Prime Minister's National Relief Fund(PMNRF) and National Defence Fund(NDF)

All donations towards the Prime Minister's National Relief Fund(PMNRF) and the National Defence Fund(NDF) are notified for 100% deduction from taxable income under Section 80G of the Income Tax Act,1961

Financial Services Secretary Rajiv Kumar said that the 180-day NPA norm for MSMEs would help reverse Rs 15,000 crore in the banking system.

The Reserve Bank of India in its circular dated February 12 said, that a bank can resolve a loan of Rs 2,000 crore or more within 180 days, failing which insolvency proceedings will have to be invoked against the defaulter.

Rajiv Kumar said, this will improve the balance sheets of banks in the first quarter of the current fiscal with a positive entry of Rs 2,200 crore.

He said, when the banks have healthy balance sheets they will be in a position to give more loan to the Micro, Small and Medium Enterprises (MSME) sector which is witnessing credit growth of over 20% in the last 5 quarters.

He added, MUDRA and initiatives in MSME space leads to rise in the new credit borrowers, giving wings to entrepreneurial ambitions.

       Circulars       ;Guidelines