Here are some key announcements: 23 AUGUST 2019
Investors:
1. Enhanced surcharge on FPIs stands withdrawn. Surcharge on domestic investors in equity markets also withdrawn
2. Aadhaar-based KYC for opening demat accounts and investment in mutual funds.
3. Govt. working to bring offshore rupee market to domestic market.
| Industry:
* CSR violation would be treated as a civil offence, not a criminal offence.
* All pending GST refundstill now shall be paid in 30 days. Future GST refundsto be paid in 60 days.
* FM vows to simplify the GST system further. | Income Tax:
* FM vows steps to end tax harassment. Old tax notice to be decided by October 1.
* From October 1, all Income Tax noticesmust be disposed off within 3 months.
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Auto sector:
* BS-IV cars purchased till March 2020 to remain operational for the entire period of registration.
* Govt asks its departments to replace old vehicles
* Higher vehicle registration fee deferred to June next year.
* Higher depreciation for all vehicle: Depreciation increased to 30 per cent for all vehicle purchased till March 2020.
* Scrap page policy to be announced.
| Home, auto loans:
* Banks to make home, auto loans cheaper. Banks have agreed to pass on the rate cut announced by RBI to customers.
Banks to launch Repo Rate linked loans.
* Online tracking system for home, auto loans.
* PSBs to return loan documents to customers within 15 days of loan closure. | For NBFCs:
* NBFC can now use Aadhaar-based KYC
* Prepayment notices issued to NBFCs will be monitored by banks.
* Additional liquidity to support Housing Finance Companies by National Housing Board increased to Rs 30,000 crore
* Govt to release Rs 70,000 crore upfront for PSBs recapitalization |
MSMEs:
* Govt withdraws ANGLE tax provision for startups and their investors.
* One-time settlement policy for MSME loans. Policy to be based on check box approach.
* Laws to be amended to ensure one MSME definition.
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