Brighter days are ahead for some credit card holders who’ve been paying more interest than they need to. The Government of India has announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (01-03-2020 to 31-08-2020) Will I also be eligible for Ex-Gratia interest refund? Under the ex-gratia scheme of government, any loan of up to Rs 2 crore taken before February 29, 2020 will not be What will be the treatment of penal interest/ penalties while arriving at the rate of interest? The Government of India has announced a Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (01.03.2020 to 31.08.2020) Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020) Operational Guidelines 1. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by November 5. Yes. Called the scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months to borrowers in … Last Friday, the government had announced the scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts. The relief will come to borrowers in the form of grant of ex-gratia payment of difference between compound interest and simple interest for six months (from March 1 to August 30). Interest waiver: Outstanding as of February 29 to be reference for ex gratia relief The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by November 5. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29-02-2020. Statutory Interest and Ex-gratia Payments Author Malcolm Dean Last modified by Malcolm Dean Created Date 8/7/2009 11:06:00 AM Company HM Revenue and Customs Other titles Statutory Interest and Ex-gratia Payments Know all about it here. Refunds are on the way for 1.75 million Citi … BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and … The payable ex-gratia amount shall have to be credited to the account of the borrower by the respective lending institutions as ex-gratia payment under the scheme on or before 5.11.2020. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. 13. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. i have a loans and credit cards, during this whole period of moratorium about 6 months i was charged about 150,000 approx or more interest on all loans amounting total 15 lacs on some loans i have been charged 3.5% per month and on some loans i have been charged 6% per month now they are refunding as ex gratia scheme. No. What is the ex gratia payment to the borrower The relief will be available to you irrespective whether you have availed or partially availed or not availed the moratorium on repayment as announced by RBI vide DOR. No. Ex-gratia payment or waiver of interest on interest Scheme Last week, the Reserve Bank had asked all lending institutions, including non-banking financial companies, to implement the waiver of interest on interest for loans up to Rs 2 crore for the six months moratorium period beginning March 1, …
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