The Union Cabinet on Wednesday is holding a press conference with Finance Minister Nirmala Sitharaman and I&B Minister Anurag Thakur and Minister of State L Murugan in New Delhi.
During the press briefing, the Cabinet cleared Deposit Insurance and Credit Guarantee Corporation (DIGC) Bill and Limited Liability Partnership Amendment Bill.
Sitharaman's press conference comes a day after the International Monetary Fund (IMF) slashed India’s economic growth projection to 9.5% for FY22, down from 12.5% estimated earlier in April this year. IMF said it has revised its outlook due to the “lack of vaccine"
Sitharaman's press conference comes a day after the International Monetary Fund (IMF) slashed India’s economic growth projection to 9.5% for FY22, down from 12.5% estimated earlier in April this year. IMF said it has revised its outlook due to the “lack of vaccine"
All the highlights are as under:
-A multilateral MoU has been signed b/w international financial service centres and multilateral agencies, International Organisation of Security Commissions and International Association of Insurance Supervisors: Union Minister Anurag Thakur
-Limited Liability Partnership Amendment Bill cleared:
The Union Cabinet decision has today proposed the first amendment to the Limited Liability Partnership act. The act came into existence in 2008-2009.
-Total of 12 offences to be decriminalised for LLPs. Many of the startup’s can also benefit from the ease of doing business. Coming up with a new definition of all LLPs. Expanding the scope of what can be a small LLP.
-DICG Bill cleared:
Even if there's moratorium on bank, this measure will set in. First 45 days will go for banks in distress to hand over to the insurance corporation; within 90 days process will be definitely completed without waiting for resolution, a relief for all banks under moratorium, says FM.
-98.3% of all deposit accounts will get covered, in terms of value of the deposits over 50% coverage, Sitharaman adds. The Act insures all kinds of deposits up to ₹5 lakh in all types of banks.
-Finance Minister Nirmala Sitharmaan says that the Deposit Insurance and Credit Guarantee Corporation (DICGC) has been cleared today.
-I&B Minister Anurag Thakur begins briefing media.