ISLAMABAD: The Finance Division has fixed mark-up chargeable on development loans and advances by the federal government for the fiscal year 2021-22 at 11.20 percent.

According to a circular issued by the Finance Division (budget Wing) final rates of mark-up chargeable on; (i) cash development loans to the provincial governments; (ii) loans to local bodies, financial and non-financial institutions and other Corporations; (iii) capital outlays of the federal government in the commercial departments have been fixed by the federal government for fiscal year final rate of mark-up (per annum) for fiscal year 2019-20 at 12.20 percent, 2020-21 at 10.30 percent and 2021-22 at 11.20 percent.

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The circular stated that in case of loans and advances for purchase of conveyance and house building, the final rate of mark-up, ie, 11.20 percent per annum, has been fixed for the Fiscal Year 2021-22.

Copyright Business Recorder, 2022