The Modi cabinet has given Diwali gifts to crores of people. The Central Government has approved the scheme for payment of interest on interest during the term of the loan moratorium. Late on Friday, the government announced a waiver on interest for loans up to Rs 2 crore. To benefit the scheme for the common man, the Finance Ministry has issued guidelines. Now the difference between compound interest and simple interest will be paid by the central government. The matter is currently sub judice in the Supreme Court. It is scheduled to be heard on 2 November. Therefore, the government will first inform it.
Court told the government - Diwali of common man is in your hands
Before this, a bench headed by Justice Ashok Bhushan said, "Something concrete should have been done, the benefit of exemption to borrowers up to 2 crore should be implemented as soon as possible." During the last hearing, the Core had told the Center and banks that the Diwali of the common man is in your hands.
Know what is the guidelines of the Ministry of Finance.
They will get benefit
The scheme will benefit MSME loan, education loan, housing loan, consumer durable loan, credit card due, auto loan, personal loan of professionals, and consumption loan. Till 29 February 2020, who had a loan of Rs 2 crore or less, they will get the benefit of this scheme. Those who have availed of loan moratorium from March 1 to August 31, 2020, will not have to pay interest on this period of interest. If an individual has a loan of more than two crore, then they will not get the benefit. Those who have not taken a Moratorium will also get the benefit of this scheme.
They will not get benefits
Corporates will not get this benefit. The scheme of paying interest on interest will only be given to individual and MSME loans. The central government will bear the burden of paying interest on the interest. This will put a burden of about 6500 crore rupees on the government. Under the scheme, lending institutions will have to deposit the difference between the cumulative interest and simple interest in the respective accounts of the eligible borrowers for the duration of the scheme. The plan states that the borrower has opted for a full or partial benefit of the rebate scheme from the installment payment announced by the Reserve Bank on March 27, 2020, not being eligible for interest relief.
Those paying regular installments also benefit
The debt relief scheme will also benefit those borrowers who continue to pay regular installments. The lending institutions will claim the central government to get the same amount from the central government after depositing the respective amount in the account of the lender under the given exemption. The Supreme Court, while hearing the case on October 14, said it is concerned about how the benefit of interest relief should be given to the borrowers. The Supreme Court had then said that the Central Government has taken a good decision after taking cognizance of the plight of common people. However, the apex court had expressed concern that no order in this regard has been issued so far.
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