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HomeNewsIndia TourismFAITH, CII & ASSOCHAM Seek Urgent Intervention of Finance Ministry to Save...

FAITH, CII & ASSOCHAM Seek Urgent Intervention of Finance Ministry to Save the Tourism Industry

Industry body such as Federation of Associations in Indian Tourism & Hospitality (FAITH), CII Tourism National Committee and ASSOCHAM Tourism sub-committee has identified several points of urgent concern and sought urgent intervention of the Finance Ministry.

In a letter signed by Nakul Anand, Chairman, FAITH; Subhash Goyal, Chairman, ASSOCHAM Tourism Committee and Dipak Haksar, Chairman, CII National Tourism Committee to the Finance Minister Nirmala Sitharaman, the industry has outlined that Indian tourism industry is looking at pan India bankruptcies, closure of businesses and mass unemployment as a result of this pandemic. It is estimated that around 70 per cent out of a total estimated workforce of 5.5 crores (direct and indirect) could get unemployed (~ 3.8 crores).

The current situation on tourism is equivalent to a national disaster and requires a response invoked from perhaps laws suitable to handling such a national disaster for rehabilitation and urgent support of the people of this industry. If not addressed Immediately the impact of this pandemic will stretch over years and revival of jobs will become almost impossible. This effect of job losses and layoffs has already begun throughout the country.

We request for Immediate support for revival & survival:

·         A twelve months moratorium on our EMIs of principle and interest payments on loans and working capital from all Financial Institutions (banking & non-banking). Additionally, we request for doubling of our working capital limits and on interest free & collateral free terms.

·         A deferment for twelve months of all statutory dues whether GST, Advance Tax payments, PF, ESIC, customs duties at the Central Government level or at any state government level the excise fees, levies, taxes, power & water charges, deferred renewals periods for all permits, licenses, bank guarantees & security deposits across the tourism, travel, hospitality & aviation industry.

·         A support fund for twelve months on the lines of MNREGA to support basic salaries with ‘direct transfer’ to affected tourism employees.

·         TCS (tax collected at source) on travel as proposed in Finance Bill 2020 from April 1st not to be introduced.

·         A deferment of increase in any insurance premium for a period of 12 months such as for example for Standard fire and special perils rate for fire, loss or profits.

·         The restoration of 10% duty credit of SEIS scrips and the previous year’s foreign exchange earnings can be taken as a reference point for credit.

·         A 200% weighted exemption for twelve months on expenses to Indian corporates to hold exhibitions, conferences and incentive trips in India.

·         A national tourism task force of all relevant ministries of the Central Government along with ministry of tourism and chief secretaries of State governments and industry stakeholders headed by the Honourable Prime Minister of India.

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