Cabinet approves moratorium of 3 years to Cochin Port Authority

The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved a moratorium of three years (2020-21, 2021-22 and 2022-23) to Cochin Port Authority towards repayment of the balance outstanding Government of India loans amounting to Rs 446.83 crore to tide over the financial crisis due to COVID-19 pandemic. The amount was to be repaid in 10 instalments commencing from 2018-19. However, Cochin Port Authority could pay the instalments of 2018-19 and 2019-20 only. From 2020-21, the traffic was badly impacted due to COVID-19 pandemic which adversely impacted the cash inflow. As a result, Cochin Port could not pay the instalments of 2020-21 and 2021-22. Cochin Port has been brought under the Major Port Authorities Act, 2021 with effect from November 2021. The Cabinet Committee on Economic Affairs (CCEA) on 24 August, 2016, had approved the proposal for waiver of Penal interest on Government of India Loans taken by Cochin Port for various infrastructural developmental activities during 1936-37 to 1994-95. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.