Union Finance Minister Nirmala Sitharaman on Monday said the merger of banks is going smoothly and all the banks on board should take necessary steps to keep the process of merging useful and without any hurdle. The Union Minister said the ministry has the complete list of companies that owned MSMEs. The required amount of Rs 40,000 crore has been made on them.

Sitharaman said the banks should make an attempt to approach all the MSMEs which have been owned by these companies and asked them to report by 22nd if they want a bill discounting and collect the money. However, she said she has requested the secretary MCA to write all these companies to pay the amount and get the bill cleared so that the MSMEs will get the due amount before Diwali.

In August, the finance minister had announced the merger of 10 public sector banks into 4 big banks. Following her announcement, the number of PSU banks reduced to 12 from 27 banks in 2017.

Sitharaman had announced the domestic companies should pay income tax at 22% instead of previous from 30% if they don’t seek an exemption or incentives. To boost the economy, the government cut the corporate tax rates for domestic firms from 30% to 25.2%.

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The government also brought down the existing tax rate to 15%. The effective tax rate after surcharges and cess will be 17.01% for the new manufacturing companies.

Sitharaman’s husband Parakala Prabhakar on Monday slammed the Modi government for not implementing new policies o restore the economical growth of the country. Prabhakar, who is also an economist, has said BJP should take the queue from the former prime ministers including PV Narasimha Rao and Manmohan Singh for increasing the economy of India. He also hit out PM Modi for failing to realize the economy.

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