top cloud hosting company jaipur

Finance Minister proposed to revise definition under Companies Act, 2013

Finance Minister proposed to revise definition under Companies Act, 2013 1

Finance Minister proposed to revise definition under Companies Act, 2013 for small companies by increasing their threshold for capitalization to not exceeding Rs 50 lakh to not exceeding Rs 2 crore and turnover not exceeding Rs 2 crore to not exceeding Rs 20 crore.

  • The one man show, Government to now allow one-person companies
    • No restriction on paid-up capital and turnover, to incentivise incorporation of one-person companies
    • Conversion of one-person company to any other kind, reducing residency limit from 182 days to 120 days
    • Allow non-resident Indians to incorporate one-person companies in India
  • The Finance Minister proposed to revise definition under Companies Act, 2013 for small companies by increasing their threshold for capitalization to not exceeding Rs 50 lakh to not exceeding Rs 2 crore and turnover not exceeding Rs 2 crore to not exceeding Rs 20 crore.
  • Union Budget 2021 live: Government allots Rs 20,000 crore for bank recapitalisation, as FM emphasizes the need to clean up banks’ books
  • Sitharaman’s announcement of the addition of 100 cities to the City Gas Distribution network boosts stocks
  • Government to amend Insurance Act to allow higher FDI
    • FDI limit in insurance increase to 74% from 49%.
    • Govt allows foreign ownership in insurance with safeguards.
  • Finance Minister Nirmala Sitharaman proposes to consolidate provisions of SEBI Act, Depositories Act, Securities Contracts Regulation Act, Government Securities Act
  • Union Budget 2021 live: Ujjwala Scheme will be extended to cover 1 cr more beneficiaries.
    • 100 more districts to be added in the next 3 years for city gas distribution
    • An independent gas transport system operator to be set up
  • Pipelines of GAIL (India) Ltd, Indian Oil Corp (IOC) and HPCL will be monetised, says FM in Budget for 2021-22
  • FY22 fiscal deficit seen at 6.8%.
    The government had pegged the fiscal deficit at 3.5% for FY21 in the last budget before the onset of the Covid-19 crisis.
  • FM’s infra boost: Providing Rs 1.15 lk cr for Railways, privatizing airports
    • Out of the Rs 1.15 lk cr for Railways, Rs 1.07 lk cr is towards CAPEX
    • Indian Railways national rail plan for India to prepare a future-ready railway system by 2030, says the FM.
    • Indian Railways have a National Rail Plan for 2030.
    • Next lot of airports to be privatized in tier 2 and 3 towns and cities
  • Highway infra work proposed include building 8,500-km of highways by March 2022.
    • 3,500 km corridor in Tamil Nadu
    • 1,100 km in Kerala at investment of Rs 65,000 cr
    • 675 km in West Bengal at a cost of Rs 95,000 cr
    • 1,300 km in Assam in the next 3 years
  • National Monetisation Pipeline for brownfield projects to be launched. NHAI and PGCIL have sponsored one InvIT each.
    • 5 operational roads with estimated enterprise value of Rs 5,000 cr being transferred to NHAI InvIT
    • Transmission assets worth Rs 7,000 crore to be transferred to PGCIL InvIT
  • Finance Minister: FY22 capital expenditure up +34.5% (Vs FY21 BE) at Rs 5.54 lakh crore.
    • FY21 capital expenditure seen at Rs 4.39 lakh crore
    • Rs 44,000 crore under capital expenditure to be given to Department of Economic Affairs in FY22
    • Over and above this, Rs 2 lakh crore will be provided to states and autonomous bodies to nudge their expenditure.
  • Government to set-up a Development Finance Institution (DFI), capitalised with Rs 20,000 crore
    • India will introduce bill to set up new Development Financial Institution.
    • New DFI aims to have lending portfolio of Rs 5 lakh crore in 3 years
  • Union Budget 2021 Live: Vehicles to undergo fitness tests after 20 yrs for PVs, 15 years for CVs, says FM, announcing a voluntary vehicle scrapping policy.
  • Rs 1.41 lakh crore for Urban Clean India Mission
    • Urban Swachh Bharat 2.0 Mission to be launched at outlay of Rs 1.41 lakh crore over 5 years.
    • Jal Jeevan Mission Urban to have an outlay of Rs 2.87 lakh crore.
  • FM lays out a Rs 64,180 crore spending plan for healthcare over the next six years
    • Will be spent on primary, secondary and tertiary healthcare
    • In addition to the National Health Mission.
    • 17,000 rural and 11,000 urban health and wellness centres to be set up
    • Integrated public health labs to be set up in each district
  • Union Budget 2021 live: India has two COVID-19 vaccines available and we expect two more vaccines soon, the Finance Minister says
    India currently also has one of the lowest death rate and active cases in the world.
  • Union Budget 2021 live: A vision for Atmanirbhar Bharat in part of Sitharaman’s first part. FY22 budget proposals based on six pillars
    This is to further strengthen the sankalp of Nation-first. Including,

• Health & Well-being
• Inclusive Development Human Capital
• Innovation and R&D
• Physical & Financial capital and infrastructure
• Minimum government, maximum governance

  • The total estimate of all relief measures announced by govt & RBI so far is Rs 27.1 lakh cr (13% of GDP), the Finance Minister says.
  • Union Budget 2021 Live: Through the past year, the Finance Minister announced a Rs 30-lakh-crore plan, in ‘mini-budgets’ to beat Covid
    • AtmaNirbhar Bharat programmes
    • Performance-linked incentives
    • Boost for domestic manufacturing
    • Improved credit access for enterprises
    • Moratorium on interest payments
    • Thrust on affordable housing
    • Booster shots for MNREGA
  • Union Budget 2021: Nirmala Sitharaman steps up to the mic, all eyes on the Finance Minister now
Spread the love

Add a Comment