The measures announced by the FM were temporary and meant to make the lives of people easier in the midst of the Coronavirus scare. Here are some of the key points.

· The minimum balance (MAB) requirement of banks has been waived for a period of three months at the moment till 30 June 2020

· The last date for filing of income tax returns for 2018-19, which was March 31, 2020 has now been extended to June 30, 2020

· The FM clarified that a separate economic package was to be announced by the prime minister in his 8 pm address on 24 March to alleviate problems for people.

· Bank charges have been reduced for digital trade transaction for all trade finance consumers

· Debit card holders will now be allowed to withdraw cash from any ATMs free of additional charge for a period of 3 months till 30 Jun 2020.

· IBC Section 7, 9 and 10 to be suspended for 6 months to stop companies being forced to insolvency. Minimum threshold of default increased from Rs.1 lakh to Rs.1 crore

· For a director in any company, less than minimum residency of 182 days will not be treated as a violation

· Newly incorporated companies get additional 6 months to file commencement of business report

· Vivad se Vishwas tax dispute resolution scheme extended by 3 months till June 30 without having to pay the 10% interest on principal amount

· Applicability of Companies Auditors’ Report Order 2020 shifted to 2020-21 and Board meeting rules relaxed for 60 days

· No interest or penalty on GST for small companies with turnover under Rs.5 crore. For larger companies, only interest payable for GST; no late fee or penalty

· Last date for filing March, April, May GST returns extended to June 30

· Deadline for Aadhaar-PAN linking extended to 30th June

· Late deposit of TDS attracts reduced interest at 9% instead of 12%