The central government has agreed to waive interest on the interest in the loan moratorium, although it may take time to make its official announcement.
In the Modi cabinet meeting, the government has decided to give a big gift to the common people. There are reports that the Central Government has agreed to waive interest on the interest in the loan moratorium, although it may take time to make its official announcement.
The loan moratorium case is currently pending in the Supreme Court. Because of this, the Modi government has decided that this will be officially confirmed in the November 2 circular. Earlier, the Supreme Court, in a decision of October 14, ordered the government to issue a circular on November 2.
The central government also agreed in this matter. The waiver of interest on interest has been approved in the Modi cabinet meeting. However, this forgiveness will not be available on the interest of every loan. The government has decided that interest on interest on loans up to Rs 2 crore will be waived. In the meeting of the Cabinet Committee and Economic Affairs Committee chaired by Prime Minister Narendra Modi, an agreement has been reached regarding the waiver of interest on selected loans.
You can stop your EMI for some time by taking advantage of the loan moratorium arrangement. During the Corona epidemic, when a large number of people were facing a financial crisis, the loan moratorium facility was offered by the Reserve Bank.
People had taken advantage of the Moratorium scheme i.e. the rebate given to postpone the interest and principal installment on their loan from March to August. People were complaining that banks are charging extra interest on the outstanding amount, that is, after this the matter reached the Supreme Court.
According to the proposal of the Central Government, interest will be waived on interest for selected loans. The government will make ex gratia payment of interest on the interest. It is proposed to waive the interest on the monthly installment of the loan up to Rs 2 crore.