Loan Waiver

The Central Board of Direct Tax has clarified in a circular that the banks are not required to deduct 10% TDS on one-time settlement (OTS) or loan waivers.

Chhattisgarh Chief Minister Bhupesh Baghel on Saturday countered Prime Minister Narendra's Modi's criticism of 'revdi' or culture of freebies by stating that waiver of loans of big industrialists should then be called 'rabdi'. Both revdi and rabdi are types of sweets. Speaking at the inauguration of the new district of Sarangarh-Bilaigarh, Baghel said people should understand the Bharatiya Janata Party's intentions. "When the Congress government in Chhattisgarh procures rice at Rs 2,500 from farmers, gives Rs 7,000 to (landless) labourers, gives 35 kg of rice to the poor, halves electricity bill for consumption of up to 400 units and provides free education, they (BJP) call it revdi (freebies)," he said. "When we waive the loans of farmers you call it revdi, but when the loans of Rs 10 lakh crore of top ten industrialists gets written off, then it is not revdi, it is milk cake. It is rabdi," the CM said. If the BJP came to power in Chhattisgarh again "by mistake", it would never

In his address to the Assembly at the start of the Budget Session, the governor spoke of the initiatives to create jobs in rural areas, and augment health infrastructure to fight the Covid-19 pandemic

The Punjab government has waived loans worth Rs 41.48 crore of 10,151 Scheduled Caste youths after they found it difficult to repay the money due to various reasons

Badal claimed Congress legislators had established cement tile factories and forced village sarpanches to purchase tiles from them at inflated rates

The Election Commission must ban loan waiver poll promises by all political parties. If their hearts bleed for the poor, they can always use the party funds to pay off the lenders

Of the 23 million farming households in UP, almost 21 million, or more than 90 per cent, are of small and marginal farmers with fragmented land holdings, living on low farm income

The Reserve Bank of India on late Thursday said Rs 3.18 billion of Tier 2 bonds of Lakshmi Vilas Bank Ltd. will be fully written down as DBS Group Holdings Ltd

The government clarified that borrowers will be entitled to get a refund on an aggregate sum of Rs 2 crore borrowed from the banking system,

From InfosysQ2 net profit beating estimates, SC asking govt to prepare an action plan on compound interest waiver by Nov 2, Business Standard brings you top news of the evening

We need to see concrete results on the ground, says the court as it set November 2 as the next date of hearing in the matter.

No more adjournments, says bench; next hearing Sept 28

The microfinance sector has faced some new problems amidst the continuing outbreak of coronavirus and the recent lockdown caused due to it, Satya Micro Capital said in a statement

The Supreme Court Bench said if a loan account had not been declared bad as of the end of August, it should not be classified as NPA till the moratorium case was disposed of

This loan waiver comes over two years after the Rs 34,000 crore loan waiver announced by the then BJP-Sena government in 2017

Here's a selection of Business Standard opinion pieces for the day

Corporate Affairs Secretary Injeti Srinivas estimates the waiver will cost Rs 10,000 crore annually.

Three states, Jharkhand, Odisha and West Bengal, have already announced their own version of a cash-support scheme for farmers

Populist states will have to either avoid paying banks or slash capex

Too much documentation, fund crunch at state level main reasons for delay in waiver