Consumer loans will also be eligible for the interest exemption scheme, the finance ministry clarified on Wednesday. “Consumer loans, including those backed by gold as collateral, are eligible under the interest exemption scheme,” the Finance Ministry said. On Wednesday, the ministry issued another round of frequently asked questions about the …
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In a great relief to borrowers this holiday season, the Finance Ministry issued guidelines to implement an ‘interest on interest’ exemption for six months. “The Government of India has announced the Program for the granting of ex gratia payment of the difference between compound interest and simple interest for six …
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The Reserve Bank today asked all credit institutions, including non-bank financial companies, to implement the interest exemption on interest for loans up to ₹2 crore for the six-month moratorium period beginning March 1, 2020. The Center has also informed the Supreme Court that lenders have been instructed to credit the …
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On Saturday, the government announced the exemption of compound interest on specific loans for a period of six months. Tax experts are not very happy with the plan. They believe that this scheme is useless as the net savings for a taxpayer are too small. The plan is called “Plan …
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In a relief for borrowers amid the holiday season, the government has announced an interest waiver on interest on loans until ₹2 million rupees regardless of whether or not the moratorium was applied. According to estimates, the measure is likely to cost the government ₹6,500 crore. According to the guidelines, …
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In the wake of the coronavirus pandemic in the country, the Reserve Bank of India announced in March a moratorium on repayment for three months. Subsequently, the central bank extended the moratorium period until August 31. Later, a borrower from Agra filed a petition in the Supreme Court not to …
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