Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

The <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> Tuesday deferred to November 5 the hearing on a batch of pleas relating to charging of interest on interest by banks on EMIs which were not paid by the borrowers who availed of the RBI <keyword id="6840678" type="UNKNOWN" weightage="20" keywordseo="loan-moratorium">loan moratorium</keyword> scheme in view of the COVID-19 pandemic. The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> and the Finance Ministry have already filed separate additional affidavits in the apex court saying that the banks, financial and non-banking financial institutions will credit into the accounts of eligible borrowers by November 5 the difference between compound and simple interest collected on loans of up to Rs 2 crore during the <keyword id="117489" type="PERSON" weightage="20" keywordseo="moratorium">moratorium</keyword> scheme period. A bench of Justices Ashok Bhushan, R Subhash Reddy and M R Shah was requested by Solicitor General Tushar Mehta that the hearing in the loan moratorium case be deferred as he would be busy arguing on behalf of the Centre in other matter relating to the Central Vista project. "These moratorium matters were listed yesterday but they came up today. I am requesting for an adjournment considering I have a case (Central Vista) where I will be arguing" the law officer said. A letter seeking deferment of the hearing in the case was also circulated by advocate-on-record Anil Katiyar for the Centre to the parties and the bench. The top court acceded to the request and adjourned the hearing on pleas including the one filed by Gajendra Sharma on November 5. The pleas pertained to charging of interest on interest by banks on EMIs which have not been paid by borrowers after availing the loan moratorium scheme of RBI during March 1 to August 31. Earlier, the RBI had filed the affidavit saying that it has asked all banks, financial and non-banking financial institutions to take "necessary actions" to credit into the accounts of eligible borrowers the difference between compound and simple interest collected on loans of up to Rs 2 crore during the moratorium scheme. Prior to this, the central government had told the apex court that lenders have been asked to credit into the accounts of eligible borrowers the difference between compound and simple interest collected on loans of up to Rs 2 crore during the RBI's loan moratorium scheme by November 5. The government had said that the ministry has issued a scheme as per which lending institutions would credit this amount in the accounts of borrowers for the 6-month loan moratorium period which was announced following the COVID-19 pandemic situation. On October 14, the apex court had observed that the Centre should implement "as soon as possible" the interest waiver on loans of up to Rs 2 crore under the RBI's moratorium scheme and had said that the common man's Diwali is in the government's hands. The RBI had on March 27 issued the circular which allowed lending institutions to grant a moratorium on payment of instalments of term loans falling due between March 1, 2020, and May 31,2020, due to the pandemic. Later, the moratorium was extended till August 31 this year. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/prajakta-koli-aka-mostlysane-advice-for-content-creators-on-the-fine-line-between-brand-collaborations-and-staying-honest-on-social-media/articleshow/79013162.cms">Prajakta Koli aka MostlySane’s advice for content creators on the fine line between brand collaborations and staying honest on social media</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-acquires-gaming-startup-mech-mocha-as-it-looks-to-tap-the-social-gaming-space-for-more-consumers/articleshow/79014466.cms">Flipkart acquires gaming startup Mech Mocha as it looks to tap the social gaming space for more consumers</a> <a href="https://www.businessinsider.in/india/news/covid-19-vaccine-updates-pfizer-moderna-to-roll-out-covid-19-vaccine-by-december/articleshow/78924143.cms">COVID-19 vaccine tracker: German CureVac shows an immune response, Aspen Pharmacare and J&amp;J sign pact to make vaccine in South Africa</a>

Supreme Court verdict on loan moratorium case deferred to November 5

<ul><li><keyword id="15491" type="General" weightage="20" keywordseo="airtel" source="Orion">Airtel</keyword> has opted for the four-year adjusted gross revenue (AGR) dues moratorium.</li><li>The telco is expected to free up its cash-flow by up to ₹40,000 crore for four years.</li><li>Vodafone Idea had opted for the moratorium last week.</li></ul>The government recently announced a <a href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-and-reliance-jio-have-till-october-29-to-opt-for-the-agr-dues-moratorium/articleshow/87107590.cms">deadline</a> of October 29 for opting for the adjusted gross revenue (AGR) dues moratorium. As per industry sources, Bharti Airtel has now informed the government that it wants to opt for the four-year moratorium. Airtel has become the second telco to opt for the moratorium after <a href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-shares-spike-after-government-announces-deadline-for-agr-dues-moratorium/articleshow/87153508.cms">Vodafone Idea</a>. Vodafone Idea had opted for the moratorium last week and the struggling telco is expected to free up its cash-flow by up to ₹60,000 crore for four years. Airtel is also expected to free up its cash-flow by up to ₹40,000 crore due to the moratorium. Airtel has not informed the government whether it wishes to convert the accrued interest into equity and has 90 days to do so. Airtel will benefit from the four-year moratorium on AGR dues, freeing up its cash reserves to invest in the upcoming 5G spectrum auctions. Business Insider India has reached out to Airtel for confirmation about the moratorium. We will update the story once Airtel responds. <cmsannotation type="cmsannotation" annotationid="What is AGR?" comment="subhead" text="What is AGR?">What is AGR?</cmsannotation> In 1999, the government and telecom operators shifted to a revenue-sharing fee model that requires them to share a part of their adjusted gross revenue (AGR) with the government as annual licence fee and spectrum usage charges. AGR is defined in the licence agreements entered between the Department of Telecommunications (DoT) and the telecom operators. <cmsannotation type="cmsannotation" annotationid="What are the benefits of the moratorium?" comment="subhead" text="What are the benefits of the moratorium?">What are the benefits of the moratorium?</cmsannotation> The companies who avail the <a href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-and-jio-welcome-telecom-relief-package-but-analysts-are-divided-on-whether-it-is-enough/articleshow/86252002.cms">moratorium facility</a> will have to pay interest on the amount and period of moratorium, since the government would have to protect its revenue. Both banks and telcos will benefit from de-stressed balance sheets thanks to this relief measure. Apart from this, the government has announced that instead of compounding interest on spectrum dues on a monthly basis, it will now do so on an annual basis. This should drastically reduce the impact of compounding and offer major relief to telecom players who have to pay AGR and spectrum dues. Here’s how much Vodafone Idea and Airtel owe the government in the form of AGR dues: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Total AGR demand (in crore) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">AGR dues paid (in crore) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Balance AGR dues (in crore) </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Vodafone Idea </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹58,254 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹7,854 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹50,339 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Airtel </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹43,980 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹18,004 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹25,976 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: AGR dues case in the Supreme Court SEE ASLO: <a href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-and-jio-welcome-telecom-relief-package-but-analysts-are-divided-on-whether-it-is-enough/articleshow/86252002.cms">Airtel, Vodafone Idea and Jio welcome telecom relief package, but analysts are divided on whether it is enough</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-and-reliance-jio-have-till-october-29-to-opt-for-the-agr-dues-moratorium/articleshow/87107590.cms">Airtel, Vodafone Idea and Reliance Jio have till October 29 to opt for the AGR dues moratorium</a>

Airtel opts for AGR dues moratorium, becomes the second telco to do so

<ul><li>The government has set October 29 as the deadline for opting for adjusted gross revenue (AGR) dues moratorium.</li><li>The moratorium offers a time-freeze of four years from making payments for AGR dues.</li><li>The government has also given 90 days to telcos to decide if they wish to convert the accrued interest into equity.</li></ul>The Indian government had announced a moratorium of four years to telcos for making payments towards their adjusted gross revenue (AGR) dues as part of the <a href="https://www.businessinsider.in/business/telecom/news/telecom-relief-package-airtel-vodafone-idea-get-four-year-moratorium-on-agr-dues/articleshow/86227218.cms">telecom relief package</a> last month. Now, Airtel, Vodafone Idea and Reliance Jio have been given a <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/govt-gives-telcos-till-oct-29-on-opting-for-payments-moratorium-90-days-for-equity-conversion/articleshow/87106427.cms">deadline</a> of October 29 to decide if they wish to opt for the payment moratorium. Additionally, the telcos have been given 90 days to respond whether they wish to convert the accrued interest into equity. As per the media report, the deadline was intimated to the three telcos in a letter sent by the Ministry of Finance on Friday. As per a senior government official, companies that opt for the moratorium will have to provide their historical audited financial statements. Additionally, listed companies would also be required to provide their historical share value. <cmsannotation type="cmsannotation" annotationid="What are the benefits of the moratorium?" comment="subhead" text="What are the benefits of the moratorium?">What are the benefits of the moratorium?</cmsannotation> The companies who avail the moratorium facility will have to pay interest on the amount and period of moratorium, since the government would have to protect its revenue. Both banks and telcos will benefit from de-stressed balance sheets thanks to this relief measure. Apart from this, the government has announced that instead of compounding interest on spectrum dues on a monthly basis, it will now do so on an annual basis. This should drastically reduce the impact of compounding and offer major relief to telecom players who have to pay AGR and spectrum dues. <cmsannotation type="cmsannotation" annotationid="What is AGR?" comment="subhead" text="What is AGR?">What is AGR?</cmsannotation> In 1999, the government and telecom operators shifted to a revenue-sharing fee model that requires them to share a part of their adjusted gross revenue (AGR) with the government as annual licence fee and spectrum usage charges. AGR is defined in the license agreements entered between the Department of Telecommunications (DoT) and the telecom operators. Here’s how much Vodafone Idea and Airtel owe the government in the form of AGR dues: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Total AGR demand (in crore) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">AGR dues paid (in crore) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Balance AGR dues (in crore) </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Vodafone Idea </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹58,254 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹7,854 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹50,339 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Airtel </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹43,980 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹18,004 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹25,976 </td></tr></tbody><tbody></tbody></table> Source: AGR dues case in the Supreme Court SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-shares-jump-after-government-proposes-to-withdraw-13000-crore-demand-for-spectrum-usage-charges/articleshow/86775903.cms">Airtel, Vodafone Idea shares jump after government proposes to withdraw ₹13,000 crore demand for spectrum usage charges</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-airtel-need-tariff-hikes-agr-moratorium-might-not-be-enough-say-analysts/articleshow/86285450.cms">Vodafone Idea and Airtel need tariff hikes, AGR moratorium might not be enough, say analysts</a> <a href="https://www.businessinsider.in/business/telecom/news/nokia-foxconn-among-global-firms-to-benefit-from-indias-telecom-pli-scheme-of-3345-crore/articleshow/87017211.cms">Nokia, Foxconn among global firms to benefit from India's telecom PLI scheme of ₹3,345 crore</a>

Airtel, Vodafone Idea and Reliance Jio have till October 29 to opt for the AGR dues moratorium

<ul><li>The <keyword id="6307125" type="General" weightage="20" keywordseo="telecom-relief-package" source="Orion">telecom relief package</keyword> gives <keyword id="15491" type="General" weightage="20" keywordseo="airtel" source="Orion">Airtel</keyword> and Vodafone Idea a time-freeze of four years from making payments towards their respective adjusted gross revenue (AGR) dues.</li><li>While Vodafone Idea is running on fumes, with a cash balance of just ₹920 crore, the relief measures boost Airtel’s liquidity position, allowing it to invest aggressively in the upcoming 5G spectrum auctions.</li><li>Check out the complete details of the telecom relief package and <keyword id="12098906" type="General" weightage="20" keywordseo="agr-moratorium" source="Orion">AGR moratorium</keyword>.</li></ul> The much-awaited telecom relief package has been announced by the Indian government on Wednesday, giving a fresh lease of life to the struggling Vodafone Idea. The telecom relief package gives Airtel and Vodafone Idea a time-freeze of four years from making payments towards their respective adjusted gross revenue (AGR) dues. Airtel will benefit from the four-year moratorium on <keyword id="8275485" type="General" weightage="20" keywordseo="agr-dues" source="Orion">AGR dues</keyword>, freeing up its cash reserves to invest in the upcoming 5G spectrum auctions. In anticipation of the relief package, both Airtel and Vodafone Idea’s shares have registered a rally in September. While Vodafone Idea’s shares have surged by over 44% in the first half of the month, Airtel has seen its stock go up by nearly 10%. “AGR has been a highly contentious and litigious issue for several years. It has been decided to rationalise the definition of AGR,” announced Telecom Minister Ashwini Vaishnaw. The minister, however, did not reveal <a href="https://www.businessinsider.in/business/telecom/news/government-picking-up-a-stake-in-vodafone-idea-might-be-a-remedy-worse-than-the-disease-say-experts/articleshow/86221662.cms">whether the government will pick up a stake in Vodafone Idea</a> by converting a part of AGR dues into equity. <cmsannotation type="cmsannotation" annotationid="Here’s what the telecom relief package consists of" comment="subhead" text="Here’s what the telecom relief package consists of">Here’s what the telecom relief package consists of</cmsannotation> Making the announcement, Vaishnaw revealed that the non-telecom revenue will be excluded from the definition of AGR. This should benefit government undertakings like Indian Railways, Gas Authority of India, Power Grid Corporation, among others, who are captive users of spectrum. The headline announcement, though, is the four-year moratorium on AGR and spectrum dues. The companies who avail of this facility will have to pay interest on the amount and period of moratorium, since the government would have to protect its revenue. Both banks and telcos will benefit from de-stressed balance sheets thanks to this relief measure. Apart from this, the government has announced that instead of compounding interest on spectrum dues on a monthly basis, it will now do so on an annual basis. This should drastically reduce the impact of compounding and offer major relief to telecom players who have to pay AGR and spectrum dues. Here are a few other highlights from the government's announcement: <ul><li>The minister also announced that the penalty on late payment of dues has been completely removed.</li><li>Telecom operators will also now be able to share spectrum freely, without having to pay any charges whatsoever to the government.</li><li>100% foreign direct investment via the automatic route is now allowed, increasing from 49% previously.</li><li>In addition to this, the government has now allowed complete digitisation of know your customer (KYC) norms while buying a new connection or switching from postpaid to prepaid and vice-versa.</li><li>Telecom operators will also no longer require licences for procuring telecom equipment, henceforth.</li></ul><cmsannotation type="cmsannotation" annotationid="What is AGR?" comment="subhead" text="What is AGR?">What is AGR?</cmsannotation> In 1999, the government and telecom operators shifted to a revenue-sharing fee model that requires them to share a part of their adjusted gross revenue (AGR) with the government as annual licence fee and spectrum usage charges. AGR is defined in the license agreements entered between the Department of Telecommunications (DoT) and the telecom operators. Here’s how much Vodafone Idea and Airtel owe the government in the form of AGR dues: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Total AGR demand (in crore) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">AGR dues paid (in crore) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Balance AGR dues (in crore) </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Vodafone Idea </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹58,254 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹7,854 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹50,339 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Airtel </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹43,980 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹18,004 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹25,976 </td></tr></tbody></table> Source: AGR dues case in the Supreme Court Vodafone Idea also pays approximately ₹5,000 crore per year towards licence fee and spectrum usage charges. Additionally, according to a report by <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/cabinet-refuses-proposal-for-telecom-relief-measures-claims-reuters-report/articleshow/86032076.cms">The Economic Times</a>, the telco will have to pay ₹14,000 crore annually towards spectrum payments, taking its annual liability to ₹19,000 crore. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/government-picking-up-a-stake-in-vodafone-idea-might-be-a-remedy-worse-than-the-disease-say-experts/articleshow/86221662.cms">Government picking up a stake in Vodafone Idea ‘might be a remedy worse than the disease’, say experts</a> <a href="https://www.businessinsider.in/business/telecom/news/yes-bank-sbi-and-others-want-vodafone-idea-to-be-saved-heres-why/articleshow/86196076.cms">Yes Bank, SBI and others want Vodafone Idea to be saved, here’s why</a> <a href="https://www.businessinsider.in/business/telecom/news/jiophone-next-is-the-new-weapon-in-ambanis-arsenal-as-he-takes-aim-at-the-500-million-subscriber-mark/articleshow/85974565.cms">JioPhone Next is the new weapon in Ambani’s arsenal as he takes aim at the 500 million subscriber mark</a>

Indian government dials M for moratorium – Airtel, Vodafone Idea get a four-year relief on AGR dues

<ul><li>State Bank of India (SBI), Axis Bank, HDFC Bank and other banking stocks are treading on the side of caution ahead of the <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword>’s hearing on moratoriums loans today. </li><li>ICICI Bank is the worst hit with its share price dipping by more than 2%.</li><li>The Supreme Court is yet to pass a verdict on whether the moratorium should be extended and if interest on interest should be charged. </li></ul>The Supreme Court is set to resume its hearing on waiving interest on loans that availed moratorium during the coronavirus pandemic today. The last time around, the bench headed by Justice Ashok Bhushan indicated that it was <a href="https://www.businessinsider.in/finance/banks/news/supreme-court-inclined-to-excuse-moratorium-interest-on-interest-as-it-gives-the-government-another-two-weeks-to-file-detailed-affidavit/articleshow/78033878.cms">‘inclined’ to excuse the ‘interest on interest.’</a> However, since then, the hearing has been postponed twice to give the government, <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) and other stakeholders more time to file their response. Banking stocks are cautious in trade ahead of the hearing, most of them in the red. <keyword id="4774972" type="PERSON" weightage="20" keywordseo="icici-bank-share-price">ICICI Bank share price</keyword> is down by as much as 2%, while others remain largely unchanged. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change in share price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.33% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India (SBI) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.06% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.03% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.42% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.0% </td></tr></tbody></table>Source: Share price as of 10:10am on BSE According to Solicitor General Tushar Mehta, a committee had been formed at the ‘highest levels’ to decide on moratorium extension, interest during the moratorium, interest on interest, and other issues related to the moratorium period. The RBI’s stance on loan moratorium In its affidavit, the RBI told the Supreme Court that extending the moratorium beyond six months will impact overall credit discipline and have a ‘debilitating impact’ on the credit creation process. On the issue of compound interest, the RBI asserted that waiver of the same would result in ‘significant economic costs’ for banks to absorb. The larger ripple effect may lead to implications for borrowers and undermine broader financial stability. Central government’s take on loan moratorium The central government asserted that it would waive compound interest (interest on interest) during the moratorium period for MSMEs and personal loans up to ₹2 crore in its affidavit filed ahead of the last hearing. However, Senior Advocate C. Aryama Sundaram argued that the real estate sector is completely left out of the scope. The bench was also not pleased, highlighting that the central government’s affidavit did not provide the necessary details regarding the questions asked by the court earlier. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/india-china-disengagement-looks-unlikely-with-more-chinese-troops-reportedly-being-deployed-at-the-border/articleshow/78632960.cms">Chinese PLA is reportedly rotating troops despite India's insistence on disengagement from friction points along the border</a> <a href="https://www.businessinsider.in/business/corporates/news/wipros-second-quarter-will-be-telling-of-how-its-new-ceo-is-steering-the-ship/articleshow/78623027.cms">Wipro's second-quarter will be telling of how its new CEO is steering the ship</a> <a href="https://www.businessinsider.in/policy/economy/news/sitharaman-offers-states-12000-crore-interest-free-for-the-next-50-years-if-they-can-spend-it-on-capital-projects-by-march-2021/articleshow/78616741.cms">Sitharaman offers states ₹12,000 crore interest-free for the next 50 years if they can spend it on capital projects by March 2021</a> <a href="https://www.businessinsider.in/science/space/news/mars-will-appear-bigger-redder-and-brighter-on-october-13-and-wont-get-this-close-to-earth-again-until-2035/articleshow/78556539.cms">Mars will appear bigger, redder, and brighter on October 13 — and won’t get this close to Earth again until 2035</a>

SBI, HDFC Bank, Axis Bank and other bank stocks tread caution as they wait with bated breath for Supreme Court verdict on moratorium

<ul class="summary-list"><li>More than 3 million Americans are at risk of eviction when the federal eviction moratorium ends.</li><li>Classist zoning laws and private deconversions have widened the gap between landlords and low-income tenants.</li><li>Only by investing in public <keyword id="11916125" type="UNKNOWN" weightage="60" keywordseo="housing" source="Orion">housing</keyword> can America truly end its housing crisis.</li><li>Skylar Baker-Jordan is a freelance writer who has worked in the mortgage industry.</li><li>This is an <keyword id="11905565" type="UNKNOWN" weightage="100" keywordseo="opinion" source="Orion">opinion</keyword> column. The thoughts expressed are those of the author.</li></ul>Despite a temporary extension by President Biden, the national eviction moratorium is scheduled to end on October 3. It's estimated that <a href="https://www.marketwatch.com/story/the-eventual-end-of-the-eviction-moratorium-will-hurt-renters-and-not-in-the-way-you-expect-11628716287">3 million Americans are at risk of eviction</a> when the moratorium finally ends, and even a further extension is only delaying the inevitable. Compounding this problem is the fact that with home prices rising and rental incomes falling, many private landlords are opting to sell their investment properties. This reduces the overall number of rental properties available. Simply put, the moratorium is just a band-aid on a bleed-out. The pandemic may have spotlighted the precarity of America's renters, but it did not create this crisis. To truly fix America's housing crisis will require us to look at how it began and to completely overhaul how and where we build affordable homes.<h2>Bureaucratic barriers</h2>"Build" is the operative word here. Yet the 2010s was "by far the lowest decade of single family production in the last 60 years," <a href="https://nahbnow.com/2020/01/home-building-in-the-2010s-the-long-recovery-and-what-lies-ahead/">according to the National Association of Homebuilders</a>. Of the homes that have been built, the majority have been high-end "luxury" homes; 2020 alone <a href="https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.usatoday.com%2Fin-depth%2Fmoney%2F2021%2F05%2F06%2Fhome-buyers-shut-out-during-covid%2F7319274002%2F&amp;data=04%7C01%7Ch.baxter%40independent.co.uk%7Ca453f94ba0f44d47dbee08d9568be3f5%7C0f3a4c644dc54a768d4152d85ca158a5%7C0%7C0%7C637635981083909689%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&amp;sdata=H37y2kUexmTFyAEnSUx2TjjHlRYan27dNrEdMsRLbkU%3D&amp;reserved=0p;reserved=0">saw the construction of high-priced homes rise 81%</a> while construction of homes between $100,000 and $250,000 fell by 11%. <a href="https://www.census.gov/housing/hvs/files/currenthvspress.pdf">Most homes in the United States are owner-occupied</a>. This means when the eviction moratorium ends, tenants who find themselves evicted will be forced to compete for a reduced number of houses. In urban areas, this lack of supply has been exacerbated by classist zoning laws and wealthy individuals turning multi-unit properties into single family residences by combining multiple units. Across the country, <a href="https://www.brookings.edu/blog/social-mobility-memos/2016/08/16/zoning-as-opportunity-hoarding/">zoning laws prevent multi-family properties from even being built</a>. These laws <a href="https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.pbs.org%2Fwnet%2Fchasing-the-dream%2Fstories%2Fhow-zoning-can-restrict-affordable-housing%2F&amp;data=04%7C01%7Ch.baxter%40independent.co.uk%7Ca453f94ba0f44d47dbee08d9568be3f5%7C0f3a4c644dc54a768d4152d85ca158a5%7C0%7C0%7C637635981083909689%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&amp;sdata=TvVPt%2FWAZB5dyPjhjbkj44ysy%2FTsLiJqIaRB6TbkeYs%3D&amp;reserved=0p;reserved=0">continue to make low-income and affordable housing difficult to build</a>. By restricting the type of construction that can be built in a specific area, zoning laws mandate everything from the number of units to the number of parking spaces.While this is a nationwide problem, no state better demonstrates just how bad things have gotten than California. The Golden State is plagued with draconian zoning laws. So cumbersome and absurd are they that Bill Maher does a running gag on his HBO show about how difficult it was for him to simply build a solar shed in his own backyard, something that took more than 1000 days to complete. This is not an accident. A <a href="https://www.nytimes.com/2021/08/10/opinion/housing-crisis-eviction.html">1970 environmental law</a> is used by residents and policymakers to exclude <keyword id="11897453" type="UNKNOWN" weightage="60" keywordseo="affordable-housing" source="Orion">affordable housing</keyword> to increase their own property values. Even if builders do successfully navigate this bureaucratic nightmare, the permits alone cost as much as a quarter of the cost of construction. It's no wonder that <a href="https://sf.curbed.com/2019/12/9/21002676/san-francisco-housing-costs-construction-most-expensive-turner-townsend-terner-berkeley-arcanis-2019">the most expensive place in the world to build is San Francisco</a>.<h2>Affordable homes, affordable solutions</h2>Zoning laws are not the only hindrance to new construction, though. Likewise, the dearth of affordable housing is not a problem unique to California. Across the nation, multi-family properties are being turned into single-family dwellings. Chicago's North Center neighborhood had 774 permits issued for new construction with 754 permits for demolition between 2006 and 2016, <a href="https://www.wbez.org/stories/building-up-and-tearing-down-even-as-demand-grows-some-chicago-neighborhoods-dont/5b809742-4c8b-4615-8907-e3cac111d8eb">according to Chicago's NPR station WBEZ</a>. Primarily a residential neighborhood on the city's leafy North Side, North Center saw a startling number of multi-family, affordable homes deconverted into single-family dwellings. "Two-, three- and four-flats historically have been an accessible income-producing homeownership opportunity and a key source of lower-cost, family sized housing for renters," Sarah Freishtat <a href="https://www.chicagotribune.com/business/ct-prem-biz-two-three-flat-chicago-disappear-20210513-cegebvm72veolmvu6ycv6fwvve-story.html">wrote for the Chicago Tribune</a>. "Once lost, they are hard to replace with similarly large, affordable units…" This translates into real and staggering numbers: between 2013 and 2019, North Center lost 13.5% of its units, while neighboring Lincoln Park lost more than 15% of its units. There is an obvious incentive for homeowners to protect the wealth they build through ownership. Similarly, landlords benefit from increased rents and property values coupled with historically low mortgage rates. The policy failure comes from not anticipating this clash of class interests - that of the owning class versus the renting class - and of not adequately addressing it through the public sphere. Low-income Americans, the most vulnerable to housing insecurity and homelessness, cannot have their fate decided by the whims of the <keyword id="11893295" type="UNKNOWN" weightage="60" keywordseo="real-estate" source="Orion">real estate</keyword> market. The state has a vested interest in ensuring every American has an affordable home, as <a href="https://www.urban.org/features/five-charts-explain-homelessness-jail-cycle-and-how-break-it">reducing homelessness is shown to have a direct correlation to decreasing crime rates</a> while <a href="https://housingmatters.urban.org/articles/how-housing-affects-childrens-outcomes">quality and stable housing is shown to increase children's educational and emotional wellbeing</a>. There are solutions to this problem, but they will require Democrats in Washington to spend their political capital. To begin with, Congress can expand Section 8 vouchers to include every eligible American - something <a href="https://www.vox.com/2020/7/9/21316912/joe-biden-housing-plan-section-8">President Biden already promised to do on the campaign trail</a>. Landlords <a href="https://www.pewtrusts.org/en/research-and-analysis/blogs/stateline/2021/05/12/biden-wants-to-offer-more-housing-vouchers-many-landlords-wont-accept-them">have a checkered history of discriminating against Section 8 recipients</a>, though, meaning new laws to protect tenants must simultaneously be introduced. Several jurisdictions have done just that, <a href="https://www.vox.com/future-perfect/2019/12/10/21001692/housing-vouchers-discrimination-racism-landlords">instituting "source of income laws" protecting Section 8 voucher-holders from being unfairly discriminated against</a>. This should become a federal law to ensure low-income Americans have fair access in the private market. Clearly, though, the private sector alone cannot address this crisis, nor prevent it from worsening as the pandemic rages on and the moratorium ends. There is an obvious need for more social housing. The government must build more public housing to house the people being frozen out of the private market that shuns them. To do this will mean ending two decades of public housing prohibition. The Faircloth Amendment was added to the Housing Act of 1937 in the 1990s to prevent any new public housing units from being built. As a result, public housing has stayed at or below the level it was at in 1999. This is despite the US population growing by approximately 54 million people in that amount of time, while a dollar today <a href="https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.in2013dollars.com%2Fus%2Finflation%2F1999%3Famount%3D1%23%3A~%3Atext%3DValue%2520of%2520%25241%2520from%25201999%2520to%25202021%26text%3DA%2520dollar%2520today%2520only%2520buys%2Cpower%2520to%2520%25241.05%2520next%2520year.&amp;data=04%7C01%7Ch.baxter%40independent.co.uk%7Ca453f94ba0f44d47dbee08d9568be3f5%7C0f3a4c644dc54a768d4152d85ca158a5%7C0%7C0%7C637635981083919684%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&amp;sdata=ks41rwv0GzIoP7vrmdKz%2Fe0TMkqxWXZII36T0iYi%2FSk%3D&amp;reserved=0p;reserved=0">only buys 61% of what a dollar then bought</a>. The <a href="https://financialservices.house.gov/uploadedfiles/hiinfr_003_xml.pdf">Housing is Infrastructure Act of 2021</a> would repeal the Faircloth Amendment and provide $70 billion to repair public housing and $45 billion to build and preserve affordable homes. By repealing the Faircloth Amendment and investing in our public housing infrastructure, we can finally deliver change that is long overdue. Classist zoning laws and the drive for ever greater wealth has literally left millions of low-income Americans out in the cold. To solve this problem and get people into good homes, America must rethink its approach to housing. We can start by repealing cumbersome zoning laws at the local level and protecting low-income renters at the federal level. Only then can we truly begin to reverse the inequality which has for too long run rampant in our housing market.

America's housing crisis is screwing over millions of vulnerable Americans. Congress needs to stop twiddling its thumbs and use its biggest tool to help fight soaring prices.

You Searched For "compound interest moratorium" and got 6 results

Supreme Court verdict on loan moratorium case deferred to November 5

PTI

Airtel opts for AGR dues moratorium, becomes the second telco to do so

Rounak Jain

Airtel, Vodafone Idea and Reliance Jio have till October 29 to opt for the AGR dues moratorium

Rounak Jain

Indian government dials M for moratorium – Airtel, Vodafone Idea get a four-year relief on AGR dues

Rounak Jain

SBI, HDFC Bank, Axis Bank and other bank stocks tread caution as they wait with bated breath for Supreme Court verdict on moratorium

Prabhjote Gill

America's housing crisis is screwing over millions of vulnerable Americans. Congress needs to stop twiddling its thumbs and use its biggest tool to help fight soaring prices.

Skylar Baker-Jordan

Popular Keywords

Buying Guides