Current Affairs 14 May 2020
Hello Aspirants, Here we provide the important and Latest Current Affairs Today 14 May 2020, which have Latest updates of Current Affairs 2020 from all the newspapers such as The Hindu, The Economics Times, PIB, Times of India, Business Standard, Financial Express, Indian Express and all other official Government websites.
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Top 10 Current Affairs of 14 May 2020
National News
Government announces Rs.3 lakh crore collateral-free automatic loans for MSMEs
- Finance Minister Nirmala Sitharaman announced Rs 3 lakh crore collateral free automatic loan for businesses, including MSMEs.
- Business/MSMEs have been badly hit due to COVID19 need additional funding to meet operational liabilities built up, buy raw material and restart business.
- Decision- Emergency Credit line to Business/MSMEs from Banks and NBFCs up to….Click Here to Read More
Atma Nirbhar Bharat Abhiyan – Stressed MSMEs to get Rs 20,000 crore subordinated debt
- Finance minister Nirmala Sitharaman announced a Rs 20,000 crore of subordinated debt benefit for stressed micro, small and medium enterprises (MSMEs).
- 200,000 stressed MSMEs will stand to benefit.Atma Nirbhar Bharat Abhiyan to provide a stimulus to the economy amidst the Coronavirus outbreak.
- Subordinate debt is concerned, MSMEs which are stressed or are non-performing assets will be eligible for this scheme.
- The government will provide a contribution of Rs 4,000 crore to Credit Guarantee Trust Fund for Micro and Small Enterprises….Click Here to Read More
Government announces Rs 50,000 Crore Fund of Funds to boost MSMEs
- Finance Minister Nirmala Sitharaman announced that the government will infuse Rs 50,000 cr into MSMEs through a Fund of Funds as part of the economic package to overcome the economic stagnation brought about by the Covid-19 pandemic.
- The Fund of Funds will be set up with a corpus of Rs 10,000 crore and will provide equity funding for MSMEs with growth potential and viability.
- It will be operated through a Mother Fund and few daughter funds.
- The fund structure will help leverage….Click Here to Read More
Finance Minister announced Rs 90,000 crore liquidity boost for Discoms
- The FM announced the Power Finance Corporation and Rural Electrification Corporation will infuse liquidity worth Rs 90,000 crore into discoms.
- The loans will be given against state guarantee for exclusive purpose of clearing of discoms’ liabilities to the power generators.
- The total payables by various discoms to power general and transmission companies stand at Rs 94,000 crore.
- Central Public Sector Generation companies will give rebate to discoms which will be passed on to the customers.
- “These are one time solutions and have to be….Click Here to Read More
What is the New Definition of MSMEs ?
- As per the new definition, the distinction between manufacturing and services enterprises has been eliminated. The investment size criteria for each category – micro, small and medium – has been hiked to bring more companies under the definition of MSME. Additional criteria of turnover has been included to the definition of MSMEs.
- “Low threshold in MSME definition have created a fear among MSMEs of graduating out of the benefits and hence killing the urge to grow,”
- A Micro Enterprise was defined as a unit where the annual turnover does not exceed Rs 5 crore.
- A Small Enterprise would have turnover of more than Rs 5 crore but not exceeding Rs 75 crore.
- A Medium Enterprise was defined as a unit where the annual….Click Here to Read More
Government announces Rs 50,000 crore liquidity through TDS/TCS Rate Reduction
- Union Finance Minister Nirmala Sitharaman announced relief for middle classes too today as part of the government’s efforts to address the financial crisis brought on by the coronavirus-induced lockdown, which is in its seventh week.
- To allow people more cash in hand, the government has offered a 25 per cent reduction in TDS (Tax Deduction at Source) for non-salaried specified payments and TCS (Tax Collection at Source) for specified receipts.
- This will apply to payment for contract, professional fees, interest, rent, dividend, commission and brokerage.
- This concession is applicable for 23 specified payments where TDS is levied at rates ranging between 20% and 1% and 11 payments where TCS is applicable.
- The measure will come into force tomorro….Click Here to Read More
Extension of Registration and Completion Date of Real Estate Projects Under RERA
- All real estate projects registered under the Real Estate Regulatory Authority expiring on or after March 25 will get a six-month extension as the lockdown to contain the Covid-19 pandemic stalled work.
- Treat Covid-19 as ‘force majeure’ under RERA.
- Extend the registration and completion date, suo motu, by six months for all registered projects expiring on or after March 25 without individual applications.
- Regulators may extend this for up to three months….Click Here to Read More
EPF Contribution reduced, Take home salaries to Increase
To provide more take home salary for employees and to give relief to employers, the EPF or Employee Provident Fund contribution is being reduced for businesses and workers for three months.This will amount to a liquidity support of Rs 6,750 crore.
- To ease financial stress as businesses get back to work, the government will continue EPF support for business and workers for three more months, providing a liquidity relief of Rs 2,500 crore. This will benefit 72.22 lakh employees.
- “The EPF of two quarters will be paid by the government for companies with up to 100 employees and where 90 per cent of the staff is paid up to Rs 15,000 a month,” said Nirmala Sitharaman.
- This would help businesses facing financial….Click Here to Read More
Finance Minister announced Rs 30,000-crore special liquidity scheme for NBFCs, MFIs
- Finance Minister Nirmala Sitharaman announced a Rs 30,000- crore special liquidity scheme for non-banking finance companies (NBFCs), housing finance companies (HFCs) and micro-finance institutions (MFIs).
- She also announced an extension of the partial credit guarantee scheme worth Rs 45,000 crore under which the first 20 percent loss in debt papers will be borne by the government.
- Government will launch a Rs.30,000 crore Special Liquidity Scheme.
- Under this scheme investment will be made in both….Click Here to Read More
V. Vidyavathi appointed new Director General of ASI (Archaeological Survey of India)
- IAS officer V. Vidyavathi is appointed as the new Director-General of Archaeological Survey of India(ASI) effective from 12th May 2020. She is a 1991 batch Karnataka cadre officer.
About Archaeological Survey of India (ASI) –
The Archaeological Survey of India is an Indian government agency attached to the Ministry of Culture that….Click Here to Read More
Current Affairs Today
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