MSME covid relief - RBI

 RBI has vide its circular dated 4th June, 2021 enhanced the covid relief to the MSME sector by increasing the aggregate credit exposure from Rs.25 crores to Rs.50 crores. Under the resolution framework for Covid stress, banks can now consider giving higher reliefs to the MSME sector. This is a welcome move. Read on 

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12105&Mode=0

A reference is invited to the circular DOR.STR.REC.12/21.04.048/2021-22 on “Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)” dated May 5, 2021.

2. Clause 2 of the above circular specifies the eligibility conditions for MSME accounts to be considered for restructuring under the framework, which inter alia include sub-clause (iii) which states that the aggregate exposure, including non-fund based facilities, of all lending institutions to the MSME borrower should not exceed ₹25 crore as on March 31, 2021.

3. Based on a review, it has been decided to enhance the above limit from ₹25 crore to ₹50 crore.

4. Consequently, clause 2(v) would stand modified as under:

“(v) The borrower’s account was not restructured in terms of the circulars DOR.No.BP.BC/4/21.04.048/2020-21 dated August 6, 2020; DOR.No.BP.BC.34/21.04.048/2019-20 dated February 11, 2020; or DBR.No.BP.BC.18/21.04.048/2018-19 dated January 1, 2019 (collectively referred to as MSME restructuring circulars) or the circular DOR.No.BP.BC/3/21.04.048/2020-21 dated August 6, 2020 on “Resolution Framework for COVID-19-related Stress.”

individuals & small businesses - RBI relief

 https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12104&Mode=0

RBI has given relief to individuals and small borrowers having credit exposure upto Rs.25 crores to be given covid relief. The limit has been enhanced to Rs.50 crores. Whatever resolution has to be done by the banks for them has to be as per the earlier RBI circular dated 5th May, 2021. Read on. 

A reference is invited to circular DOR.STR.REC.11/21.04.048/2021-22 on “Resolution Framework – 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses” dated May 5, 2021.

2. Clause 5 of the above circular specifies the eligible borrowers who may be considered for resolution under the framework and includes the following sub-clauses:

(b) Individuals who have availed of loans and advances for business purposes and to whom the lending institutions have aggregate exposure of not more than ₹25 crore as on March 31, 2021.

(c) Small businesses, including those engaged in retail and wholesale trade, other than those classified as MSME as on March 31, 2021, and to whom the lending institutions have aggregate exposure of not more than ₹25 crore as on March 31, 2021.

3. Based on a review, it has been decided to enhance the above limits from ₹25 crore to ₹50 crore.

margin for oxygen concentrators capped

 https://pib.gov.in/PressReleasePage.aspx?PRID=1724330

In view of the extraordinary circumstances arising due to the COVID pandemic that has resulted in recent volatility in Maximum Retail Prices (MRP) of Oxygen Concentrators, the Government has decided to step-in to regulate the price of Oxygen Concentrators. As per information collected by the government, margin at the level of distributor currently ranges up to 198%.

By invoking extraordinary powers under Para 19 of the DPCO, 2013 in larger public interest NPPA has capped the Trade Margin up to 70% on Price to Distributor (PTD) level on Oxygen Concentrators. Earlier, in February 2019 NPPA had successfully capped the Trade Margin on Anti-cancer Drugs. Based on the notified Trade Margin, NPPA has instructed the manufacturers / importers to report revised MRP within three days. Revised MRPs will be informed in public domain within a week by NPPA.

Every retailer, dealer, hospital and institution shall display price list as furnished by the manufacturer, on a conspicuous part of the business premises in a manner so as to be easily accessible to any person wishing to consult the same. The manufacturers / importers not complying with the revised MRP after Trade Margin capping, shall be liable to deposit the overcharged amount along with interest @15% and penalty up to 100% under the provisions of the Drugs (Prices Control) Order, 2013 read with Essential Commodities Act, 1955. State Drug Controllers (SDCs) shall monitor the compliance of the order to ensure that no manufacturer, distributer, retailer shall sell Oxygen Concentrators to any consumer at a price exceeding the revised MRP, to prevent instances of black-marketing.

 The Order shall be applicable up to 30th November 2021, subject to review.

With the spurt in cases under COVID 2.0 pandemic in the country, demand for Medical Oxygen has gone considerably. The Government is striving to ensure uninterrupted supply of Oxygen and Oxygen Concentrators in adequate quantity in the country during the pandemic. Oxygen Concentrator is a Non-Scheduled Drug and presently under voluntary licensing framework of Central Drugs Standard Control Organization (CDSCO). Its price is being monitored under the provisions of DPCO 2013.

PLI for white goods - guidelines

 Department for Promotion of Industry and Internal Trade(DPIIT), Ministry of Commerce and Industry, Government of India todaynotified theProduction Linked Incentive (PLI) Scheme for White Goods (Air Conditioners and LED Lights) manufacturers in India. The objective of the scheme is to create complete component ecosystem in India and make India an integral part of the global supply chains. With due consultations with industry and other stakeholders, DPIIT issued detailed Scheme Guidelinesfor effective operation and smooth implementation of the Scheme. The Scheme is expected to attract global investments, enhance manufacturing and generate large scale employment opportunities.

The PLI Scheme will be implemented within the overall financial limits of Rs. 6,238 Crores (Six thousand two hundred thirty-eight Crore) over a period of 5 years during FY 2021-22 to FY 2028-29.Eligible Investment made in terms of Scheme guidelines, on April 1, 2021 or thereafter, shall be reckoned for considering the incentive under the Scheme.

Detailed Scheme Guidelines may be accessed at https://dipp.gov.in/production-linked-incentive-scheme/production-linked-incentive-scheme-pli-white-goods.

Theapplication window for the Scheme shall be open from 15th June 2021 to 15th September, 2021.

Companies meeting the pre-qualification criteria for different target segments will be eligible to participate in the Scheme. Incentives shall be open to companies making brown field or green field Investments. Thresholds of cumulative incremental investment and incremental sales of manufactured goods over the base year would have to be met for claiming incentives.

An entity availing benefits under any other PLI Scheme of Govt. India may take benefits under other applicable schemes of Govt. of India or schemes of State governments.

A number of global and domestic companies, including a number of MSMEs are likely to benefit from the Scheme.The Scheme is expected to be instrumental in achieving growth rates that are much higher than existing ones for AC and LED industries, develop complete component eco-systems in India and create global champions manufacturing in India.

https://pib.gov.in/PressReleasePage.aspx?PRID=1724514

new income tax portal

 https://pib.gov.in/PressReleasePage.aspx?PRID=1724807

The Income Tax Department is launching its new e-filing portal www.incometax.gov.in on 7th June, 2021. The new e-filing portal is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers. Some of the highlights of the new portal are detailed hereunder:

• New taxpayer friendly portal integrated with immediate processing of Income Tax Returns (ITRs) to issue quick refunds to taxpayers;
• All interactions and uploads or pending actions will be displayed on a single dashboard for follow-up action by taxpayer;
• Free of cost ITR preparation software available with interactive questions to help taxpayers for ITRs 1, 4 (online and offline) and ITR 2 (offline) to begin with; Facility for preparation of ITRs 3, 5, 6, 7 will be made available shortly;
• Taxpayers will be able to proactively update their profile to provide certain details of income including salary, house property, business/profession which will be used in pre-filling their ITR. Detailed enablement of pre-filling with salary income, interest, dividend and capital gains will be available after TDS and SFT statements are uploaded (due date is June 30th, 2021);
• New call center for taxpayer assistance for promt response to taxpayer queries. Detailed FAQs, User Manuals, Videos and chatbot/live agent also provided;
• Functionalities for filing Income Tax Forms, Add tax professionals, Submit responses to Notices in Faceless Scrutiny or Appeals would be available.

It is clarified that the new tax payment system will be launched on June 18th, 2021 after the advance tax instalment date to avoid any taxpayer inconvenience.The mobile app will also be released subsequent to the initial launch of the portal, to enable taxpayers to get familiar with the various features. Familiarization with the new system may take some time, so, the Department requests the patience of all taxpayers/stakeholders for the initial period after the launch of the new portal and while other functionalities get released since this is a major transition. This is another initiative by CBDT towards providing ease of compliance to its taxpayers and other stakeholders.

 

Miracle in Milan

 Vittoria da Sica's phantasmagorical masterpiece "Miracle in Milan" (1951) starring Francesco Golisano, Brunella Bovo among others. 

Toto (Francesco Golisano) is found in a cabbage patch by an old lady who nurses him until her falling health. The boy grows to be an obedient nice good humored person, stayed in a hostel and then set out on his own to live in a shanty town amongst the poor. 

The poor have nothing, absolutely nothing to live by, they live in ramshackle houses with barely anything to eat, hardly any money coming by, eking out a marginal existence. Among those staying in the shanty is Edvidge (Brunella Bovo) who is a maid to a family. 

The shanty town is obviously an occupied property belonging to somebody else so they come to take possession of the same, but the shanty unites against the outsiders. In the meanwhile oil is accidentally discovered in the midst of the square and the owner again comes back to forcibly take possession of the property. 

Toto in despair goes up to climb a totem pole where his mother hands him a good luck dove. What happens next is miraculous. 

Vittoria de Sica has stayed close to his neo realist style of film making. The film is shot in actual location with a ragtag band of actors, which shows the brutal reality of poverty in Milan. The special effects shown later in the movie is quite spectacular for a 1951 production. The film got a Cannes and a Fipresci. 

The main characters Brunella Bovo and Francesco Golisano have acted quite well in the movie. 

The Traitor's Niche

 

Magnificently written satire by Ismail Kadare about what happens in totalitarian regimes. And superbly translated by John Hodgson who brings alive this book originally written in Albanian. 

At the main square in the city of Constantinople, there is a kind of a cove in which traitor's head is kept there for public viewing. The severed heads of all the traitors of the rulers are kept there and there are elaborate rules and regulations governing it including inspection twice a day, a weekly visit by a medical doctor, treatment with honey and ice etc. 

Kadare brilliantly goes on to devour whatever respectability totalitarian regimes have in their midst by tearing into them in such brutally savage fashion unimaginable in any literature before. There is Abdullah the keeper of the traitor's niche he gets married but is unable to consummate his marriage. There is Tundj Hata, the courier whose job is to deliver the decree to the traitors and bring their heads back to the capital city. En route he makes some money of his own by displaying the head to the gullible villagers. 

There is Ali Pasha, an 82 year old who has a 22 year old wife and Hurshid Pasha his rival and then there is Lala Shahini all luminous characters in the book. Shahini's role is interesting - he works in the Department of Archive and he has to erase the languages, cultures, styles, patterns of the people - to brainwash them basically. Then there is a Tower of Psst Psst which captures all the whisperings of people anywhere in the country and they are banished to a swamp. 

Breathtakingly brilliant book. Goodreads 5/5