FM issues guidelines for implementation of interest waiver : Bulletin: Business Today
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FM issues guidelines for implementation of interest waiver

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Vivek Punj | October 24, 2020

Finance Ministry issues guidelines for implementation of interest waiver

Finance Ministry has approved guidelines for a scheme granting ex-gratia payment against the difference between compound interest and simple interest for six months on loans up to Rs 2 crore. The guidelines came after the Supreme Court directed the Centre to implement as soon as possible the interest waiver on such loans during the RBI moratorium. As per the operational guidelines by Department of Financial Services, the scheme can be availed by borrowers in specified loan accounts for a period from March 1 to August 31.

Mumbai court rejects Deepak Kochhar's plea seeking post COVID-19 care at private hospital

A special court in Mumbai rejected the plea of Deepak Kochhar seeking post COVID-19 care at a private hospital. Kochhar was arrested by the Enforcement Directorate last month in connection with the ICICI Bank-Videocon money laundering case. Days after his arrest, he tested positive for coronavirus and underwent treatment as per the court's direction. He recently recovered from the infection and was then remanded in judicial custody. Concerned over the post COVID-19 care in prison, his lawyer submitted a plea to shift Kochhar to a private hospital, which was denied.

Govt to fetch Rs 60,000 crore from BPCL, Concor, SCI, BEML sale

The government plans to conclude the bidding process in four major PSUs by November as the stock market is heading to break above pre-COVID levels. These include BPCL, Shipping Corporation, Container Corporation, and BEML. Though the prices of these four PSUs are far below their pre-COVID levels, the government doesn't want to miss the opportunity as volatility is likely to drag down the prices. The government's total stake in these companies is valued at Rs 56,214 crore as on Friday. However, the government is likely to get a better premium in BPCL and Concor, because of the business opportunities and assets.

GST compensation: Centre transfers first tranche of Rs 6,000 crore to 16 states

In a bid to bridge the GST revenue shortfall, the Centre has borrowed and transferred the first tranche of Rs 6,000 crore to 16 states and union territories under a special borrowing window. As per the Finance Ministry, the borrowing is fixed at an interest rate of 5.19 per cent. The tenor of borrowing is expected to be broadly in the range of 3 to 5 years. The government intends to make weekly releases of Rs 6,000 crore to the states, the ministry said.

Pakistan to stay on terror financing 'grey list' till February 2021

Pakistan will remain in the grey list of Financial Action Task Force, or FATF, till February 2021 as it has failed to fulfil six key obligations set by the global money laundering and terrorist financing watchdog. These obligations include failure to take action against two of India's most wanted terrorists - Maulana Masood Azhar and Hafiz Saeed. FATF will send a team for onsite visit once Pakistan complies with the remaining six conditions.

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