If you have taken loan for crop and tractor, then you will not get the benefit of X Gracia on this | If you have taken loan for crop and tractor, then you will not get the benefit of X Gracia » India News
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If you have taken loan for crop and tractor, then you will not get the benefit of X Gracia on this | If you have taken loan for crop and tractor, then you will not get the benefit of X Gracia

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  • If You Have Taken Loan For Crop And Tractor, Then You Will Not Get The Benefit Of X Gracia On This

Mumbai40 minutes ago

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The March 27 announcement was made by the RBI for the loan moratorium. The government may have to spend close to Rs 6,500 crore through this scheme.

  • Lone Moratorium to be heard in Supreme Court on November 2
  • It has to be implemented by banks and NBFC before 5 November

If you have taken a loan for farming and its related work, then you will not get the benefit of X Gracia from the government. That is, you will not get the difference between interest on interest and simple interest. The Finance Ministry has clarified this point.

Finance Ministry released the questions and answers

The Finance Ministry issued a question-and-answer saying that relief will not be given on agriculture related activities such as tractors and crops. The government has decided that whether or not you have taken the moratorium on the loan, there will be a difference between the interest on it and the simple interest on it.

The case of Moratorium can also be understood through these reports.

Credit card holders will get relief on arrears till February 29

Along with this, the government has also said that those credit card holders, who were outstanding till February 29, will get the benefit of this scheme. The government has said that crop and tractor loans come in agricultural activities. It is not in those segments which are to benefit under the scheme. The government has put 8 segments under this scheme. These include MSME loans, education loans, housing loans, consumer durable loans, credit card dues, automobile loans, personal loans for professionals and consumption loans.

RBI issued order on Tuesday

The Reserve Bank of India (RBI) on Tuesday asked banks and NBFC to implement the scheme for X Gresia. That is, whatever is the difference between interest on interest and simple interest, prepare for its payment and apply it before 5 November. This relief will be applicable for loans up to Rs 2 crore. It has a 6-month loan moratorium which is considered to have a period between March 1 and August 31.

The government approved on Friday

Last Friday itself, the government announced in this case that everyone will get payment of X Gresia. The matter is also scheduled to be heard in the Supreme Court on 2 November. The government and RBI have already given their approval in whatever was the case. Now the final work is to be done by banks and NBFCs. No one has to apply for this relief. It will be deposited in the account of automatic customers.

The March 27 announcement was made by the RBI for the loan moratorium. The government may have to spend close to Rs 6,500 crore through this scheme.

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