Home » FinMin rejects Cochin Port demand for interest waiver

FinMin rejects Cochin Port demand for interest waiver

Ports & Shipping
January 1, 2015January 1, 2015
FinMin rejects Cochin Port demand for interest waiver
Shares

The Finance Ministry and the Planning Commission have rejected the Union Shipping Ministry´s proposal to waive Rs 715 crore of penal interest due from Cochin Port Trust (CPT) on a Rs 258-crore loan.Of the total penal amount of Rs 729 crore, the government could have forgone Rs 715 crore. CPT´s request for this had been pending for over a year. The Finance Ministry had raised questions on CPT´s performance and asked it to prepare a turnaround plan.

Leave a Reply