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Cabinet nod for Rs. 6,062 MSMEs have been among the worst hit ditional medicine, supported by an in-
segments of the economy during the vestment of $250 million from the cen-
crore MSME scheme pandemic period with several units tral government, aims to harness the

The Union Cabinet approved Rs 6,062 shutting down due to payment and potential of traditional medicine glo-
crore for World Bank assisted credit issues. bally through modern science and tech-
programme for the MSME sector, nology to improve the health of people
which is meant to improve their access WHO establishes tradi- and the planet, the WHO said in a
to market and credit, address issues tional medicine centre in note.
related to delayed payments and
greening of the sector apart from India Around 80 per cent of the world's
population is estimated to use tradi-
strengthening governance. The World Health Organization (WHO) tional medicine. To date, 170 of the
Raising and Accelerating MSME Perfor- and the Indian government have 194 WHO Member States have re-
mance (RAMP) scheme is to be imple- signed an agreement to establish the ported the use of traditional medicine,
mented in the next financial year and WHO Global Centre for Traditional and their governments have asked for
is meant to address Covid-19 and ge- Medicine. WHO's support in creating a body of
neric challenges faced by the sector. This global knowledge centre for tra- reliable evidence and data on tradi-
tional medicine practices and prod-
I-T dept has made highest tax mop-up in history: ucts, the UN health agency said.
CBDT chief TDS imposed to track
The Income Tax department has made the "highest" collection in its history,
CBDT Chairman J B Mohaptra said when the direct tax mop up jumped over crypto transactions:
48 per cent in the current fiscal backed by a 41 per cent surge in advance Sitharaman
tax payments. The net collection numbers currently is Rs 13.63 lakh crore Union finance minister Nirmala
which is against Rs 11.18 lakh crore of 2018-19, Rs 10.28 lakh crore of 2019- Sitharaman said the government has
20 and Rs 9.24 lakh crore of 2020-21, he said. decided to impose a 1% tax at source
"The year-on-year net collections today is more by 48.4 per cent over 2020- on the transfer of crypto or digital as-
21, over 42.5 per cent of 2019-20 and 35 per cent over 2018-19. In the block sets to track the transactions.
of last four years, the net collection numbers are the highest," the chief of There is no confusion in terms of the
the Central Board of Direct Taxes (CBDT) said.
roadmap for regulation of crypto as
"It beats the previous high by as much as Rs 2.5 lakh crore. This is the high- discussions are under way on the sub-
est number of income tax collections thus far in the history of the depart- ject over whether the crypto market
ment," he told. should be regulated or banned totally,

BANKING FINANCE | MAY | 2022 | 11