SIGN IN SUBSCRIBE

News Update

NDPS - Seizure of 20kg ganja - Ordinarily, no taxi driver, before allowing to board, asks for passenger details - No incriminating material seized from person - Contraband not hidden - Passengers fled from spot - No material to link taxi driver with contraband: SCGST - COVID-19 - Period between 15.03.2020 to 28.02.2022 stood excluded for limitation as per SC order - Issuance of notifications 13/2022-CT, 9/2023-CT, 56/2023-CT may be an exercise in abundant caution - Petitioners may avail statutory remedy of appeal: HCGST - 'Ratification' done after issuance of Notification No.56/2023-CT will not provide life to it - 'Ratification' cannot be a substitute of 'recommendation': HCGST - Solar Power Generating System would not answer the description of immoveable property - Supply of the Solar generating Power Station is a 'composite supply' and it would not amount to a 'works contract': HCGST - Survey in business premises - If excess stock is found, proceedings u/s 73 or 74 of the Act will come into play rather than u/s 130 of the Act r/w Rule 122 of the Rules, 2017: HCST - Once tax is not payable in law, there was no authority for the department to retain such an amount, therefore, s.11B provisions would not stand attracted: HCHow To ServeImpeached South Korean President Yoon finally arrestedI-T- Re-assessment order valid where assessee fails to explain nature & source of certain income disclosed in course of Search operations: HCUS SEC sues Musk over delays in disclosure of Twitter purchaseI-T - Entire purchases can't be disallowed if AO never doubted production & sales, merely because ITC availed on purchases made by assessee was not admissible and assessee had paid tax under VAT Act: HCBiden’s farewell shot: No import of Chinese vehiclesI-T - If AO had not made specific allegation that assessee had paid money through banking channel and received back cash against those payments, then matter shall be remanded to AO to consider afresh: HCUS House okays Bill banning transgender athletes from women’s sportsI-T - No tax can be levied on advance amount received by assessee for agreed sale proceeds, if no sale of land was actually executed during year under consideration: ITATMeta to lay off 5% of poor performersI-T - 'Shastras & scriputres' define only way of life of civilized society and they are definitely not religion specific for benefit of public at large, and hence no reason to deny exemption u/s 80G(5) to trust: ITATGaza ceasefire deal likely to be lockedI-T- When new flat is obtained on transfer of old flat, assessee's claim for deduction u/s 54 of the Act is justified: ITATGovt appoints Justice D K Upadhyaya as CJ of Delhi HC & Justice Alok Araddhe as CJ of Bombay HCCoal imports drop by 3.1% during April-October, 2024VAT - Assessment order passed on estimate basis is upheld where assessee does not maintain accurate records or books of accounts: HCPoK is nothing more than foreign territory to Pakistan: RMCus - Delays be dealt with liberally, especially when there is no deliberate attempt to delay filing of refund claims; rejecting refund claims on technical grounds of limitation, is not tenable: CESTATPM launches 'Mission Mausam', releases IMD Vision-2047 documentCX - Assessment order passed without granting personal hearing; assessee's difficulties in participating in adjudication due to COVID pandemic overlooked - case remanded: CESTATMNRE issues Guidelines for implementation of PM-Surya GharCX - Rejection of assessee's refund claims without issuing a Show cause notice or giving valid reasons for rejecting claims, contravenes principles of natural justice: CESTAT
 
NHAI saves around Rs 1,000 Crore of Interest through robust Debt Payment Plan

By TIOL News Service

NEW DELHI, AUG 06, 2024: IN a major step to reduce its overall debt liability, NHAI achieved a significant financial milestone with the successful pre-payment of bank loan amounting to Rs. 15,700 Crore. Retiring this debt ahead of schedule will result in an estimated interest savings of around Rs. 1,000 Crore. With this pre-payment, the outstanding debt liability of NHAI has come down to around Rs. 3,20,000 Crore.

As per Government of India directions, InvIT monetization proceeds are to be exclusively used for NHAI debt repayment. The sum of Rs. 15,700 Crore was generated in FY 2023-24 through InvIT. During the Financial Year 2024 - 25, NHAI intends to monetize projects worth Rs. 15,000 – 20,000 Crore through InvIT. With this, the overall debt liability of NHAI is expected to further reduce to around Rs. 3,00,000 Crore at the end of fiscal 2025.

As a part of the robust debt payment plan and using InvIT monetization proceeds, NHAI has been actively engaging with the lender banks to reduce the interest rates. As a result, banks have reduced their interest rate from 8.00-8.10% to 7.58-7.59%.  In this process, bank loans where interest rates could not be reduced have been repaid Rs. 15,700 crore and this will result in significant interest savings of around Rs.1,000 crores. 

NHAI remains steadfast in its mission to enhance the efficiency of India's National Highway infrastructure.  Robust asset monetisation proceeds along with effective financial planning indicate strong financial performance of NHAI. The savings realized from this debt reduction will play a pivotal role in advancing ongoing and future National Highway projects.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Former Prime Minister, Dr Manmohan Singh, delivering his Award Acceptance Speech after receiving TIOL Fiscal Heritage Award 2022 on Nov 8 at Taj Palace, New Delhi

TOP NEWS


AR not Afar by SK Rahman

VISION 360



Technical Session I - Ease of Doing Business: GST on Digital Economy

TII LATEST

TIOLCORPLAWS LATEST