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The Reserve Bank of India on Friday announced that banks are permitted to allow a three-month moratorium on payment of installments of all term loans outstanding on March 1, 2020.
The decision will be applicable to all regional, rural banks, co-operative banks, NBFCs including Housing Finance Companies, however, the final decision on passing on the benefit to customers will rest with the banks.
The RBI said the moratorium will not result in asset classification downgrade and will have no adverse impact on the credit history of the borrowers.
The RBI has only allowed banks to allow a moratorium. Individual banks will have to allow suspension of EMIs. This means that unless you have specific approval from your bank, your EMIs will still be deducted from your account.
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21--day LOCKDOWN result in your loss of PAY? we've been getting a lot of questions on:
1. Can my company stop my salary during a lockdown?
2. Is the company LEGALLY allowed to stop paying Salaries/wages during a lockdown?
In this difficult time, we just hope it doesn't come to that, and if it does, then what are some remedies you must adopt.
EPFO New Update
Union Finance Minister Nirmala Sitharaman announced today on ( 24th March 2020 ) various statutory and regulatory compliance relief measures. Because of the current country vides lockdown situation. The last date for filing a belated income tax return (ITR) for the FY 2018-19 has been extended from March 31 to June 30, 2020.