Therefore, there will be no 'interest on interest'. 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). With this makeover, we also take a small step into social media. What is the ex gratia payment to the borrower under the scheme announced by the Government of India (GOI)? Ex Gratia Payment is a scheme announced by Government of India for the payment of the difference between compound interest and simple interest for six months to the borrowers on loan accounts with sanctioned limits and outstanding upto Rs. FREQUENTLY ASKED QUESTIONS (FAQs) COVID 19 Ex Gratia to borrowers for difference in interest Date 3rd November 2020. 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. What are the main features of the ex gratia to borrowers scheme? The essential idea of the scheme is to provide the benefit of having to pay simple interest by the borrowers covered under the Scheme. COVID-19 EX GRATIA SCHEME. 6 months period / 184 days. Ex-Gratia Payment Scheme. In line with the announcement done by the Ministry of Finance on 23rdof October,2020 amidst the unprecedented and extreme COVID-19 situation, the Central Government has approved “Scheme for grant of ex-gratia payment which is difference between compound interest and simple interest for six months to borrowers in specified loan accounts for the period (1.03.2020 to 31.8.2020)”. Difference between compound and simple interest, which is the total ex-gratia payment you may be given as a result of this scheme. The Ex-gratia Payment Scheme for Phasing out Euro IV DCVs ("the Scheme") ... stated in its vehicle registration document as at 1 January 2020 will be taken in calculating the amount of ex-gratia payment. The site can be accessed through most browsers and devices; it also meets accessibility standards. Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site. • The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. The main features / highlights of the scheme are as under: a. The RBI has notified the Scheme for grant of ex-gratia fee of the distinction between compound interest and easy interest for six months ending August 31, 2020. Sujit Talukder Friday, October 30, 2020 The government had announced on 23.10.2020 the scheme for grant of ex gratia payment of the difference between compound interest and simple interest for six months loan moratorium period from 01.03.2020 to 31.08.2020 to … (e in b.c))if(0>=c.offsetWidth&&0>=c.offsetHeight)a=!1;else{d=c.getBoundingClientRect();var f=document.body;a=d.top+("pageYOffset"in window?window.pageYOffset:(document.documentElement||f.parentNode||f).scrollTop);d=d.left+("pageXOffset"in window?window.pageXOffset:(document.documentElement||f.parentNode||f).scrollLeft);f=a.toString()+","+d;b.b.hasOwnProperty(f)?a=!1:(b.b[f]=!0,a=a<=b.g.height&&d<=b.g.width)}a&&(b.a.push(e),b.c[e]=!0)}y.prototype.checkImageForCriticality=function(b){b.getBoundingClientRect&&z(this,b)};u("pagespeed.CriticalImages.checkImageForCriticality",function(b){x.checkImageForCriticality(b)});u("pagespeed.CriticalImages.checkCriticalImages",function(){A(x)});function A(b){b.b={};for(var c=["IMG","INPUT"],a=[],d=0;db||1342177279>>=1)c+=c;return a};q!=p&&null!=q&&g(h,n,{configurable:!0,writable:!0,value:q});var t=this;function u(b,c){var a=b.split(". The Banks/Lending institution will provide Ex-Gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts for the period from 01-03-2020 to 31-08-2020 (6 months/184 days). The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge. or guarantee about the present position as to the financial soundness of Company Whether eligible accounts foreclosed during the period of 1.3.2020 to 8.2020 are covered under the scheme? // Find documents and your certificates. Loan accounts must be standard as of February 29, 2020. (iii) The ex-gratia payment under this scheme shall be admissible irrespective of whether the borrower in sub-clause (1) had fully availed or partially availed Of not availed of the moratorium on repayment announced by RBI vide its circular DOR.N0. 1st March 2020 to 31st August 2020 (6 months / 184 days). We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy. 03.0081.10 dt. Main features of the ex gratia payment Scheme: For more details on the Scheme, please refer FAQs issued by the Governmenthttps://financialservices.gov.in/whatsnewstatic/faqs-scheme-ex-gratia-payment-borrowers-difference-interest. (function(){for(var g="function"==typeof Object.defineProperties?Object.defineProperty:function(b,c,a){if(a.get||a.set)throw new TypeError("ES3 does not support getters and setters. Who is Eligible for the Ex-gratia Payment Scheme? 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. A more widely held view was that the awards ought to be below the level of an award that would be made by a court where liability was established. • Loan accounts with sanctioned limits and outstanding not exceeding Rs.2 crores(aggregate of all facilities with all the lending institutions) as on 29.02.2020. Therefore, the amount under this Ex-gratia scheme must be credited to the borrower’s account by the Bank within the stipulated time. Frequently Asked Questions (FAQs) on Ex-Gratia Scheme Q. 5. The Government has communicated the Scheme related to the grant of ex-gratia payment (compound interest -simple interest)borrowers in specified loan accounts from 1/03/2020, to 31/08/2020. 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. Here are the basic criteria to qualify for the waiver under this scheme. For more information, click here:https://www.edelweisshousingfin.com/Policies/GrievanceRedressal. The loan will entail only simple interest. The benefit of the said Scheme shall be passed by the Lender Institution to the Borrowersof the specified loan accounts. Yes. Disclaimer: The ex-gratia payment is subject to acceptance of Government of India /Nodal agency (State Bank of India) under this Scheme; the Company reserves the right to reverse the credit/payment in case of non-acceptance/rejection by Government / Nodal Agency of the same. Ex Gratia Payment is a scheme announced by Government of India for the payment of the difference between compound interest and simple interest for six months to the borrowers on loan accounts with sanctioned limits and outstanding upto Rs. 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). Added: Afghanistan Locally Employed Staff Ex-Gratia Scheme: further information on eligibility criteria and offer details (Updated 24 September 2020). 1. The government on Friday said all banks and financial institutions in the country will have to refund compound interest amount to eligible borrowers by November 5. The main features / highlights of the scheme are as under: a. What is the ex gratia payment to the borrower under the scheme announced by GoI? 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. 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). Who is Eligible for the Ex-gratia Payment Scheme? 2020 to 31.05.2020 and 01.06.2020 to 31.08.2020. Ex-Gratia Payment Scheme. RBI/2020-21/61DOR.No.BP.BC.26/21.04.048/2020-21, All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks) All Primary (Urban) Co-operative Banks/State Co-operative Banks/ District Central Co-operative Banks All All-India Financial Institutions All Non-Banking Financial Companies (including Housing Finance Companies), 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). MFI borrowers to benefit from ex-gratia payment of interest scheme Outlook October 29, 2020 17:32 IST MFI borrowers to benefit from ex-gratia payment of interest scheme outlookindia.com 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) (the ‘Scheme’) on 23-10-2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound … 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 … ("naturalWidth"in a&&"naturalHeight"in a))return{};for(var d=0;a=c[d];++d){var e=a.getAttribute("data-pagespeed-url-hash");e&&(! (CoR) No. Ex gratia Death Relief Fund of Rs. Ex gratia scheme. Up to date forms are always available on www.discovery.co.za under Medical Aid > Find documents and your certificates. 2. The main features / highlights of the scheme are as under: Loan accounts with sanctioned limits and outstanding not exceeding Rs.2 crores (aggregate of all facilities with all the lending institutions) as on 29.02.2020. Ex-gratia scheme 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) As per letter (F. 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). Ex-Gratia Payment Scheme. Thirdly, the ex-gratia payment under this scheme shall be admissible irrespective of whether the borrower in sub-clause (1) had fully availed or partially availed or not availed of the moratorium on repayment announced by RBI vide its circular DOR.No. BP.BC.47/ 21.04.048/2019-20, dated 27th March 2020 and extended on 23rd May 2020. One view was that awards made by a compensation scheme should be in line with awards that would be made by a court. [CDATA[ Loan accounts with sanctioned limits and outstanding not exceeding Rs.2 crores (aggregate of all facilities with all the lending institutions) as on 29.02.2020. b. BP.BC.47/21.04.048/ 2019-20, dated 27.3.2020 and extended on 23.5.2020. !b.a.length)for(a+="&ci="+encodeURIComponent(b.a[0]),d=1;d=a.length+e.length&&(a+=e)}b.i&&(e="&rd="+encodeURIComponent(JSON.stringify(B())),131072>=a.length+e.length&&(a+=e),c=!0);C=a;if(c){d=b.h;b=b.j;var f;if(window.XMLHttpRequest)f=new XMLHttpRequest;else if(window.ActiveXObject)try{f=new ActiveXObject("Msxml2.XMLHTTP")}catch(r){try{f=new ActiveXObject("Microsoft.XMLHTTP")}catch(D){}}f&&(f.open("POST",d+(-1==d.indexOf("?")?"? Ex-gratia Payment Scheme for Phasing out Euro IV Diesel Commercial Vehicles FAQs Eligibility Criteria 1. Kolkata: Thousands of clients of NBFC- MFIs will benefit from the scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months to certain categories of borrowers, an official said on Thursday. 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 for the period between March 1, 2020 to August 31, 2020 by respective lending institutions. Here are the basic criteria to qualify for the waiver under this scheme. Ex-gratia scheme 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) As per letter (F. No. For starters, the scheme is aimed at refunding the compound interest on loans that accumulated during the six-month moratorium period from March 1, 2020 to August 31, 2020. 18/03/2010. 2. ":"&")+"url="+encodeURIComponent(b)),f.setRequestHeader("Content-Type","application/x-www-form-urlencoded"),f.send(a))}}}function B(){var b={},c;c=document.getElementsByTagName("IMG");if(!c.length)return{};var a=c[0];if(! It may be noted that loans declared as non-performing assets as on February 29, 2020 are not eligible under the scheme. Difference between compound and simple interest, which is the total ex-gratia payment you may be given as a result of this scheme. Special Ex-gratia Compensation Scheme for FCI Employees and Officers for 6 Months April 12, 2020 admin Leave a Comment As per the announcement, six month period from March 24, 2020, to 23 September 2020 if anybody dies due to COVID-19 infection while on duty with FCI as follows: The bank/ lending institution will provide ex gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. 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