Hong Kong – Interest on Tax Reserve Certificates
Interest on Tax Reserve Certificates
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The Government Gazette published today (December 30) contains a Legal Notice to the effect that the Secretary for Financial Services and the Treasury has authorised a change in the rate of interest payable on Tax Reserve Certificates. From January 3, 2023, the new annual rate of interest will be 0.5833 per cent against the current rate of 0.4000 per cent, i.e. the new rate will be $0.0486 per month per $100.
Tax Reserve Certificates bear simple interest, and interest is calculated monthly (including part of a month) from the date of purchase to the date of payment of tax.
Interest is only credited when certificates are used to pay tax and no interest is due where the principal value of a certificate is repaid to its holder.
The rate of interest payable on Tax Reserve Certificates is periodically revised in line with the market trend. Currently, it is reviewed every month based on the average prevailing interest rate for the 12-month time deposit for $100,000 to $499,999 offered by the three note-issuing banks.
The new rate will apply to all certificates purchased on or after January 3, 2023. Certificates purchased before January 3, 2023, will continue to earn interest at the rates prevailing on their respective purchase dates. Below is a summary of the interest rates for the past periods:
For certificates purchased on or after May 3, 2021, and before June 7, 2021: | 0.0833 per cent per annum |
For certificates purchased on or after June 7, 2021, and before June 6, 2022: | 0.0500 per cent per annum |
For certificates purchased on or after June 6, 2022, and before October 3, 2022: | 0.1333 per cent per annum |
For certificates purchased on or after October 3, 2022 and before November 7, 2022: | 0.1750 per cent per annum |
For certificates purchased on or after November 7, 2022, and before December 5, 2022: | 0.3167 per cent per annum |
For certificates purchased on or after December 5, 2022, and before Janaury 3, 2023: | 0.4000 per cent per annum |
For certificates purchased on or after Janaury 3, 2023, until further notice: | 0.5833 per cent per annum |
This is always subject to the general rule that interest ceases to accrue after 36 complete months.
Interest on Tax Reserve Certificates
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(available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this press release and should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release, September 1, 2022. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this press release.
Shells net carbon footprint
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Forward Looking Non-GAAP measures
This press release may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking Non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those Non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plcs consolidated financial statements.
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We may have used certain terms, such as resources, in this press release that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.
The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi has approved the payment of ex-gratia amount of Rs. 973.74 crore pertaining to remaining claims submitted by Lending Institutions (LIs) under 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).
Benefits:
By granting ex-gratia payment of difference between compound interest and simple interest during the six month moratorium period to distressed/vulnerable category of borrowers, irrespective of whether the borrower had availed of moratorium or not, the scheme would equitably help small borrowers bear the stress on account of the pandemic and get back on their feet.
Operational guidelines for the scheme are already issued with the approval of the Cabinet. The said amount of Rs. 973.74 crore will be disbursed in accordance with the said operational guidelines.
S No
Date of Clam Submission by SBI
No. of lending Institutions
No. of Beneficiaries
Amount of Claim Received
Amount Disbursed
Pending Disbursement
1
23.3.2021
1,019
1406,63,979
4,626.93
4,626.93
–
2
23.7.2021 & 22.9.2021
492
499,02,138
1,316.49
873.07
443.42
3
30.11.2021
379
400,00,000
216.32
216.32
4
Resubmitted by SBI
101
83,63,963
314.00
–
314.00
Total
1,612
2389,30,080
6,473.74
5,500.00
973.74
Background:
In the context of the COVID-19 pandemic, “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)” was approved by the Cabinet in October, 2020, envisaging therein an outlay of Rs. 5,500 crore. Following category of borrowers were eligible for ex-gratia payment under the scheme:
Budget allocation of Rs. 5,500 crore was made for the scheme in FY 2020-2021. Whole amount of Rs. 5,500 crore, as approved by the Cabinet, has been disbursed to SBI, the nodal agency under the scheme, for consequent reimbursement to lending institutions.
The estimated amount of Rs. 5,500 crore was arrived at by extrapolating the share of SBI and Scheduled Commercial Banks for the aforementioned category of loans. It was also apprised to the Cabinet that the actual amount would be known once individual lending institutions submit their pre-audited account-wise claims.
Now, SBI has informed that it has received consolidated claims of Rs. 6,473.74 crore approx. from lending institutions. As Rs. 5,500 crore has already been disbursed to SBI, approval of the Cabinet is now being sought for balance amount of Rs. 973.74 crore.
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DS
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Interest rate of second interest payment for iBond Series due 2023
****************************************************************** The Hong Kong Monetary Authority, as representative of the Hong Kong Special Administrative Region Government, announces today (November 2) the relevant per annum interest rate for the second interest payment of iBond Series due 2023 (issue mumber 03GB2311R; stock code: 4239) (the Bonds) issued under the Retail Bond Issuance Programme of the Government Bond Programme.
Hong Kong – Interest on Tax Reserve Certificates
The Government Gazette published today (September 30) contains a Legal Notice to the effect that the Secretary for Financial Services and the Treasury has authorised a change in the rate of interest payable on Tax Reserve Certificates. From October 3, 2022, the new annual rate of interest will be 0.175 per cent against the current rate of 0.1333 per cent, i.e. the new rate will be $0.0146 per month per $100.
Tax Reserve Certificates bear simple interest, and interest is calculated monthly (including part of a month) from the date of purchase to the date of payment of tax.
Interest is only credited when certificates are used to pay tax and no interest is due where the principal value of a certificate is repaid to its holder.
The rate of interest payable on Tax Reserve Certificates is periodically revised in line with the market trend. Currently, it is reviewed every month based on the average prevailing interest rate for the 12-month time deposit for $100,000 to $499,999 offered by the three note-issuing banks.
The new rate will apply to all certificates purchased on or after October 3, 2022. Certificates purchased before October 3, 2022, will continue to earn interest at the rates prevailing on their respective purchase dates. Below is a summary of the interest rates for the past periods:
For certificates purchased on or after
June 1, 2020, and before December 7, 2020:0.2000 per cent per annum
For certificates purchased on or after
December 7, 2020, and before April 7, 2021:0.1500 per cent per annum
For certificates purchased on or after
April 7, 2021, and before May 3, 2021:0.1167 per cent per annum
For certificates purchased on or after
May 3, 2021, and before June 7, 2021:0.0833 per cent per annum
For certificates purchased on or after
June 7, 2021, and before June 6, 2022:0.0500 per cent per annum
For certificates purchased on or after
June 6, 2022, and before October 3, 2022:0.1333 per cent per annum
For certificates purchased on or after
October 3, 2022, until further notice:0.1750 per cent per annum
This is always subject to the general rule that interest ceases to accrue after 36 complete months.
Shell to sell interest in Aera Energy to IKAV
Cabinet approves Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts
(Release ID: 1790935)
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Hong Kong – Interest rate of second interest payment for iBond Series due 2023
The following is issued on behalf of the Hong Kong Monetary Authority:
According to the Issue Circular dated October 5, 2020 for the Bonds, the second interest payment of the Bonds is scheduled to be made on November 16, 2021, and the relevant interest rate is scheduled to be determined and announced on November 2, 2021 as the higher of the prevailing Floating Rate and Fixed Rate.
On November 2, 2021, the Floating Rate and Fixed Rate are as follows:
Floating Rate: +1.53 per cent (Annex)
Fixed Rate: +2.00 per cent
Based on the Floating Rate and Fixed Rate set out above, the relevant interest rate for the second interest payment is determined and announced as 2.00 per cent per annum.