Corona Virus Current Affairs - 2020
The Confederation of Indian Industries has set up funds to assist rehabilitation of micro, small and medium enterprises. The fund is to be raised from the members of the confederation.
The MSMEs are the most affected sectors due to the outbreak of Corona Virus. This is mainly because of the steps taken to contain the virus like Lock Down, travel bans, closure of theatres, malls and educational institutions.
The GoI has launched several measures to help MSME sustain in the scenario of Lock Down.
The GoI has allowed late repayment of loans by the MSMEs. The Government will suspend Section 7, Section 9 and Section 10 of the IBC code for six months if the situation is to continue till April 30, 2020.
Under Section 7 of the Insolvency Bankruptcy Code, the creditor or the Government may file an application to initiate insolvency procedure.
Corporate Insolvencies are initiated under this section
The section gives powers to defaulting company to approach an adjudicating authority to declare it insolvent.
Tags: CII • Corona Virus • COVID-19 • funds • IBC
The International Monetary Fund recently launched the “IMF Policy Tracker”. The platform will provide all the key economic responses launched by Governments all over the world to fight against Corona Virus.
Currently, the virus has spread to almost all parts of the world and the measures taken by the Governments to tackle the situation might become inadequate. The platform thus will help fill in gaps and learn from each other’s experience. It will also help governments adopt successful innovate approaches implemented on other parts of the world.
The tracker is to be updated based on the press release of the IMF Communication Department.
Key Features of the Tracker
The tracker will summarize key economic measures taken by the governments in different parts of the world. The tracker claims that it cannot be used for comparisons of measures in different countries. Rather, the tracker is to be used to learn the adaptations. This is because, policy responses vary based on the nature of the crisis.