10 Things You Need To Know From CM KCR’s Press Meet Earlier Today About Fighting The Cash Crunch!

 

Hon’ble Chief Minister of Telangana Mr. KCR held a press meet today in secretariat to address the cash crunch issues prevailing in the state. He also proposed certain measures to ensure smooth and easy implementation of “DEMONETIZATION”.

 

Here are few of his suggestions to the central government:

Mitigating Adverse impact on Construction sector: Since real-estate and construction sectors are the worst hit. He suggested a ‘Special Fund’ to be created by the Center and States to take up works like house building, road repairs, road construction and development of other infrastructure facilities, where these laborers can be productively employed.

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Supporting Farmers: In view of these considerations, farmers may be allowed to deposit an appropriate amount and nominal taxes only be imposed on such deposits.

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Supporting Small Businesses: He suggested that this sector also needs to be provided with a facility to deposit an appropriate amount with nominal tax, as a onetime measure.

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MSME Sector: Should be allowed up to 6 months to repay the loan installment before they are declared as NPA.

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Supporting Poultry Industry: Telangana has the largest poultry industry in India. Eggs and chicken are perishable. Most of the chicken and egg business is cash based. Post demonetization, the business has dropped by 70%. Moratorium of bank loans for two years may be examined by the GOI in consultation with poultry industry associations.

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Increasing Cash Withdrawals in Special Cases: Immediately, the withdrawal limits for small businesses may be raised to Rs one lakh and for marriages to Rs 4 lakhs.

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Supporting States for Revenue Shortfall: Since the states are witnessing a sudden drop in revenues. KCR has requested the Central govt. to provide special aid for states.

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Moratorium on Central Government Loans: A moratorium of one year should be given on payment of Principal and Interest on State Governments’ loans outstanding to Government of India.

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Moratorium of Principal on Open Market Loans: A moratorium of one year may be given on the Principal payable by State Governments on loans outstanding to other Financial Institutions.

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Release of CST & Other Dues: As an immediate measure to overcome the cash crunch of state governments, the dues accruable to the States like CST compensation may be cleared during the current Financial Year itself.

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As an additional step to provide complete support to the Govt, he has announced certain measures that are going to be taken up by the Telangana Govt. Such as,

Making Siddhipet a complete cashless Constitution.

Introducing swiping machines in Registration offices.

Introducing TS wallet for consumers to make online payments.

Increasing the GHMC 5 Rs meal canteens to 150 and also proposed that any transaction above 500 Rs should be done through online.

Increasing the rate construction of double bedroom houses to provide strong aid to skilled and un-skilled labor.

 

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