are also eligible for coverage under the scheme, besides other specified categories of loans like consumer durables, automobiles, education, credit card dues, housing and personal loans to professionals. Louise O'Keeffe. Loans for consumption purposes (e.g., social ceremonies, etc.) The objective of the scheme is to pass the benefit of the scheme to eligible borrowers. The aforesaid exercise of crediting the amount as stated above in the respective accounts of the eligible borrowers described in paragraph 2 above by the respective lending institution shall be completed on or before 5.11.2020. FAQ’s Ex-Gratia Scheme ; Enquire Now. Here are the basic criteria to qualify for the waiver under this scheme. FAQ’s Ex-Gratia Scheme. The “scheme for grant of ex-gratia payment of the difference between compound interest and simple interest” for six months will be credited to eligible borrowers in specified loan accounts by banks, who can then lodge their expense bills with the government by December 15. Ex-gratia scheme Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020) As per letter (F. No. Exgratia Scheme. Home. On 23rd October 2020 Ministry of Finance, Government of India issued direction to all lending institutions to implement Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). Payment of differential interest of 6 months. Hayward about the ex gratia scheme for members of British groups interned by the Japanese during the Second World War. The Magdalen Restorative Justice Ex-Gratia Scheme was established in 2013 on foot of the recommendations contained in the Magdalen Commission Report – otherwise known as the Quirke Report.That Report was a response to an Interdepartmental Government Committee report – otherwise known as the McAleese Report - set up … Scheme of ex gratia payment of difference between compound interest and simple interest ..” Scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specific loan accounts . In view of COVID-19, the Central Government has approved a “Scheme for grant of ex gratia payment of difference … The loan will entail only simple interest. The Ex Gratia Scheme was established for the benefit of women who were admitted to and worked in the 10 Magdalen Institutions as well as St Mary’s Training Centre Stanhope Street and the House of Mercy Domestic Training School Summerhill, Wexford. The Government of India has announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for period upto six months to eligible borrowers in specified loan accounts (1.3.2020 to 31.8.2020). The account should be classified as “Standard” as on Feb 29, 2020. Therefore, in case the borrower is eligible, the benefit under the scheme shall be extended taking blended rate of interest as the reference rate for differential computation of CI and SI during the moratorium period. The ex gratia scheme includes loans originated by two or more Lending Institutions. One view was that awards made by a compensation scheme should be in line with awards that would be made by a court. An ex gratia payment is made to an individual by an organization, government, or insurer for damages or claims, but it does not require the admittance of liability by the party making the payment. Is the loan eligible for ex-gratia payment under the scheme? You may be able to claim compensation if you have spent time in custody because of a wrongful charge or conviction and: the police or other public authority did something seriously wrong that led you being charged with, or convicted of, a crime ; there were exceptional circumstances that that justify the payment of compensation. Ex-Gratia Payment Scheme. Leave your contact details below. [COVID-19] Centre approves Scheme for ex gratia payment of difference between compound and simple interest to borrowers. Ministry of Finance. The payable ex-gratia amount shall have to be credited to the account of the borrower by the respective lending institutions as ex-gratia payment under the scheme. Yes, the Ex-gratia Scheme clearly specifies that all the eligible loan accounts, whether moratorium benefit is completely availed, or partially availed, or not have been availed at all shall be eligible for ex-gratia payment under the scheme. The Scheme is for a period of six months and for specified loan accounts. Format For Submission Of Information By Lending Institutions; Statutory Auditor Certificate This means that loan accounts which have been declared as non-performing assets (NPA) on or before this date will not be eligible. The waiver scheme is made to reimburse the compound interest charged during the given period. Validating the claim 6.1 In accordance with our Policy (Section 1 above), the first stage of the assessment is to confirm whether there has been an error/failure on our part. Ex-Gratia Payment Scheme. Published on : 24 Oct, 2020 , 6:30 am. Eligibility Criteria for Ex-Gratia Payment . This scheme was administered by the War Pensions Agency (WPA), an executive agency of the Department for Work and Pensions (DWP: for part of the relevant time, the DWP was called the Department of Social Security – DSS). Examples. 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