New Delhi: In response to the current economic slowdown in India, the government has announced several important measures. Finance Minister Nirmala Sitharaman made these announcements today.
To attract foreign investments, the surcharge on Foreign Portfolio Investors (FPIs) has been withdrawn. Additionally, no angel tax will be collected from startups and investors registered with the Department for Promotion of Industry and Internal Trade (DPIIT). Furthermore, the super-rich tax announced in the budget will not be collected from foreign investors.
Another significant measure includes the implementation of a centralized computer system for sending notices to taxpayers. Cases where notices have been sent will be resolved within three months. Additionally, an extra ₹70,000 crore will be infused into banks, and bank loans will be linked to the repo rate, meaning any reduction in the Reserve Bank's repo rate will automatically reflect in the bank's interest rates.
Moreover, the violation of Corporate Social Responsibility (CSR) rules will be treated as a civil offense rather than a criminal one. These measures aim to revitalize the Indian economy and provide much-needed relief to various stakeholders.
