New Delhi: Union Finance Minister Nirmala Sitaraman made announcements on the economy of the state. Speaking in a press conference here, she said that the rollback of higher tax on foreign investors and the release of the funds to recapitalize the public sector banks.

     She also submitted the govt releasing 70,000 crores up front as additional lending and liquidity. Banks decided to reduce the rates through MCLR reduction, she said. The effects make Rs. 5, 00,000/- lakhs [rupees five lakhs crores] crores available for credit expansion. She said that the enhanced surcharge on foreign port folio investors levied in the budget was withdrawn. The surcharged was levied on long and short term capital gains made from transfer of equity shares, she added. The pre budget position is restored, she said. The surcharge effected individual with taxable income of more than Rs. 2 crores [Rupees Two Crores].

     She also said that IT Department summons will now be issued through a centralized system. This is one way in which harassment angle can be address in favour of the assessesee. All the old notices will have take cleared in within one to five months, she said. She also said that all the pending GST refunds due to Micro, Medium and Small enterprises will be paid within 30 days, in future every refund will be paid within 60 days. She said that corporate social responsibility violation will not be treated as a criminal offense but as a civil offence. Media’s economic growth is more than that of the US and China. She also said that reforms are the govt’s top priority and measures to revive economic growth will be taken.