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Traders body Confederation of All India Traders (CAIT) has asked the government to release a stimulus package to support the community during the on-going Covid-19 crisis which could include waiver of bank interest charges, deferment of tax payments, capping of rentals and easing of salary burden.
“It is felt that the relief given so far by the government and the RBI needs more improvement to take care of the economy ...The outbreak of coronavirus has deepened the trouble of the struggling economy...This time, a strong stimulus package is needed for the small businesses which contribute a major chunk of revenue to the government,” as per a letter written by CAIT to Finance Minister Nirmala Sitharaman on Thursday.
The body has proposed that a waiver of bank interest charges for the lockdown period on all kinds of loans should be extended while all tax payments should be deferred for three months to ease working capital and liquidity crunch. Rentals of establishments could be capped at 25 per cent-35 per cent (of the existing rent) so that both landlord and tenant can survive the tough period, the letter added.
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