New Delhi: Giving relaxation to people who are under complete lockdown across the country, Union Finance Minister Nirmala Sitharaman on Tuesday waived charges on cash withdrawal from any bank ATM. Also Read - Sitharaman Rolls Back NRI Tax, Restricts Levy Only on Their Income Generated in India
Addressing a press conference, Sitharaman said that free of charge cash withdrawal from any other bank ATM allowed for debit card holders for three months. “Debit card holders who withdraw cash from any bank’s ATM can do it free of charge for the next three months,” she said. Also Read - Nirmala Sitharaman Snubs SBI Chairman: Purported Audio Clip Gets Leaked
Sitharaman further announced to waive minimum bank charges for savings bank accounts to help citizens deal with the lockdown due to the coronavirus crisis. “There shall not be any minimum balance requirement fee (in bank accounts),” she said.
She said that regulators and the Finance Ministry are monitoring developments, volatility in stock markets. She said that the monitoring is happening thrice a day. “The regulators, Reserve Bank, and Finance Ministry are all working together to keep monitoring the developments and volatility in the stock market. SEBI has come up with some set of guidelines and also stated its position,” she said.
She also said that the economic package is being worked out, sooner an announcement will come.
Besides, the Central government on Tuesday took a slew of measures to help the small companies that are affected due to the outbreak of the virus. The Central government on Tuesday raised the Insolvency and Bankruptcy Code default limit from Rs 1 lakh to Rs 1 crore.
Addressing a press conference along with Finance Minister Nirmala Sitharaman, MoS Finance Anurag Thakur said that the Insolvency and Bankruptcy Code default limit has been increased from Rs 1 lakh to Rs 1 crore.
On the other hand, Sitharaman said that the raising of the threshold will definitely help small and medium enterprises at this time of coronavirus lockdown.
Sitharaman further added that the government is also planning to suspend Sections 7, 9, 10 of the Insolvency and Bankruptcy Code (IBC) for six months if the current economic situation continues beyond April. “This would help companies being forced into insolvency on default of loans,” she said.