Cabinet highlights: Bank deposits up to Rs 5 lakh to be insured, amendments to Limited Liability Partnership Act cleared, says FM

Union Ministers Anurag Thakur, Nirmala Sitharaman and MoS L Murugan are briefing the media on Cabinet decisions. Track this live blog to get latest updates.

With this, the address comes to an end. Thank you tuning in to our coverage. For more latest news visit www.deccanherald.com.

FM Sitharaman assured that the Centre is working on smootheing the process of ITR filing and issues related to Income Tax filing website.

A multilateral MoU has been signed betweeninternational financial service centres and multilateral agencies, International Organisation of Security Commissions and International Association of Insurance Supervisors, saysUnion Minister Anurag Thakur.

Amendments to Limited Liability Partnership Act that has been approved:

> Total of 12 offences to be decriminalised for LLPs.

> Anew definition of all LLPs will be decided upon.

> The scope of what can be a small LLP will be expanded.

Cabinet clears amendment to Limited Liability Partnership Act.

To provide ease of doing business benefits to law-abiding corporators in LLP firms, the criminality has been removed. A penalty in the form of a fine has been decided for violations of general trends. This boosts Aatmanirbhar Bharat, saysUnion Minister Anurag Thakur.

The proposed law will insure bank deposits up to Rs 5 lakh, Sitharaman said, adding that 98.3 per cent of bank accounts would be fully protected with the law.

Deposit Insurance Credit Guarantee Corporation was created in case people faced difficulties after RBI imposes moratoriums on banks. Today's Cabinet meeting has decided that within 90 days, depositors will receive Rs 5 lakhs of their money, says Union Minister Anurag Thakur.

Deposit Insurance and Credit Guarantee Corporation has been cleared by the Cabinet today, says Finance Minister Nirmala Sitharaman.

Anurag Thakur is now addressing the press conference.

Union Ministers Anurag Thakur, Nirmala Sitharaman and MoS L Murugan will brief media shortly on Cabinet decisions.

Watch Union Ministers Anurag Thakur, Nirmala Sitharaman and MoS L Murugan brief media on Cabinet decisions

Meanwhile, the International Monetary Fund (IMF) on Tuesday cut its economic growth forecast for India to 9.5 per cent for the fiscal year to March 31, 2022, as the onset of a severe second Covid-19 wave cut into recovery momentum.This forecast for 2021-22 is lower than the 12.5 per cent growth in GDP that IMF had projected in April before the second wave took a grip.

Congress members throw papers, torn placards at Chair in Lok Sabha

Opposition members trooped into the Well of the House, raising slogans and holding placards against the government over the Pegasus and farmers' issues. Read more

Sitharaman's address comes amidst uproar in both Houses of the Parliament over a range of issues including alleged Pegasus snooping and farmers' issue.Lok Sabha on Wednesday witnessed unruly scenes when some Congress members threw papers and torn placards at the Chair and Treasury benches.

Finance Minister Nirmala Sitharaman is set to address a press conference at 4 pm today. Track this live blog to get latest updates.