COVID-19 Daily News Finance

Finance Minister Nirmala Sitharaman Expands Scheme For Health and Tourism

Honorable Finance Minister Smt. Nirmala Sitharaman announces some Covid relief schemes for the health sector, especially for Covid affected areas. As we all know of the Covid challenges, last year also finance minister presented the package of 29 lakh crore under Atma Nirbhar Bharat scheme. Today also she presented funds for relief in Covid affected areas. She especially has put the focus now on the unreached towns and areas where Covid relief facilities were least. The motive is to expand the health sector facilities.

What is the announcement?

covid relief for health and tourism

There are about eight measures under the category of COVID relief. Four of which are absolutely new. There is one item related to health infrastructure. She explained that there are other eight items in addition to these items. They are related to growth in general, export and also related to employees and in this six are totally new items. There will be two divisions which include rupees 1.1 lakh crore guarantee. It is being given particularly for COVID affected sectors.

guarantee scheme for Covid affected sectors

Who will be benefitted?

The health sector with Fifty thousand crore cover receives for scaling up medical infrastructure. The main focus is on other than eight metropolitan cities. The health and medical infrastructure in all other areas, all other towns are now the priority. These covers will be provided to these tier 2 and tier 3. The coverage will be for projects which are totally new or expanded Scheme will provide up to 75% coverage for new projects and up to 50% coverage for expansions.

What is the amount and interest rate?

The loan will be of an amount of maximum of 100 crores. This guarantee will last for three years. The interest rate will be 7.95%. She also said,” If this is for the health sector and COVID relief, we are expanding this for other sectors also where sixty thousand crores will be dedicated for the cover. But the interest rate cap here will be 8.25%”.

Additional

She added that all other details will be provided in a short span of time. For other sectors, as we progress, we will evolve the needs depending on the needs which are coming out from the ground. She will consider the aspects and keep changing the description and coverage of schemes. There is another additional 1.5 lakh crore rupees scheme for emergency credit needs. It was launched last year under the Atma Nirbhar Bharat package.

The tourism and hospitality sector were demanding support from the government for since long. They complained that Covid has affected the travel sector worse. It has forced people to cut down the traveling. The Center offered the loan amount of up to 10 lakh rupees for travel agents and one lakh rupee to registered tourist guides.

For more such updates, keep watching this space!

COVID-19 Daily News

Health Insurance Cover: Home treatment coverage to come under new plans as add-ons; customers may have to pay more on Premiums

This pandemic has made us learn that any illness doesn’t discriminate in any way of age, race, and religion. Health insurance can actually help your loved ones through this. The whole pandemic is becoming very scary. We want our family and loved ones safe and secured. Every day people are facing risks of death. Most of them are facing financial problems.

Are you insured for these risks? Considering these situations, health insurance companies are providing insurance for covid treatment also.

International Regulatory and Development Authority of India (IRDAI) launches two kinds of Insurance policies

  • Corona Kavach
  • Corona Rakshak

You can buy these two policies from any company like LIC, Future general, Max life, Star health insurance, etc. The terms and conditions for the policies will remain the same. There will be different premium amounts changing company to company.  IRDAI is encouraging to allow insurance companies to include home treatment services in the new health insurance policies as an add-on service.

The availability of a bed in the hospitals is a serious problem for now. As the number of patients is increasing day by day in the pandemic. Home treatment is the best option to treat your family members in existing health insurance policies. It will take a little extra premium to avail of all the facilities.

Corona Kavach

health insurance corona kavach

It is family health insurance that reimburses all the hospital bills during covid-19 treatment. It is an indemnity-based plan. The special feature of this policy is the availability of co-morbid conditions coverage also.

corona kavach

There are conditions to claims this insurance

  • To claim, the insured person must be diagnosed with covid positive from the authorized hospital.
  • There must be a continuous 24 hours of hospitalization of the patient.

Corona Rakshak

This insurance policy is mainly a benefit-based plan that ensures 100% of the sum paid to the policyholder. Its waiting period is also 15 days. It doesn’t have the feature of comorbid conditions. Unlike corona Kavach, to claim the insurance patient must be hospitalized for continuous 72 hours.

Corona Rakshak
Advices Budgeting Business COVID-19 Daily News

GST Rates Cut Down For COVID-19 essentials?

”It is expected that in line with the fitment committee’s suggestions, the GoM empowered to look into the GST relief on COVID-19 related drugs and other items have opted for a blanket rate of five percent even for other items (drugs already attract five percent). The complete exemption is likely to be counter-productive. Anyway, GST reduction will not directly benefit people who are getting the COVID-19 vaccines for free (which today comprises the majority),” said Mr. Saket Patawari, Executive Director–Indirect Tax, Nexdigm.

essential vaccines and medicine

A list of the category-wise essentials and services is presented by the council is mentioned below:

Category Item Present GST Rate Recommended GST Rate
COVID vaccines All vaccines 5% 5%
Medicines Tocilizumab 5% Nil
Amphotericin B 5% Nil  
Anti-Coagulants like Heparin 12% 5%  
Remdesivir 12% 5%  
Any other drug recommended by the Ministry of Health and Family Welfare (MoHFW) and Dept. of Pharma (DoP) for Covid treatment Applicable Rate 5%  
Oxygen, Oxygen generation equipment and related medical devices Medical Grade Oxygen 12% 5%
Oxygen Concentrator/ Generator, including personal imports thereof 12% 5%  
Ventilators 12% 5%  
Ventilator masks / canula / helmet 12% 5%  
BiPAP Machine 12% 5%  
High flow nasal cannula (HFNC) device 12% 5%  
Testing Kits and Machines Covid Testing Kits 12% 5%
Specified Inflammatory Diagnostic Kits, namely D-Dimer, IL-6, Ferritin, and LDH 12% 5%  
COVID-19 related relief material Pulse Oximeters, incl personal imports thereof 12% 5%
Hand Sanitizer 18% 5%  
Temperature check equipment 18% 5%  
Gas/Electric/other furnaces for the crematorium, including their installation, etc. 18% 5%  
Ambulances 28% 12%  

GST on Vaccine

Previously on 28th May also GST council referred to the decision over tax rates on the COVID-19  vaccine to a group of ministers. The Goods and Services Tax Council is chaired by Finance Minister Smt. Nirmala Sitharaman. She approved all the recommendations of the group of ministers which was set up to deliberate tax relief on covid-19 essentials.

She explained that the center will buy the 75% vaccines and will pay its ST too. 5% of tax will stay on the vaccine. These rates will be valid till this September.

For more such updates, keep watching this space!

COVID-19 Daily News Education Finance

Supreme Court denies plea seeking fresh loans moratorium!

Following the outbreak of the COVID-19 pandemic Reserve bank of India and the Supreme court have given many decisions to suppress the economic failures and financial stress. Among these there came a decision on June 11, 2021, ” Supreme court of India to pass an order of fresh loan moratorium and said the issues raised in the petition are in the realm of policy decisions.”

What is the PIL about?

The Supreme court says that it does not come under the expertise of judges and is a matter of the banking system. The moratorium on all loans announced by RBI last year on home, auto, and agricultural loans. The decision is to help the customers overcome the financial difficulties.

The decision bench was headed by Justice Ashok Bhushan. The petitioner has pleaded with the supreme court for a new loans moratorium, Time extension, and temporary cease on the declaration of NPA by banks.

NPA

One-time loan restructuring scheme

The one-time loan restructuring plan is for individuals and small businesses considering the financial conditions. People will be able to recast their loans again. Their NPA also will not downgrade.

Why this decision?

Supreme court judges

Supreme court judge, M R Shah who is a part of the bench tells the media briefly about the decision. He says,” what is an economic policy or what will be the financial package, the center. Rbi will decide this after a discussion in detail.”

“From various steps taken by center and Rbi, we can’t say that center hasn’t taken steps in the backdrop of covid-19. Therefore the petitioners will not be eligible for a waiver of interest, extend moratorium period, or sector-specific relief,” he added.

The Supreme court has dismissed a batch of plea regarding these issues earlier also.

For more such updates, keep watching this space!

Advices COVID-19 Daily News

PM Narendra Modi announces free vaccination.

Prime Minister Narendra Modi made an announcement today regarding the vaccination drive against coronavirus. He pays his condolences to the family of the deceased and his gratitude to the front-line workers. While remarking on the importance of vaccination in the fight against coronavirus, he encouraged people to not believe in rumors and come forward for vaccination.

What are the announcements?

He announced a list of relief decisions today for the vaccination drive against coronavirus.

vaccination

He said that the center will take over the complete responsibility of vaccination from the states. The center will procure the vaccination from the manufacturers and deliver it to states. Every citizen above 18 years of age will get free vaccination from 21 June 2021. On this day, we celebrate International Yoga Day every year.

For Private Hospitals:

Private Vaccine centers are allowed to procure 25 percent of vaccine stock from the manufacturers. However, they can charge only up to ₹150 as a service charge over the predetermined cost of vaccines.

Pradhan Mantri Garib Kalyan Yojana will continue in effect till Diwali this year. Poor households will get free ration every month till November 2021. This move will provide food to 80 crore Indians.

PM Narendra Modi also said that seven vaccines are being manufactured in the country. Out of seven, there are three vaccines in advanced trials. Two vaccines for children and a nasal vaccine are also under trial. Also, vaccine procurement from other countries increases.

He asked people to stay vigilant against vaccination rumors and fearmongering. He also warned that those who are spreading such rumors are playing with the innocent lives of others.

For more updates like these, keep watching this space!

COVID-19 Daily News Education

PM-CARES for Covid Affected Children

The central government launches a scheme for covid orphans. Those who have lost their parents in the pandemic, such children will get a monthly stipend and much more. PM-CARES scheme for children is specially designed for Covid affected children. Read the full article to get all the information about the scheme.

PM announces- "PM-CARES for children" scheme

There is some excessively big announcement made by the central government. Children will get free health insurance of 5 lac rupees under the Ayushman Bharat scheme till 18 years of age. PM care will pay the premium

Prime Minister Narendra Modi said that it is a great loss to lose parents. And our children represent the future of the country. We will do everything to support and protect the children, he added. It is our duty as a society to care for our children and instill a hope for bright future.

PM-CARES scheme for covid affected children launched on the completion of 7 years of Modi Government. Earlier, we also had BP president making an appeal to chief ministers of BJP ruled state to introduce special schemes for children affected specifically by COVID-19 or orphaned due to COVID-19 and lost their parents.

children below 10 years

Children below 10 years of age – Government will protect and accommodates children below 10 years of age. Such children will put under the childcare of the concerned state government. Their bright future is the utmost priority.

11-18

Children 11-18 years of age – Children of this age group will also have fully funded education. The government will assist the students with education loans for special courses according to the existing norms. The PM-CARES will pay the interest on this loan. In addition, govt. will provide a health insurance cover worth rupees 5 lac.

Children above 18 years of age – During the period of higher education, govt will provide a corpus of rupees 10 lac for the child’s personal requirements from PM-CARES. It is a specially designed scheme.

For more updates like these, keep watching this space!