Sitharaman also said that bank charges for digital trade and transactions would be reduced
Finance Minister Nirmala Sitharaman on March 24 announced the removal of charges on debit card and ATM transactions for three months.
Banks will also not impose the minimum balance requirement fee for the same period, she added.
Sitharaman also said that bank charges for digital trade and transactions would be reduced.
The finance minister made the announcements while addressing a press conference aimed at providing regulatory and statutory compliance relaxations amid the coronavirus (COVID-19) pandemic in India.
So far, India has reported 492 confirmed cases, with 10 dead. The Union Health Ministry said that 37 people have recovered so far. As many as 560 districts in India are now under complete lockdown.
Prime Minister Narendra Modi will also address the nation at 8 pm today.
"Will address the nation at 8 PM today, 24th March 2020, on vital aspects relating to the menace of COVID-19," the PM tweeted.
Meanwhile, the Finance Minister also announced a relaxation on compliance related to Income Tax, Goods and Services Tax, customs and central excise, Insolvency and Bankruptcy Code (IBC)-related matters, bank-related compliances, fisheries and MCA provisions, among other things.
On the financial market, the FM said all the regulators and RBI and MoF are working together to monitor the development of the market. "SEBI has come up with certain guidelines to ensure stability in the stock market. We are consciously monitoring the stock market thrice in a day. A lot of inputs have come, the task force is also looking into them."Sitaraman also added that an economic package would be "announced sooner rather than later." The PM is actively involved in the framing of the package, she said.
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