Govt waives minimum bank balance charge for saving a/c

The government has allowed free of charge cash withdrawal from any other bank ATM for debit card holders for three months in the wake of the coronavirus pandemic.

The measure was announced by Finance Minister Nirmala Sitharaman at a press conference on Tuesday.

She also announced complete waiver of minimum balance charges for savings bank account. The steps taken by the government are going to help customers as the country is locked down to check the spread of coronavirus disease COVID-19.

To help small companies facing the threat of defaults due to coronavirus-related lockdown, the government raised the threshold that would trigger insolvency proceedings to Rs 1 crore from current Rs 1 lakh.

This raising of the threshold will help small and medium enterprises, Nirmala said.

On late filing of Goods and Services (GST) returns, no late fee, penalty or interest will be charged for companies with turnover of up to Rs 5 crore, Nirmala said.

For companies with more than Rs 5 crore turnover, no late fee and penalty will be charged on GST return filed by 15 days. A reduced interest rate of 9 per cent will be charged, she said.