Union Minister for Finance and Corporate Affairs Nirmala Sitharaman made her maiden Budget Speech and presented it in Lok Sabha.* KYC norms for Foreign Portfolio Investors to be made more investor-friendly* Insurance intermediaries to get 100 pc FDI* FPIs to be permitted to subscribe to listed debt securities issued by ReITs and InvITs.RELIEF FOR START-UPS* Capital gains exemptions from sale of residential house for investment in start-ups extended till FY21.* No scrutiny of valuation of shares issued to Category-II Alternative Investment Funds.* Outlay of Rs 10,000 crore for three years approved for Phase-II of FAME Scheme.* Approximately 35 crore LED bulbs distributed under UJALA Yojana leading to cost saving of Rs 18,341 crore annually.

Funds raised by start-ups to not require scrutiny from Income Tax Department* E-verification mechanism for establishing the identity of the investor and source of funds* Special administrative arrangements for pending assessments and grievance redressal* No inquiry in such cases by the Assessing Officer without obtaining approval of the supervisory officer.8 per cent* Rs 70,000 crore proposed to be China pvc woven placemat Manufacturers provided to PSBs to boost credit* Reforms to be undertaken to strengthen governance in PSBsMEASURES RELATED TO CPSES* Target of Rs 1, 05,000 crore of disinvestment receipts set for the FY 2019-20* Government to reinitiate the process of strategic disinvestment of Air India* Government to consider going to an appropriate level below 51 pc in PSUs where the government control is still to be retained, on case to case basis* Present policy of retaining 51 pc government stake to be modified to retaining 51 pc stake inclusive of the stake of government controlled institutions.

DIGITAL PAYMENTS* TDS of 2 per cent on cash withdrawal exceeding Rs 1 crore in a year from a bank account* Business establishments with annual turnover more than Rs 50 crore shall offer low cost digital modes of payment to their customers and no charges or Merchant Discount Rate shall be imposed on customers as well as merchants.* 39;Angel tax39; issue resolved- start-ups and investors filing requisite declarations and providing information in their returns not to be subjected to any kind of scrutiny in respect of valuations of share premiums.

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