The RAI has requested the Department for Promotion of Industry and Internal Trade, the Prime Minister, and the Ministry of Finance to aid retailers as malls go into lockdown amid COVID-19 health concerns. The RAI has asked for a 90 day grace period for retailers on income tax, goods and services tax, advance tax, and other statutory dues from March 1 to April 30 to help keep retailers afloat. The organisation also asked for a three-month subsidy at 50 per cent on minimum wages to help shops to keep their staff employed.
The pandemic is expected to continue beyond the lockdown period of eight to 10 weeks, so the effects could continue for months. The RAI asked the government for both an immediate solution for the coming 60 days and a medium-term solution for the coming 180 days.
It also requested the government to mandate banks to give moratorium of 120 days for payment of instalments and interest of term loans, short-term loans, corporate loans, securitised loans, bonds, mortgages, debentures, general-purpose loans.