It also approved launching of a new Special Liquidity Scheme for Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs) to improve their liquidity position. The Cabinet, which was chaired by Prime Minister Narendra Modi, gave its ex-post facto approval for allocation of foodgrain from Central Pool to approximately 8 crore migrants and stranded migrants at 5 kg per person per month (May and June, 2020) for two months free of cost.

In case of MSMEs, 100 per cent guarantee coverage will be provided by National Credit Guarantee Trustee Company Limited (NCGTC) for additional funding of up to Rs 3 lakh crore to eligible MSMEs and interested MUDRA borrowers, in the form of a Guaranteed Emergency Credit Line (GECL) facility. The Centre also released Rs 46,038 crore to States, including Rs 1,928 crore to Tamil Nadu, as the May instalment of Devolution of States’ Share in central duties and taxes. The Finance Ministry tweeted that it has issued sanction orders as well. It said calculations were based on tax receipts projected in Budget 2020-21 and not as per actuals.

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