain effective until 30 September 2020.
Read more

Karnataka High Court on grant of COVID-19 moratorium

-
The Reserve Bank of India ( RBI ) notified COVID-19 – Regulatory Package ( Circular ) on 27 March 2020 which inter-alia , permitted all commercial banks, co-operative banks, all India Financial Institutions and NBFCs to grant a 3-month moratorium on all payment of installments falling due between March 1, 2020 and May 31, 2020. Subsequently, on 22 May 2020, the period of the moratorium was extended by another 3 months by the RBI. Detailed note on the Circular can be accessed at https://jsacovid19.blogspot.com/2020/04/rbi-instructions-in-light-of-covid-19.html Followed by the Circular, the Ministry of Finance also issued FAQs on the matter to address the technicalities of the moratorium. However, several ambiguities still persisted in the subject matter, which the Karnataka High Court has addressed in its judgment on 8 July 2020 while ruling on a Writ Petition filed by a borrower. The Writ Petition was filed by Velankani Information Systems Limited (VISL) engaged in t...
Read more

IRDAI – Relaxations for e-Insurance policies and proposal forms

-
The Insurance Regulatory and Development Authority of India (Issuance of e-Insurance Policies) Regulations, 2016 ( e-Insurance Regulations ) governs the issuance of electronic policy and submission of electronic proposal form of insurance policies.   “E-insurance policy” or electronic insurance policy” means a policy document which is an evidence of insurance contract issued by an insurer and digitally signed in accordance with the applicable provisions prescribed by law and issued in an electronic form either directly to the policyholder by the insurer or through the platform of registered Insurance repository.   As per Regulation 3 of the e-Insurance Regulations, every insurer soliciting insurance business through electronic mode shall create an e-proposal form similar to the physical proposal form approved by the Authority. The e-Insurance Regulations mandate that, every such insurer, shall also make available physical version of the e-proposal form. Per Regulation 4(...
Read more