COVID-19 Relief Package by the RBI

The Reserve Bank of India announced measures to mitigate the burden of debt servicing brought about by disruptions on account of COVID-19 pandemic and to ensure the continuity of viable businesses.

The following are some of the measures provided by the Reserve Bank of India.

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COVID–19 Relief Measures in Employment and Labor Laws

The Ministry of Labour and Employment has announced various relief measures for the benefit of labour and manpower employed in companies, factories and establishments, amidst this global pandemic which is empowering the world. These measures definitely provide the much-needed support and reassurance to the work force, registered with the Ministry. The details of relief measures are stated below:

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Financial Year 2019-20 will end on March 31st

The Finance Ministry has clarified that FY 2019-20 will end on March 31st 2020 and FY 2020-21 will start on April 1st 2020, thereby putting an end to all the rumors doing the rounds about a possible extension.

The onset of rumors was due to misquotation of a   notification issued by the Department of Revenue, Ministry Of Finance dated 30th June 2020 related to certain amendments to the Indian Stamp Act.

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New SPICe Plus Form – A step Towards Ease of Doing Business

As per the Economic Survey 2019-20- “India has moved up 79 positions in the World Bank’s Doing Business Ranking improving from 142 in 2014 to 63 in 2019, with the country improving on 7 out of the 10 parameters”. One of the main reasons for this progress being reduction in time taken for incorporating a business entity in India and setting up operations. In continuation to this, the Government has proposed a new web form named SPICe Plus replacing the existing forms for incorporating a Company.

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Incentives For Start-Ups and MSME’S In Budget 2020

The Union Budget for 2020-21 was released on 1st February 2020 by the Finance Minister, Ms. Nirmala Sitharaman and had a lot in store for Start-Up’s and Medium, Small and Micro enterprises (MSME).

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