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‘Safe’ Goa needs to arrest trend of people flocking in: Oppn

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Digambar Kamat

Panaji, May 27 : The Goa government needs to arrest the trend of persons who are travelling to Goa just because it is a safe zone and not because they are stranded elsewhere and are returning to a place they belong to, Leader of Opposition Digambar Kamat said on Wednesday.

“I can understand the case of Goans who are stranded and want to return. But there are lots of other people who want to come to Goa for various reasons. And unless we screen them properly and make border checking stricter, I have a feeling the number of positive cases may increase,” Kamat told reporters in Panaji.

“The trend is, since Goa is in a better situtation (compared to other states), many people from abroad or outside (the state) want to come to Goa to take rest. This kind of thing is going on. So we have to keep a check on this. Only Goans who are stranded abroad, those who are coming back from other parts of India should be welcome,” Kamat added.

Goa currently has 39 active Covid-19 cases, according to the state Health Ministry. The coastal state had zero active cases earlier this month, but with relaxations in subsequent lockdowns facilitating more inter-state travel, Goa saw a surge in cases, most being persons who entered the state via Maharashtra.

Goa Chief Minister Pramod Sawant has already appealed on several occasions that tourists and those who do not have a residence in the state, should not travel to Goa by taking advantage of the easing of inter-state travel restrictions.

Business

FM reviews Aatmanirbhar Bharat package, Rs 62k cr disbursed under ECLGS

Sitharaman had announced a Rs 30,000 crore Additional Emergency Working Capital Funding for farmers through NABARD under the package.

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Nirmala Sitharaman

New Delhi, July 12 : Finance Minister Nirmala Sitharman has reviewed the progress of the Aatmanirbhar Bharat economic package’s implementation in matters related to the Finance and Corporate Affair Ministries.

The latest review has shown that as of July 9, banks have disbursed Rs 61,987.90 crore to MSMEs under the Emergency Credit Line Guarantee Scheme (ECLGS). A total of over Rs 1.20 lakh crore have been sanctioned so far.

To provide relief to the businesses, additional working capital finance of 20 per cent of the outstanding credit as on February 29, 2020, in the form of a term loan at a concessional rate of interest is provided under the scheme. This would be available to units with upto Rs 25 crore outstanding and turnover of up to Rs 100 crore whose accounts are standard.

The units will not have to provide any guarantee or collateral of their own. The amount will be 100 per cent guaranteed by the government of India providing a total liquidity of Rs 3 lakh crore to more than 45 lakh MSMEs.

Regarding the Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for non-banking financial companies (NBFCs), the Finance Ministry statement said that banks have approved purchase of portfolio of Rs 14,000 crore and are currently in process of approval or negotiations for Rs 6,000 crore as on July 3, 2020.

As per the Aatmanirbhar Bharat package, the government had announced to revamp the existing Partial Credit Guarantee Scheme (PCGS) and extend it to cover the borrowings of lower rated NBFCs, HFCs and other Micro Finance Institutions (MFIs). Government of India would provide a 20 per cent first loss sovereign guarantee to public sector banks.

Further, NABARD has sanctioned the new front loaded special refinance facility of Rs 30,000 crore sanctioned to regional rural banks and Cooperative Banks. This special facility to benefit three crore farmers, consisting of mostly small and marginal farmers in meeting their credit needs for post-harvest and kharif sowing requirements.

The statement said that when kharif sowing is already on its full swing Rs 24,876.87 crore out of Rs 30,000 crore has been disbursed as on July 6, out of this special facility.

Sitharaman had announced a Rs 30,000 crore Additional Emergency Working Capital Funding for farmers through NABARD under the package.

On the Rs 30,000 crore Special Liquidity Scheme for NBFCs, HFCs and MFIs, the official statement said that SBICAP has received 24 applications requesting about Rs 9,875 crore of financing as on July 7, 2020 which are being processed. The first application in this regard has received its approval and the remaining are also being considered, it added.

It also said that the Ministry of Corporate Affairs has raised the threshold of default under Section 4 of the IBC, 2016 to Rs 1 crore — from the existing threshold of Rs 1 lakh. The Ministry of Corporate Affairs is finalising a special insolvency resolution under section 240A of the Code, to provide relief to the MSMEs and the same would be notified soon.

Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 has been promulgated on June 5, 2020 thereby provided for insertion of Section 10A in the Insolvency and Bankruptcy Code 2016 to temporarily suspend initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7, 9 & 10 of the Code for a period of six months or such further period, not exceeding one year from such date.

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Don’t allow Chinese firms in Train 18 project: CAIT

“The total worth of the project is more than Rs 1,500 crore for 44 Vande Bharat Express Trains,” CAIT said in a statement.

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Auto Sector Automobile

New Delhi, July 11 : The Confederation of All India Traders on Saturday urged the Centre not to allow Chinese firm’s participation in the global tender for semi-high speed indigenous train project of Indian Railway.

The development comes as a part of its “boycott Chinese” products and services campaign in the light of growing border tensions between the two Asian giants.

Consequently, CAIT in a communication sent to Union Railways Minister Piyush Goyal urged him not to allow Chinese state owned firm CRRC Corporation to participate in global tender for semi-high speed indigenous — Train 18 — project.

“The total worth of the project is more than Rs 1,500 crore for 44 Vande Bharat Express Trains,” CAIT said in a statement.

“Since this project of Indian Railways is a part of ”Make in India” call of Prime Minister Narendra Modi, therefore considering this fact and the current critical period, it will be most appropriate not to consider the said Chinese company for the rail project and rather emphasis should be laid more on Indian companies who have been shortlisted for this project-said both trade leaders.”

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Rs 1.20 lakh cr sanctioned for MSMEs under ECLGS

The scheme would help more than 30 lakh units of MSMEs and other businesses restart their businesses post the lockdown.

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MSMEs Sector

New Delhi, July 11 : The government is going all out to ensure that liquidity concerns of the MSME sector are addressed on priority under its Emergency Credit Line Guarantee Scheme (ECLGS).

As of July 9, 2020 public sector and private banks have sanctioned loans worth over Rs 1.20 lakh crore under the 100 per cent Emergency Credit Line Guarantee Scheme, of which close to Rs 62,000 crore has already been disbursed.

There has been a big jump in sanctions in the last couple of weeks and just in last five days up to July 9 sanctions have increased by close to Rs 5,500 crore while disbursement has increased by about Rs 6,000 crore.

In a tweet, office of finance minister Nirmala Sitharaman said: “As of 9 July 2020, the total amount sanctioned under the 100 per cent Emergency Credit Line Guarantee Scheme by #PSBs and private banks stands at Rs 1,20,099.37 crore, of which Rs 61,987.90 crore has already been disbursed.”

The ECLGS scheme is the biggest fiscal component of the Rs 20-lakh crore Self-Reliant India Mission package announced by Finance Minister Nirmala Sitharaman in May.

To ensure that the scheme achieve its objective of providing adequate liquidity to the MSME segment during the current difficult period, the finance ministry has regularly held meetings with the banks.

A finance ministry statement said that banks from both public and private sectors have contributed to the success of the ECLGS. Loan amounts sanctioned by Public Sector Banks increased to Rs 68,145.40 crore, of which Rs 38,372.88 crore has been disbursed as of July 9.

Similarly, private banks sanctioned loans to the tune of Rs 51,953.97 crore while disbursed Rs 23,615.02 crore.

The scheme would help more than 30 lakh units of MSMEs and other businesses restart their businesses post the lockdown.

As part of the Aatmanirbhar package, the government had announced its plans for Rs 3 lakh Crore as additional credit to MSMEs and small businesses. Such enterprises were to be eligible to receive up to 20 per cent of their existing borrowing as additional loans at interest rates which were capped.

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