Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > RBI Regulations > What are the Measures Taken by the Finance Ministry to Tackle Coronavirus in India?

Government Updates

What are the Measures Taken by the Finance Ministry to Tackle Coronavirus in India?

What are the Measures Taken by the Finance Ministry to Tackle Coronavirus in India?

The novel coronavirus has spread like wildfire ever since its unfortunate inception in Wuhan, China. Countries like Italy, Spain, Iran and the USA have already hit phase 3 and are scrambling to keep the disease at bay. India too is following suit in taking every precautionary measure to put a stop to the looming menace. With the onset of a 21-day lockdown, the government is gearing up to prevent the effect of COVID-19 on the economy. Recently, Finance Minister Nirmala Sitharaman addressed the possibility of a financial crisis in the coming months. The Ministry of Finance has taken certain fiscal measures to prevent the country’s economic difficulties during the pandemic. Here’s a list of key issues tackled by the body:

Relief packages for the underprivileged  

The Finance Ministry has announced that relief packages shall be disbursed to the underprivileged sector, with main focus on daily wage labourers, rural workers, senior citizens, disabled persons and women. An amount of Rs 1.7 crore has been allocated for providing essential food items, home utilities and cash funds to those falling under the BPL. “These announcements will be implemented immediately”, assured Nirmala Sitharaman.

Coronavirus impact on Economy

Additional Read:- Finance Minister’s Announcements on Relief Measures over Coronavirus lockdown

Facilitation of essential services

The Ministry has also announced that essential services shall continue to remain open to facilitate the basic functioning of the country. To prevent panic and hysteria amongst the masses, it was immediately announced and published in the Gazette that pharmacies, grocery stores, ATMs, banks, and hospitals, among others, shall continue to function. However, people serving in the various public fields have been directed to practice extra precaution at all times.

Relaxation in tax and company rules

For companies and SMEs, the Ministry has relaxed certain regulations, including extending the time for filing financial year returns, cutting back interest rates from 12% to 9% and relaxing the penalty in the event of failure to file GST returns. There have been certain relaxations for citizens as well. For instance, there shall be no charge on debit card transactions and the minimum balance requirement in a savings account has been waived.

Provision of medical resources

The medical and health industry is the backbone of the country and the Finance Ministry is leaving no stone unturned in prioritizing the health and security of the diligent professionals serving in the field. An insurance cover of an estimated amount of Rs 50 lakhs has been allocated to every member of the field, covering doctors, nurses, ward persons, paramedics, and allied hospital staff for a period of 3 months. The Ministry has also directed state governments to increase the provision of medical equipment to ensure the maximum protection of medical professionals.

Additional Read:- RBI Press Conference on Monetary Relief Measures in the Time of COVID-19: Key Takeaways

With the Finance Ministry’s quick response in times of crisis, the country can hope to avert the onset of a massive public health disaster and simultaneously cushion the blow of a falling economy. However, it is also crucial that every citizen of the country remains responsible and adheres to the directives of the state.

Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Important Information

Investor Information

Visit us on:,Visit us on: www.tatacapitalmoneyfy.com,www.tatacapitalmoneyfy.com

Our Private Equity Funds

Amalgamated Companies

Top Branches
Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.