TMI BlogPRESS RELEAS OF FM –RELIEF AND RELAXATION IN FINANCIAL SERVICES IN VIEW OF COVID 19 – more relief is desirable for deferment of EMI of housing and other loans.X X X X Extracts X X X X X X X X Extracts X X X X ..... PRESS RELEAS OF FM –RELIEF AND RELAXATION IN FINANCIAL SERVICES IN VIEW OF COVID 19 – more relief is desirable for deferment of EMI of housing and other loans. - By: - DEV KUMAR KOTHARI - Other Topics - Dated:- 27-3-2020 - - Here in this article author has analysed press release about relaxations and relief allowed in view of COVID 19 which is in nature of a sever force measure because life ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , expectancy of life, health, relations, are effected by the crisis. About Financial services some relief have in fact been announced, however, relief of one is burden on others. For example relief to bank account holders, debit card holders will be a burden on banks who are already facing tough time due to growing NPA s , difficulties in granting and disbursing loans etc. So far person ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al customers of banks are concerned many will have severe cash crunch due to loss or partial loss of employment, reduced earnings, late payments of salary , remuneration , professional and technical fees, other business receipts etc. Desirable relief: For time being many will have to depend on savings and borrowings to manage family affairs also. In such circumstances relaxati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on from payment of EMI of loans taken for houses, cars and other assets by individual is desirable. This can be granted by allowing deferment of 3-4 EMI without any interest reduction or waiver for extended period- means just to allow deferment with interest. This will not cause loss to banks. In fact, in present situation, banks will be in a position to maintain healthy good loans position. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... From Press Release Posted On: 24 MAR 2020 5:10 PM by PIB Delhi From press release with highlights added: Observations Financial Services 1.Relaxations for 3 months: In view of grim situations relaxation for 6 months is desirable. Debit cardholde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs to withdraw cash for free from any other banks ATM for 3 months How far these services will be available is to be seen. In fact, withdrawal of cash from ATM of any bank should be without any charge to customers. Costs should be sahred by banks based on r number of ATM any bank has and volume of transaction for other bank. Waiver of minimum balance fee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Minimum balance fees should be based on average balance for a year and not on monthly or quarterly basis. In case of monthly basis , perhaps accounting charges are more than minimum fees collected from large number of accounts.. Reduced bank charges for digital trade transactions for all trade finance consumers This will be a burden on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bank, and merchant. - Reply By DEV KUMAR KOTHARI as = Some hope of relief is by way of advisory of RBI to banks about three months EMI, card payment etc. Let us see how it fructify. Dated: 29-3-2020 - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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