Interest

But the government is unwilling to pay for loans taken by MTNL, say sources

According to the report by SBI researchers, the total amount of deposits has risen by 143 per cent in the last five years to Rs 34 lakh crore at the end of FY24 from Rs 14 lakh crore

With the opposition targeting the AAP government in Punjab over the state's debt, its finance minister Harpal Singh Cheema on Monday said that Rs 27,000 crore from around Rs 47,000 raised in the last 18 months has been paid as interest on the borrowings under previous governments. He accused the Congress, BJP and the Shiromani Akali Dal of spreading false propaganda against the AAP government after the opposition parties accused the Bhagwant Mann dispensation of pushing the state to the brink of financial calamity with an addition of Rs 50,000 crore more debt since it came to power last year. The opposition parties had latched onto the issue to target the Mann government after Punjab Governor Banwarilal Purohit in his letter to the CM said that he had learnt that the debt of Punjab rose by about Rs 50,000 crore during your regime. On Monday, state Finance Minister and senior Aam Aadmi Party leader Cheema also appealed to the Punjab governor to help the state government in getting ..

Among the most indebted property firms in the world, Country Garden told some holders of the notes about the payment, the creditors said, asking not to be identified discussing a private matter

A functionality enabling public procurement portal GeM to impose penal interest for making delayed payments to vendors by government ministries and departments will be operational in July, a senior official said on Tuesday. In 2020, the government decided to levy a 1 per cent penalty on government departments and agencies for delayed payments to vendors selling goods on the GeM platform. The provision would be effective from July, a senior official said on Tuesday. Government e-Market (GeM) CEO P K Singh said that there are issues pertaining to getting timely payments from buyers, particularly state governments. In case of the central government, the payments by enlarge happen in 10-15 days, he said, adding there are problems in case of state governments. "We are working on that and let me tell you that by the end of July, this functionality for imposing the penal interest will be up and running...Interests will be charged from October," Singh said here at CII MSME Growth Summit.

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Interest earned from Mahila Samman Certificate scheme will not attract TDS and the interest income will be taxed in the hands of the recipient as per the eligible tax slab, as per a CBDT notification. The Central Board of Direct Taxes (CBDT) on May 16 notified the Tax Deducted at Source (TDS) provision for the post office savings scheme, under which an account can be opened in the name of a girl or woman. The scheme which was launched in the current fiscal, provides an annual interest of 7.5 per cent interest and maximum limit for deposit is Rs 2 lakh. The deposit shall mature on completion of two years. Nangia Andersen India, Partner, Neeraj Agarwala said the CBDT notification clarifies that TDS on interest earned on the Mahila Samman Saving Certificate (MSSC) is not applicable if such interest does not exceed Rs 40,000 in a financial year. "At 7.5 per cent interest, the MSSC scheme will give a return of Rs 15,000 in one year and Rs 32,000 in two years. It can be said that no TDS

The long-awaited amendment by the RBI now puts IFSC at par with other jurisdictions when it comes to remittances

To tame the stubbornly high inflation, the Reserve Bank has hiked the key policy rates by 250 bps so far since May 2022 and at 6.50 per cent it is already 25 bps more than the pre-February 2020 levels

The New York-based bank is targeting to invest a quarter of its newly-raised $5.2 billion growth fund in the region, people familiar with the matter said

Interest expense rises at fastest clip in 17 quarters in Q3

Strong growth in net interest income boosts bottomline, provisions fall

Fall in non-interest income, rise in bad loan provisions drag down company's net

Earlier this week, FEL defaulted twice on interest payments of Rs 85.71 lakh and Rs 6.07 crore for its non-convertible debentures.

The interest income was down by 3.7 per cent at Rs 2,916.87 crore from Rs 3,029.83 crore in the year-ago period.

Parliamentarians cannot utilise interest accrued on MPLADS funds for development works with the Centre revising the norms for utilisation of money under various central sector schemes. According to the revised procedure for flow of funds under the CSS, including MPLADS, of the Finance Ministry, all interest earnings should be compulsorily remitted to the Consolidated Fund of India. The revised procedures have been intimated to MPs by Lok Sabha and Rajya Sabha secretariats. CPI(M) MP John Brittas has strongly objected to the new procedures and urged Finance Minister Nirmala Sitharaman to roll back the decision. The members should be allowed to continue recommending "works for the interest amount accrued for the MPLADS funds disbursed to them every year by retaining the procedure in vogue as such," Brittas said in a letter to the minister on Monday. Copies of the letter were also sent to the Rajya Sabha Chairman, Lok Sabha Speaker and the Minister of Statistics and Programme ...

Borrower cannot be charged any amount not been explicitly mentioned in a factsheet, says regulator.

238 million borrowers got waiver of interest-on-interest on loans up to Rs 2 crore

The pre-closure penalty usually ranges from 1 to 5 per cent of the principal outstanding amount

Interest income down 20% YoY to Rs 1,072 cr; other income more than doubles to Rs 159 cr