Question

Specify FIVE (5) types of rules that authorities have implemented for protect the public and economy from financial panic attacks (financial panic) and explain how these rules can protect it people and economics from financial panic attacks.

Answer 1

The five rules that the authority has implemented to protect the public and economy from panic attcaks are-

• The government has announced to provide medical insurance upto Rs 50 lakh per person during this pandemic times. The rule will be applicable and implemented for healthcare workers as well.
• The government has also released around Rs 30,000 crore in assistance to various sections of the society.
• The government said it will release 12 million MT of food grain during the April-June quarter under Pradhan Mantri Garib Kalyan Ann Yojana amid the Covid-19 crisis.
• Nearly 20 crore women Jan Dhan account holders received Rs 500 each in their account. The total disbursement under the head was 9,930 crore, the finance ministry said.
• Over 2 crore construction workers received financial support worth Rs 3,066 crore under the Building and Construction Workers’ Fund.
• The last date for filing income tax returns for the financial year 2018-19 has been extended to June 30, 2020. The interest rate on delayed income tax payment has been decreased to 9% from 12%.
• Under the National Social Assistance Programme, Rs 1,400 crore has been disbursed to about 2.82 crore old age people, widows and disabled people.
• Under a special provision, the government had announced that individuals could now withdraw three months salary from Employees’ Provident Fund (EPF) account amid the coronavirus crisis. The EPF withdrawals have been exempt from service charge.

The following were the steps taken by the govenment and the authorities to free public and the economy from the panic attacks.