No Minimum Balance Needed in Bank Accounts for 3 Months Amid COVID-19 Spread, Announces FM Nirmala Sitharaman
"There shall not be any minimum balance requirement fee (in bank accounts)," Sitharaman said, adding that the relaxation is applicable for the next three months. The announcement assumes significance as payments to several individuals and businesses have been stalled in wake of lockdowns imposed in several states of India.
New Delhi, March 24: Finance Minister Nirmala Sitharaman on Tuesday announced a spree of relief measures for individuals and struggling businesses which are hit due to the outbreak of coronavirus in India. Among the measures listed by Sitharaman, include the waiver of fees levied on bank account holders for not maintaining the minimum balance at end of the month. Check Full List of Announcements Made by FM Sitharaman.
"There shall not be any minimum balance requirement fee (in bank accounts)," Sitharaman said, adding that the relaxation is applicable for the next three months. The announcement assumes significance as payments to several individuals and businesses have been stalled in wake of lockdowns imposed in several states of India.
Update by ANI
Sitharaman also stated in her press briefing that no charge would be levied on those using the ATM facilities of another bank. "Debit card holders who withdraw cash from any bank's ATM can do it free of charge for the next three months," she said.
The Finance Minister also extended the last date for filing GST and Income Tax returns. The Goods and Services Tax, for the period of March, April and May, can now be paid upto June 30, 2020. Similarly, the IT returns can also filed by the June 30. Further, the penalty on late-filing has been reduced from 12 to 9 percent.
"For newly incorporated companies there is a requirement to file declaration for the commencement of business within 6 months of incorporation. Now we are giving them an additional time of 6 more months," Sitharaman said. The FM further stated that her Ministry of preparing an economic relief package to aid those sectors and industries which have faced a devastating impact due to the spread of COVID-19.
(The above story first appeared on LatestLY on Mar 24, 2020 03:43 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).