Surcharge rollback to capital for PSBs, FM announces steps to boost economy

The Rs 70,000-crore recapitalisation announced in the Budget will be sped up

Finance Minister Nirmala Sitharaman on Friday announced a slew of measures to revive demand in the economy. The banking, auto and start-up sectors would benefit majorly, say experts, leading to a market rally on Monday.

IN 2 MINUTES

SURCHARGE ROLLBACK

• Enhanced surcharge levied on income of foreign portfolio investors (FPIs) on short- and long-term gains on equity in the Budget 2019 stands withdrawn 
• The government would forgo Rs 1,400 crore as a result, not putting much pressure on its tight revenue channels 

GEAR SHIFT for AUTO SECTOR 

• Deferment of one-time registration fees for vehicles till June 2020 
• Additional 15% depreciation on all vehicles acquired till