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RBI has extended the deadline for introduction of new penal charges regime by three months upto April 1, 2024. The guidelines released in Aug this year stipulated that the penalty for non-compliance will not be in the form of penal interest ....
Lenders argued in a representation to the RBI earlier this month that penal interest rates lead to better credit discipline. They also said they needed time to reconfigure their internal systems. "We need more time to reconfigure our internal systems to adhere to guidelines, and accordingly, a representation was made to the regulator earlier this month," an executive of a leading public sector bank said on condition of anonymity. ....
Penal charges are additional charges a lender levies on a borrower in case of non-compliance with the payment schedule. RBI has told lenders that no further interest can be computed on such charges. ....
Concerned over the practice of banks and Non-Banking Financial Companies (NBFCs) using penal interest as a revenue enhancement tool, the Reserve Bank on Friday came out with modified. ....
If an individual misses the last date of filing ITR i.e., July 31, then it is a known fact that a belated ITR can be filed albeit by paying a late filing fee for maximum up to Rs 5,000. However, there are certain other costs that an individual should know if they file a belated ITR. ....