Cabinet approves waiver of Penal Interest on Government Loans advanced to Visakhapatnam Port Trust

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 Visakhapatnam Port Trust (VPT) as per following:

Waiver of Penal Interest amounting to Rs. 250.89 crore in respect of VPT as on 31.03.2017 and further accruals thereon till date of approval of waiver;
VPT to pay penalty @0.25%of Penal Interest as on date of approval of waiver of Penal Interest;
VPT to pay the outstanding Principal of Rs. 44.69 crore and outstanding Interest as on the date of approval of waiver, in one single instalment in the Financial Year 2018-19.

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