Debit cardholders to withdraw cash from other banks’ ATMs for free, waiver of fees for minimum balance in accounts

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Union Finance Minister Nirmala Sitharaman on Tuesday announced a slew of steps to help individuals and businesses to deal with the financial implications during the difficult time following the outbreak of corona outbreak. Sitharamans aid that debit cardholders can withdraw cash from other banks’ ATMs for free for the next three months.

Nirmala Sitharaman

The finance minister also waived off the fees for those who are not able to maintain the minimum balance ion their bank accounts until 30 June 2020.

In another announcement, Sitharaman also said that the deadline for filing income tax returns for the financial year 2018-19 had been extended till 30 June, 2020 from the existing last date of 31 March.

The finance minister said that her government had also extended the last date for linking PAN with unique biometric ID Aadhaar to 30 June from 31 March. Sitharaman said that no late fee and penalty or interest will be charged for companies with turnover of up to Rs 5 crore for GST returns.

Companies with more than Rs 5 crore turnover, no late fee and penalty will be charged on GST return filed by 15 days. She said that a reduced interest rate of 9 percent will be charged.

 

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