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Ministry of Finance Profile picture
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16 Sep, 12 tweets, 4 min read
Central Government guarantee of Rs.30,600 crore to back Security Receipts issued by NARCL for acquiring stressed loan assets was approved by Cabinet yesterday.
The following FAQs explain various aspects regarding the same.
Read more➡️
pib.gov.in/PressReleasePa…
What is National Asset Reconstruction Company Limited (NARCL)? Who has set it up?👇
What is India Debt Resolution Company Ltd. (IDRCL)? Who has set it up? 👇
Why is NARCL-IDRCL type structure needed when there are 28 existing ARCs? 👇
Why is a Government Guarantee needed?👇
How will NARCL and IDRCL work? 👇
What benefit do banks get from this new structure?👇
Why is it being set up now?👇
Is the guarantee likely to be invoked?👇
How will Government ensure faster and timely resolution?👇
What will be the capital structure of NARCL and how much will Government contribute?👇
What will be NARCL’s strategy for resolution of stressed assets?👇

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More from @FinMinIndia

Ministry of Finance Profile picture
10 Sep
Last week India unveiled the #AccountAggregator network, a financial data-sharing system. Account Aggregator empowers the individual with control over their personal financial data, which otherwise remains in silos.
Read more➡️ pib.gov.in/PressReleaseIf…
पिछले सप्ताह, भारत ने वित्तीय डेटा-साझा प्रणाली - अकाउंट एग्रीगेटर (एए) नेटवर्क का अनावरण किया।अकाउंट एग्रीगेटर व्यक्ति को अपने व्यक्तिगत वित्तीय डेटा पर नियंत्रण के साथ सशक्त बनाता है, जो डेटा सामान्यतया अलग-थलग और आसान पहुँच से बाहर रहते हैं।
विवरण➡️pib.gov.in/PressReleasePa…
What is an #AccountAggregator? 👇
Read 13 tweets
Ministry of Finance Profile picture
30 Jun
✅On the eve of completion of #4yearsofGST , CBIC to honour the tax payers contributing to the GST success story
✅CBIC to issue certificates of appreciation to honour contributions of tax payers
Read more➡️ pib.gov.in/PressReleaseIf…

(1/5)
✅Government reaffirms its commitment to continuous improvement in taxpayer services
(2/5)
A data analytics exercise was undertaken by the Central Board of Indirect Taxes and Customs to identify taxpayers who have made substantial contribution in payment of GST in cash along with timely filing of returns.
(3/5)
Read 5 tweets
Ministry of Finance Profile picture
30 Jun
Overall, GST rates have been reduced on 400 goods and 80 services. Given that, in the pre-GST regime, the combined Centre and States rates were more than 31% on most of the items; this reduction marks a significant relief for the taxpayer. #4yearsofGST
(1/8)
Common-use items such as hair oil, toothpaste, and soap have seen their tax rates come down from 29.3% in the pre-GST era to just 18% under GST. #4yearsofGST
(2/8)
Appliances such as fridges, washing machines, vacuum cleaners, food grinders and mixers, shavers, hair clippers, water heaters, hair dryers, electric smoothing irons, TVs (up to 32 inches) have all seen tax rates lowered from 31.3% to 18% due to GST. #4yearsofGST
(3/8)
Read 8 tweets
Ministry of Finance Profile picture
30 Jun
In light of COVID-19, taxpayers were given certain compliance-related relaxations to ease their burden. Relief was provided by way of payment deferrals, reduced interest rate, and waiver of late fee/capping of late fee to Rs 500 in certain cases. #4yearsofGST
(1/4)
The following exemptions/reduction in GST/ IGST on import of COVID-19 relief goods have been granted on the recommendations of the GST Council. #4yearsofGST
(2/4)
The GST Council decided to slash the GST rate on several key COVID-19 essential supplies so as to provide relief to citizens during the pandemic. #4yearsofGST
(3/4)
Read 4 tweets
Ministry of Finance Profile picture
29 Jun
Finance minister Smt. @nsitharaman yesterday announced slew of measures to help sectors hit by 2nd wave of pandemic.

Rs 6,28,993 crore package to support Indian economy

See below set of tweets for more details 👇

#IndiaFightsCorona #Unite2FightCorona
(1/9)
✅ Rs 1.1 lakh crore loan guarantee scheme for COVID affected sectors
✅Additional Rs 1.5 lakh crore for Emergency Credit Line Guarantee Scheme
✅Credit Guarantee Scheme to facilitate loans to 25 lakh persons through Micro Finance Institutions (MFIs)

(2/9)
✅ Financial support to more than 11,000 Registered Tourists/ Guides/ Travel and Tourism Stakeholders
✅ Free one month Tourist Visa to first 5 lakh tourists
(3/9)
Read 9 tweets
Ministry of Finance Profile picture
27 Nov 20
Q2 GDP at –7.5% buttresses recovery as captured by several high frequency indicators. Economic impact is primarily due to #COVID19, good news is falling daily cases are due to lower transmission & not due to lower testing. To sustain economic recovery, caution must continue.(1/7)
➡️High PMI Indices for Manufacturing and Services with manufacturing PMI at a decadal high
➡️Broad based recovery is underway
(2/7)
➡️Index of Industrial Production enters positive territory
➡️Index of 8-core industries regains previous year levels in September
(3/7)
Read 7 tweets

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