As the Lok Sabha election is going to be commenced soon, the cabinet in a move to satisfy its ’employees’, decided to increase the DA(Dearness Allowance) by 3% over the existing rate of 9%,for its employees and dearness relief to pensioners from 01/01/2019.
It will cost the exchequer a sum of Rs.9,168.12 crore.
Cabinet approves a proposal for promulgation of Indian Medical Council (Amendment Second Ordinance-2019), also approves additional DA of 3% over the existing rate of 9% to govt. employees and dearness relief to pensioners from 1.1.2019
— ANI (@ANI) February 19, 2019
Union Cabinet also approved the companies(second amendment) Ordinance 2019 and further approved the replacement of the said Ordinance in Parliament by a replacement bill.
Union Cabinet approves the promulgation of the Companies (Second Amendment) Ordinance 2019 and for replacement of the said Ordinance in Parliament by a replacement Bill
— ANI (@ANI) February 19, 2019
Previously, on Monday the RBI Central Board met Finance Minister, Arun Jaitley for the customary post-budget meeting at the National Capital.
The RBI has also announced a restructuring package for micro, small and medium industries(MSMEs) with outstanding loan unto 25 crore.
The RBI has also raised the limit of collateral-free agricultural loans to Rs. 1.6 lakh from the existing Rs. 1 lakh in an attempt to help the small and marginal farmers in formal credit system.
The centre, on 20th February also announced ‘measures’ to benefit the ‘Start-up’ community in India.
Minister of Commerce and Industry, Suresh Prabhu, announced the period to avail start-up benefits to 10 years and increase the turn over limit to 100 crores.
Suresh Prabhu: Other is, turnover of an entity in financial yr since incorporation has not exceeded Rs 100 Cr in place of Rs 25 Cr. Earlier if you exceeded Rs 25 Cr, you weren't eligible for certain benefit, now it has been raised 4 times. It's a great boon for startup community. https://t.co/6ymn7fe4jV
— ANI (@ANI) February 19, 2019
Minister of Commerce and Industry Suresh Prabhu: We can now conclusively say that the startup is an activity which will be considered upto a period of 10 years from the date of incorporation registration which was 7 years so far. (19.02.2019) pic.twitter.com/io3w0kG325
— ANI (@ANI) February 19, 2019
He also informed that the government has issued notifications for simplifying the process of start-ups to get exemptions on investments under Section 56(2)(VII b) of Income Tax Act,1961.
Also, the Minister announced , raising the investment limit for ‘Angel Tax’ exemption.
Delighted to inform you that a Gazette Notification will be issued today simplifying the process for startups to get exemptions on investments under section 56(2)(viib) of Income Tax Act, 1961. #Startup #AngelTax @DIPPGOI
— Suresh Prabhu (मोदी का परिवार) (@sureshpprabhu) February 19, 2019
The Minister was also seen encouraging women and youth entrepreneurs saying that they were benefitted through e-transactions(SWAYATT), providing them wider market reach via e-marketplace.
#Startups, Women And Youth Advantage Through e-Transactions (SWAYATT) #GeM especially focuses on Women and youth entrepreneurs and provides them the advantage of wider market reach through the e-Marketplace.#WomaniyaonGeM #MSMEsonGeM #StartupsonGeM
— Suresh Prabhu (मोदी का परिवार) (@sureshpprabhu) February 19, 2019