The finance minister has promised a Budget like “never before” but issues at hand, especially the health of MSMEs, are so critical and government resources so constrained that such a wide promise may be difficult to fulfil.
The main issues that came up were that the limited relief in waiving compound interest till Rs 2 crore was not enough in addressing the pain of the small time entrepreneurs who have lost all in the pandemic.
The loan moratorium case will now be heard by the Supreme Court on Thursday. This was decided after the Central government informed the court that their lawyer, the Solicitor General, was busy with some other matter.
As the hearing on the loan moratorium case began again at the Supreme Court, former Finance Minister P. Chidambaram, arguing for the petitioner said that after affidavits have already been filed, we want a compound interest waiver on loans under Rs 2 cr.
The Central Board of Direct Taxes (CBDT) vide Notification dated June 24, 2020 and the Ministry of Finance, June 24, 2020 has provided a much needed clarity and has given a legislative sanction to the income tax reforms inter alia proposed by the Hon’ble Finance Minister in light of the pandemic COVID 19.
The Akhil Bhartiya Adhivakta Parishad an organisation of Nationalist Lawyers, has made a representation before the Finance Minister Nirmala Sitharaman seeking directions to banks to provide loan at concessional rate to mitigate the financial hardship faced by the legal fraternity due to COVID 19 Pandemic.
Senior Advocate Rakesh Dwivedi, appearing for West Bengal, said the matter is in the ambit of the concurrent list, where both the Centre and the State can legislate. The State law cannot be rendered repugnant to the Centre’s law, until and unless it is in conflict with the same.