New Delhi: Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry has clarified. 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. The ex gratia relief will be credited to the account of all eligible borrowers without any requirement to apply, it said. 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 borrowers in specified loan accounts.The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by … They can claim the reimbursement till December 15. I have not taken Moratorium. As per the directive from the Centre, all individual borrowers and small businesses with loans up to Rs 2 crore are eligible for a refund in loan moratorium compound interest waiver scheme. 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. 10,00,000 at 10%. Neither, Bajaj Finance Limited will process and credit your loan account on or before 5.11.2020. Follow Our Latest Article : Income Tax Refund Status 2021. • Click here and and login to Customer Portal Experia Which customer are eligible to benefit from this scheme? Any repayment / credits subsequent from 01.03.2020 – 31.08.2020 shall be ignored for the purpose of calculation. The Ex-Gratia Payment Scheme is the payment of the difference between the Compound Interest and the Simple Interest for six months ending 31 August 2021 to borrowers in specified loan accounts. Banks are likely to send a text message to the concerned borrower on his/her mobile number that is registered with the bank. Umesh Singh. 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. What will be the treatment for the repayments / credits made in term loan/ demand loan during the period from 1st March 2020 to 31st August 2020? In case where no interest is being charged on equated monthly instalments for a specified period, for the purpose of relief, interest may be applied at MCLR/ Base rate. 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). Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry has clarified. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. Centre issues guidelines for loan interest waiver, check how much money may be returned. Borrowers who had not opted for the moratorium are also eligible for a refund if they meet the eligibility criteria. • Submit the request and our service team will respond to you soon, Connect with us on social media and stay updated for our latest news and offers, 6th Floor,Bajaj Finserv Corporate Office,   • Query Type: Interest Refund If I have already closed my loan account after 1st March 2020, how will the differential amount be paid to me? The main features / highlights of the scheme are as under: • The Period to be considered for crediting of difference between compound and simple interest by lending institutions would be from 01st March 2020 to 31st August 2020 (six months/ 184 days). The ex-gratia amount is treated as income and taxed at the normal slab rate. Also Read | Loan moratorium interest waiver scheme: All your questions answered. Click here to register your E-mandate and update alternate bank account details. No. 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. 2 Cr. Note: refunds of contributions only apply where the individual has less than 2 years What are the eligibility criteria of the ex gratia scheme? The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. For example on an outstanding loan of Rs 1 lakh( with an interest rate of 8%), the borrower will get an ex-gratia of about Rs 68. This is what you will get as a refund. by. Will I get the Ex-Gratia interest refund if my loan account is NPA? Where can I reach out for support. Loan accounts should be standard in the books of the lending institutions as on 29.02.2020. • In respect of Education loans, Housing loans, Automobile loans, Personal loans to professional loans, the rate of interest to be applied for calculating the differential interest component shall be the contracted rate as specified in loan agreements/ documentation applicable as on 29th February 2020. Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry has clarified. Requests of this nature will not be entertained beyond the said date. Ex gratia payments in settlement agreements are great things if you can get them, because they offer a unique tax break only really available to employees who are leaving work after a dispute or redundancy situation. The difference between compound and simple interest will be paid to you. Ex Gratia Payment Ex Gratia Payment. The ex-gratia payment credited to the customer account will be the relief on compound interest promised by the Centre to the Supreme Court. How will the Ex-Gratia Interest Relief amount be calculated? NEW DELHI: In a festival gift to borrowers, the finance ministry on Wednesday approved guidelines for a scheme for grant of ex-gratia payment of the difference between compound interest … The government’s scheme applies to housing loans, education loans, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loans. • Select your query under the tab: Add New Query Q3. The ex gratia relief will be credited to the account of all eligible borrowers without any requirement to apply, it said. The differential amount will be credited to the respective loan account (s) of the borrower. 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. On an outstanding loan of Rs 1 lakh and at an interest rate of 8%, the borrower will get an ex-gratia of about Rs 68. Treated like drug addict: Black doctor alleges racism at hospital; dies of Covid, What agitating farmers want, and why the Centre may not oblige, The Rajinikanth dilemma in Tamil Nadu politics, Battered Congress looks at hard road ahead, 10 infants die in fire at Bhandara hospital in Maharashtra, Twitter permanently suspends Trump's account, cites 'incitement of violence' risk, 2 Made-in-India coronavirus vaccines ready to save humanity, says PM Modi, Trump finally concedes defeat, promises orderly transition, IAF planes to supply Covid-19 vaccines to remote areas of the country. The ex-gratia relief will be credited to the account of all eligible borrowers without any requirement to apply. I have a query related to COVID-19, Ex-Gratia Interest relief. FREQUENTLY ASKED QUESTIONS (FAQs) COVID 19 Ex Gratia to borrowers for difference in interest Date 26th October 2020 1. It may be noted that all individual borrowers and small businesses with loans up to Rs 2 crore are eligible for a refund or cashback under the government’s loan moratorium compound interest waiver scheme. When something has been done ex gratia, it has been done voluntarily, out of kind or grace.In law, an ex gratia payment is a payment made without the giver recognising any liability or legal obligation.. (Photo: Reuters/Representational image), Loan moratorium: How to know if bank has credited ‘interest on interest’ refund, expected to credit the refund or cashback to eligible borrowers by the end of the day. Tax on ex-gratia payment. The period reckoned for refund shall be for 6 months period/184 days from 01-03-2020 to 31-08-2020. The ex-gratia relief will be credited to the account of all eligible borrowers without any requirement to apply. c. The relief shall cover the following segments – MSME Loans, Education loans, Housing Loans, Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professional loans. No. loan moratorium Centre issues guidelines for loan interest waiver, check how much money may be returned. So, all the banks and financial institutions are expected to credit the refund or cashback to eligible borrowers by the end of the day. Applicability of the scheme While the loan moratorium case is still being heard in Supreme Court, the government had recently passed a scheme to “grant ex-gratia payment of the difference between compound and simple interest to borrowers of specified loan accounts” from March 1, 2020 to August 31, 2020. posted on. Eligibility and Dates of Reserve Bank of India Ex Gratia Scheme BP.BC.47/21.04.048/ 2019-20, dated 27.3.2020 and extended on 23.5.2020. a. Ex-gratia is calculated similarly as Bonus on Basic+DA. As a part of the interest waiver scheme, banks and other lending institutions will have to mandatorily provide ex gratia payment or a refund to all debtors that is equivalent to the difference between compound interest and simple interest charged on the outstanding loans or sanctioned limit up to Rs 2 crore including all borrowings/facilities from all banks or financial institutions. How will Bajaj Finance Ltd assess whether a customer has aggregate loan facilities up to INR 2.00 CR from the banking system? Do I apply for the relief/Ex-Gratia Scheme? No. What is the ex gratia payment to the borrower under the scheme announced by Ministry of Finance, Government of India dated 23rr October 2020 Individual lending institutions will finalize the list of eligible borrowers for the relief based on the guidelines from Govt of India. Non-fund-based limits will not be included for arriving at the eligibility. In case you do not maintain any such account with the lending institution, you can advise Bajaj Finance Limited the details of the account in other banks where the amount can be credited /remitted to. ◦ ‘Loan against Fixed Deposits’. Such payments include compensation due or The relief will come to borrowers in the form of grant of ex-gratia payment of difference between compound interest and simple interest for six months (from March 1 to August 30). Also Read | Loan moratorium: Do you have to apply for govt’s interest waiver scheme? Are “partially disbursed loans” covered under the relief package? Yes, you will be eligible for the scheme. “In view of the unprecedented and extreme Covid-19 situation, the object of the scheme is to provide ex gratia payment of difference between compound interest and simple interest by way of relief for the period from March 1, 2020 to August 31, 2020 to borrowers in specified loan accounts. I have taken partial Moratorium; will I be eligible for this relief package? New Delhi: Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry has clarified. Watch: Rare Gangetic dolphin beaten to death in Uttar Pradesh's Pratapgarh, No breakthrough in fresh round of Centre-farmers' talks, next meeting on January 15, Copyright © 2021 Living Media India Limited. Reach us via call, SMS, e-mail, or visit one of our branch offices. About SRA. Also, for the employees who come under the Bonus Act and wishes to pay ex-gratia beyond 20% of wages, it is given in the name of Ex-gratia. Ex gratia payments are also known as ‘golden handshakes’ or ‘golden boots’. Interest-on-interest waiver: Crop, tractor loans not part of ex-gratia relief scheme. What's New; Attachment File Date Yes. RBI Ex Gratia Payment Scheme (Loan) This article explains the Online procedure to apply for the RBI Ex Gratia Scheme, Eligibility, Date, and Interest Calculation on the official website. As it does not have a fixed percentage, the amount keeps varying and it depends from one company to another. The relief will be available to you irrespective whether you have availed or partially availed or not availed the moratorium on repayment as announced by RBI vide DOR. Interest-on-interest waiver: Crop, tractor loans not part of ex-gratia relief scheme. Calculation of ex-gratia. You can click here to login to Customer Portal Experia and go to My Relations tab to check the exact amount and calculation for respective loans in your loan statement. In the text message, banks are expected to share the exact amount of refund or cashback given to the eligible borrowers. 3. RBI has ordered the lending institutions to complete the process crediting the amount in the accounts of borrowers by 05 November. The compound interest works out to a very small amount. However, will be subject to the finalization & processing of Refund by the SBI/Government of India/Regulators. Yes. If the interest rate is 14%, Rs 210 will be credited. If the Government’s intention is to mitigate the sufferings of the borrowers, this Penal Interest should also be refunded to the borrowers and to be claimed from the Government as ex-gratia. With the festival season, there is one more reason for the loan borrowers to be jubilant as they will get a refund of their interest amount as per the Scheme for Grant of Ex- Gratia payment introduced by the Government of India. 2.1 Ex-Gratia Lump-Sum Payments ... administrator in respect of such refunds (including interest on the contributions, if any), unless the refund is re-invested in another pension scheme. Earlier this month, in the matter of interest relief to borrowers during the moratorium, the Centre had promised to make good the interest on interest. • For queries related to COVID-19, Ex-Gratia Interest Relief, you may please follow the steps here for support: In a case where no interest is being charged on EMIs (no cost EMIs), the ex-gratia payment can be computed using the lender’s base rate or MCLR, whichever is applicable. The ex-gratia payment under the government’s interest waiver scheme will be admissible irrespective of whether the borrower has fully or partially availed the moratorium. b. Ex-gratia payment made voluntarily by an employer is not taxable as ‘profits in lieu of salary _____ 24 December 2015 Background Section 17(3) of the Income-tax Act, 1961 (the Act) brings certain payments such as profits in lieu of salary within the ambit of ‘income from salaries’. No. 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). The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. The waiver scheme is made to reimburse the compound interest charged during the given period. Customers whose aggregate of all loans with lending institutions is less than Rs. ◦ ‘Loan against Security’ Latin for “by favour”. Home Whatsnewstatic FAQs for scheme of Ex gratia payment to borrowers for difference in interest. No. The period reckoned for refund shall be from March 1 to August 21, 2020 that is six months period or 184 days, it said. Bajaj Finance Limited will provide Ex-Gratia payment to customer’s account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding up to 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). Do I need to place a request to get the Ex-Gratia Interest refund? The outstanding as on 29.02.2020 shall be the reference amount for calculating the differential interest amount. No. The ex gratia relief will be credited to the account of all eligible borrowers without any requirement to apply. What is the last date for raising queries relating to Ex-Gratia? The relief will come to borrowers in the form of grant of ex-gratia payment of difference between compound interest and simple interest for six months (from … 3. • MSME: In respect of term loans / Demand Loan, the rate of interest for the purpose of calculating the differential will be the contracted rate as specified in the loan agreements/ documentation applicable as on 29th February 2020. A voluntary payment made by the reinsurer in response to a loss for which it is not technically liable under the terms of its contract. Do I have to apply for the relief? Everything About the Ex-gratia Relief Provided by the Government of India. The outstanding as on 29.02.2020 will be the reference amount for calculating the differential. The government had earlier asked the banks to refund the difference between simple and compound interest to eligible borrowers on or before November 5. Viman Nagar, Pune – 411014, IRDAI Corporate Agency Registration Number, Loan Against Property For Chartered Accountants, Hybrid Flexi Personal Loan EMI Calculator, Platinum Choice First-Year-Free SuperCard, Pre-approved category on Smartphones and Laptops, PRE-APPROVED OFFERS ON KITCHEN APPLIANCES, Home, Kitchen appliances & Furniture on EMI, PRE-APPROVED OFFERS ON FITNESS, TRAVEL, FASHION. In respect of Cash Credit/ Overdraft, the rate of interest for the purpose of calculating the differential shall be the rate of interest prevailing as on 29.02.2020. 0. The loan will entail only simple interest. Any requests and queries for Ex-Gratia interest refund will be taken until 30th Nov’20. The period reckoned for refund shall be from March 1 to August 21, 2020 that is six months period or 184 days, it said. 16. Ex gratia (/ ˌ ɛ k s ˈ ɡ r eɪ ʃ (i) ə /; also spelled ex-gratia) is Latin for "by favour", and is most often used in a legal context. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? FAQs for scheme of Ex gratia payment to borrowers for difference in interest. How will I get to know the benefit amount and if I have got the benefit under the scheme or not? The compound interest comes out to a very small amount. ROI (%) considered at the time of sanction or ROI (%) as on 29.02.2020? 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. • In the ‘Raise a Request’ page, select your loan / loan type and product description The loan should not be a “Non-Performing Asset” (NPA) as on 29.02.2020 to be eligible for the said relief. Off Pune-Ahmednagar Road, Workshop on Scheme for grant of ex-gratia payment of the differential interest October 27, 2020 / 1 Comment / in Uncategorized / by Vinod Kothari Consultants While compound interest is the unquestionable reality of the world of banking and finance, somehow, courts have always been disapproving of the idea of “interest on interest”. How will the list get finalized for the ex gratia to borrowers scheme? The Finance Ministry has approved guidelines for a scheme to grant ex-gratia payment of the difference between compound interest and simple interest for … • In respect of consumer durable loans, the rate of interest to be applied for calculating the differential interest component shall be the contracted rate as specified in loan agreements/ documentation. So how will customers know if they have been refunded or have received a cashback? Fresh round of Centre-farmers' talks fail to yield any result, what's next? BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020. In which of my accounts will the differential amount be credited? From a borrower’s perspective, the benefit would be relatively higher for those who had availed of higher-yielding loans. The contracted rate / interest rate prevailing as on 29.02.2020 which is considered for calculating the interest differential will exclude any penalties or any penal rate of interest applied in the account. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? Any requests and queries for Ex-Gratia interest refund will be taken until 30th Nov’20. Yes, “partially disbursed loans” are covered under the relief package provided that the sanctioned and outstanding amounts do not exceed Rs. Take a loan of Rs. As soon as the banks and financial institutions complete the process of crediting the interest on interest waiver, they can claim a reimbursement from the government. In view of the unprecedented and extreme COVID-19 situation, the object of the Scheme is to provide ex-gratia payment of the difference between compound interest … Will I also be eligible for Ex-Gratia interest refund? • Please select: 4. click here to login to Customer Portal Experia. 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 … ... the government had recently passed a scheme to “grant ex-gratia payment of the difference between compound and simple interest to borrowers of specified loan … If you applied for ex gratia relief and are denied before payment, you must still pay your tax liability. Some banks have already started refunding eligible borrowers under the scheme from November 3, reported news agency PTI. # What is the last date for raising queries relating to Ex-Gratia? 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