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Govt. to provide interest relief for those who pawned gold
View(s):The Government has introduced an interest subsidy for Aswesuma beneficiaries who have obtained cash advances of up to Rs 100,000 by pawning their jewellery in licensed banks before June, a circular from the Treasury said.
Accordingly, the Treasury will pay an interest subsidy for pawning advances up to Rs 100,000. One customer can obtain this benefit up to a maximum cumulative pawning advance of Rs 100,000 irrespective of the number of pawning advances obtained from the same bank, according to the circular issued by Treasury Secretary K M Mahinda Siriwardana.
The interest subsidy is introduced following a Cabinet decision taken on July 22 based on the Cabinet Memorandum No 24/1433/604/158 on providing relief for the people who have pawned jewellery in banks.
The circular, addressed to General Managers of 5 state banks and Chief Executive Officers of 12 private banks said that an interest subsidy subject to a maximum of 10 percent a year will be paid by the Treasury’s Department of Development Finance to the respective banks.
“If the applicable bank interest rate is more than ten per cent per annum, the interest subsidy is ten per cent per annum and the difference between the applicable bank interest rate and interest subsidy should be paid by the customer,” the circular stated.
The interest subsidy will be provided only for a maximum period of two years from August 1 to July 2026.
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