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Finance Minister Announces Rs 3-Lakh Crore Collateral-free Loans For MSMEs

May 13, 2020 09:03 PM IST India India

Finance Minister Nirmala Sitharaman held her first of the three briefings on Rs 20-lakh-crore economic package. FM announced Rs 3-lakh-crore worth of collateral-free automatic loans for MSMEs reeling from Coronavirus-induced crisis. These loans will keep small and medium businesses afloat and help them in generating employment. To further boost businesses, the govt has disallowed global companies to bid for govt tenders up to Rs 200 crore. The govt will provide Rs 2,500 crores EPF support to 3.67 lakh establishments and for 72.22 lakh employees. Employees with a monthly income of less than Rs 15,000 will be allowed to withdraw their provident fund. The EPF contribution of employees has been reduced to 10% from 12% for the next 3 months. Due date to file the income tax returns for FY 19-20 has been extended till November 30, 2020.