- The government will infuse 83000 crore in Public Sector Banks in next few months in the current fiscal.
- Finance Minister said the recapitalisation will enhance the lending capacity of state-owned banks and help them come out of the RBI’s Prompt Corrective Action, PCA framework.
- He further said recognition of non-performing assets in the public sector banks is complete, and the downslide in bad loans has begun.
- The government on Thursday moved proposal in Parliament for enhanced bank recapitalisation outlay from Rs 65 thousand crore rupees to one lakh six thousand crore rupees in the current financial year to propel economic growth.
Govt to set up panel to look into tax issues faced by startups
- The government has decided to set up an expert committee to look into all the taxation issues being faced by startups and angel investors.
- The Central Board of Direct Taxes (CBDT) said in a statement that no coercive action or measures to recover the demands of completed assessment under income tax would be taken” against such firms.
- It said the committee of experts from IITs and IIMs will make recommendations on individual cases of recognised startups.
The decision was taken at a high-level meeting of Department of Revenue Secretary Ajay BhushanPandey, Department of Industrial