On 23rd October 2020 Ministry of Finance, Government of India issued direction to all lending institutions to implement 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). Whether Accounts categorised as SMA-0, SMA-1 and SMA-2 are eligible to avail the benefit of the package? What is the ex gratia payment to the borrower under the scheme announced by GoI? Scheme of ex gratia payment of difference between compound interest and simple interest..” Scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specific loan accounts Format For Submission Of Information By Lending Institutions Tractor loans are excluded from this ex-gratia scheme. RoI (%) considered at the time of sanction or RoI (%) as on 29.02.2020? 3 0 obj No. Is the loan eligible for ex-gratia payment under the scheme? While credit card dues come under the scheme, loans against fixed deposits and bonds are not eligible, the department has clarified. Those borrowers who have loan accounts with sanctioned limits and outstanding amount of up to 2 crores as on 29th February 2020, shall be eligible under the Scheme. Is the loan eligible for ex-gratia payment under the scheme? 1 0 obj Many users feel that the bank has made a mistake and they have accidentally deposited the money in their account. Many users feel that the bank has made a mistake and they have accidentally deposited the money in their account. %PDF-1.7 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 (1.3.2020 to 31.8.2020) (the ‘Scheme’) on October 23, 2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest … The waiver scheme is made to reimburse the compound interest charged during the given period. 2 crores (aggregate of all the borrowings / facilities from all the banks and financial Institutions) for the period from 1st March 2020 to 31st August 2020 (6 months / 184 days). Yes. The Ex-Gratia Scheme was established in recognition of the UK Government’s gratitude for the service of Afghan interpreters, rather than any risk they may face. ���Юu��;���|�8��/��':���m��������'�A�r�"{k��Q�S� ����/c5�ur1>T���C9�w0>LF�W�������P�p�_�"M��LJ���r�G��� ��2:;�.�_�;�A�o�0����[9o���M�ɧq�`K�\! stream Photo: iStock Paid credit card bills on time? Ex-Gratia Payment Scheme. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020. By Raj Khosla. 6 months period / 184 days. Under the ex-gratia scheme of government, any loan of up to Rs 2 crore taken before February 29, 2020 will not be charged with compound interest from March 1 to August 31, 2020. ��Sױ��S!-zB��� �4������. 6 months period / 184 days. How will the lending institution assess whether a borrower has aggregate loan facilities upto Rs.2.00 cr from the banking system? What are the key features of the ex-gratia payment scheme? If you … People who have dues in credit cards are also entitled to claim this fund. Any repayment / credits subsequent from 01.03.2020 – 31.08.2020 shall be ignored for the purpose of calculation. People who took a bank loan up to Rs 2 crore will benefit from this ex-gratia from banks. What will be the treatment for the repayments / credits made in term loan during the period from 1st March 2020 to 31st August 2020? Photo: iStock Paid credit card bills on time? Updated: 09 Nov 2020, 05:21 PM IST Tinesh Bhasin. It will be credited to your savings / current account and if you do not maintain any such account with the lending institution, you can advise the lending institution the details of the account in other banks where the amount can be credited / remitted to. How will the interest be calculated for cash credit/ overdraft accounts? Ex-Gratia On Loan Moratorium Applicable For All. If I have already closed my loan account after March 1st 2020 , how will the differential amount be paid to me? 6 months period / 184 days. An ex-gratia payment will be credited to their loan accounts. Yes. 4 0 obj Guidance on how ex-gratia payments are managed and resolved, and how actual and non-financial losses are assessed by UK Visas and Immigration, Immigration Enforcement and Border Force. An ex gratia payment is made to an individual by an organization, government, or insurer for damages or claims, but it does not require the admittance of liability by the party making the payment. COVID-19 EX GRATIA SCHEME. "The scheme will be applied on 6 months period from 1st March 2020 to 31st August 2020. 2 crores (sanctioned limits or outstanding limits) will not be eligible for ex-gratia payment under this scheme) loan eligible for ex-gratia payment under the scheme? 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