: CAIT asks govt to allow ecommerce companies to deal only in essential commodities #FinanceIndia #StockMarketNEWS CAIT asks govt to allow e-commerce companies to deal only in essential commodities

@StockMarketNEWS Wed 25 Mar, 2020

Posted in: #FinanceIndia #StockMarketNEWS

CAIT asks govt to allow ecommerce companies to deal only in essential commodities #FinanceIndia #StockMarketNEWS
CAIT asks govt to allow e-commerce companies to deal only in essential commodities New Delhi, Mar 23 (KNN) The Confederation of All India Traders (CAIT) has the government to allow e commerce companies to deal only in essential commodities.

In the wake of coronavirus outbreak, the Confederation of All India Traders (CAIT) has urged Union Commerce Minister Piyush Goyal and Consumer Affairs Minister Ram Vilas Paswan to allow e-commerce companies to deal only in essential commodities as it is relaxed for the offline markets and they should be directed to close their portals for rest of the items, said CAIT in a statement.

Meanwhile, CAIT National President B C Bhartia and Secretary General Praveen Khandelwal has urged the Finance Minister to assess the impact of corona virus on domestic trade of the Country.

In the current extra ordinary situation of lockdown, partial lockdown and other preventive steps, the current financial year may be extended up to 30th June. All returns to be filed and payment of taxes under Income Tax and GST should also be deferred to 30th June and no interest or penalty should be levied on the traders for the extended period, the traders body added.

CAIT also sought to postpone the date of payment of Bank Loans and EMIs to 30th June and no interest should be charged for the extended period. Reserve Bank should provide a monetary stimulus, Union Government and State Governments should give fiscal stimulus and recapitalisation of bank loans through strengthening of Non Banking Finance Companies (NBFCs) and Micro Finance Institutions.

The duo also said that a short term Corona Cash Loans should be provided at reduced interest rates, to domestic small industries, in order to boost the production.

Citing, cash currency is one of the deadly carriers for viruses, CAIT said that a special national drive should be launched for adoption and acceptance of digital payments and bank charges levied on digital transactions should be either waived off or Government should provide subsidy in lieu of bank charges to the Banks directly.

A comprehensive Insurance policy with minimum premium covering Corona as natural calamity may be introduces and the Insurance Regulatory Development Authority (IRDA) should be advised to direct all Insurance Companies to include Corona as a natural calamity, CAIT added.