No need for minimum balance, money can be withdrawn from any ATM, charges not applicable

New Delhi: A new and revised financial package will be announced by the union finance ministry that will overcome the impact the coronavirus tragedy has had on the country’s economy, said Nirmala Sitharaman. She made this clear at a press conference that was conducted through video conference. Here, the minister announced several concessions including postponing the date for filing income tax returns.

Key Issues Discussed

1) For the next three months, debit card can be used to withdraw money from any ATM. Limited charges maybe availed.

2) The minimum balance that has to be maintained in a savings bank account is omitted.

3) The last date for filing the income tax returns for the FY 2018-19 is postponed to 30 June 2020. The interest for late submission is reduced to 9 percent from 12 percent.

4) The last date for filing GST for the months of March, April, May has been extended to June 30.

5) To assist the export-import sector the customs clearance has been made mandatory. This will function 24 hours on all seven days till June 30.

6) The time limit for conducting company board meetings has been limited to 60 days.