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Govt decides to issue all pending income-tax refunds up to INR 5 lakh to be released

The Income Tax Department will release all pending income tax refunds up to INR 5 lakh immediately, in a move that will benefit around 14 lakh taxpayers. The department of Revenue under the Ministry of Finance informed that All GST and custom refunds will also be released, which will provide benefit to around 1 lakh business entities, including MSMEs. The finance ministry said the total refund amount will be to the tune of INR 18,000 crore. Src: https://bit.ly/3e6WOOv

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MSMEs denied bank loans will be soon able to complain on govt app: FM Sitharaman

Finance Minister Nirmala Sitharaman has said that the government will soon launch an app-based loan financing system to ensure that banks don't deny loans to micro, small and medium enterprises (MSMEs) without any reason. She further added that MSMEs that are denied loans will need to file a complaint on the app and send a copy of it to the bank manager. The government would soon launch the system to ensure capital to MSMEs, vital to keep the wheels of the economy moving. Src: https://bit.ly/31I3L2K

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RBI in lockstep with govt, Sitharaman praises RBI on promoting lending to small businesses

At a media briefing in Mumbai after post-Budget discussions with economists, Finance Minister Nirmala Sitharaman on Friday praised RBI for easing cash reserve rules to promote lending to the Micro, Small and Medium Enterprises (MSME) sector. Sitharaman said that she is grateful as the RBI is in lockstep with the government. Her remarks came a day after the central bank allowed banks to do away with the need to set aside extra cash reserves to small businesses as well as the automobile and housing sectors in its sixth Monetary Policy Review of the current fiscal year. Src: https://bit.ly/2UxHpiQ

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