The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its approval for waiving of Penal Interest on Government Loans to Paradip Port Trust (PPT) as per following:
Waiver of penal interest amounting to Rs.1076.59 crore in respect of PPT as on 31.03.2017 and further accruals thereon till date of approval of waiver.
PPT to pay penalty @ 0.25% of Penal Interest as on the date of approval of waiver of penal Interest.
PPT to start the re-payment of outstanding principal of Rs. 387.74 crore and outstanding interest as on date of approval of the waiver and the re-payment to be completed in two instalments in 2018-19 and 2019-20.