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IndiaPosted at: May 23 2018 4:25PM


Cabinet approves waiver of Penal Interest on Govt loans to PPT

New Delhi, May 23 (UNI) The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has given its approval for waiving of Penal Interest on Government Loans to Paradip Port Trust (PPT).
As per the approval Government has waived of penal interest amounting to Rs 1076.59-crore in respect of PPT as on 31.03.2017 and further accruals thereon till date of approval of waiver. PPT will pay penalty at 0.25 per cent of Penal Interest as on the date of approval of waiver of penal Interest.
As per the approval PPT will start the re-payment of outstanding principal of Rs. 387.74-crore and outstanding interest as on date of approval of the waiver and the re-payment to be completed in two installments in 2018-19 and 2019-20.
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