The Managing Directors/CEO's/Owners/Director/Partners/General Managers
All FHRAI Members
CC: All Members of the Executive Committee
All Regional Associations
Subject: Seeking inputs to prepare strategy to mitigate financial risks posed to the Hospitality Industry
Dear Member,
The Federation would like to inform its Members that the required measures are being taken to tackle the impact of the pandemic COVID – 19 on the Hospitality Industry. FHRAI, in the last three months - advocated strongly - both directly and through various other industry associations platform to the Government of India seeking support in terms of subsidies, tax relief, waivers of GST at both central and state level, deferment for fiscal statuary compliance such as paying EMI’s, reduction of bank interest rate, and a special package for the hospitality industry.
INTEREST BURDEN ON LOANS
The liability of interest on loans during the period of moratorium is one of the most crucial issues before the hospitality industry and to address the same, may we request you to reply to the following questions at the earliest as to enable us to make suitable, viable, and fair proposal to the Government. The member details and replies will stay confidential with FHRAI and shall not be shared with anybody except for the figures / amounts.
QUESTION
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How to mitigate the burden of continuing interest on loans during the period of moratorium in terms of suggestions that could be made to the Reserve Bank of India (RBI) or the Union Government.
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RESPONSE
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QUESTION
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In order to effectively take up the issue of mitigation / relief of interest burden of loans during the period of moratorium, we need to seek for the following data
a. Amount of loan / term loan / working capital loan / project loan etc INR ___ yearly
b. Interest on loans INR ___ yearly
c. Whether applied for moratorium
d. When will you be able to pay interest or EMI s
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RESPONSE
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Members may also send their response to Dr. Himanshu Talwar, Assistant Secretary General, FHRAI at asg@fhrai.com or call on 93153 71716.
We would like to ensure our Members that we stand in solidarity with them and shall put our best efforts to seek best possible remedies from both Central and State governments in the form sops, incentives, and other related benefits for the industry.
Be safe. Be healthy.
Gurbaxish Singh Kohli
Vice President
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The Federation of Hotel & Restaurant Associations of India
Regd. Off.: B-82, 8th Floor, Himalaya House, 23 K.G. Marg, New Delhi – 110001
Tel.: 011-40780780, email: fhrai@fhrai.com, Website: www.fhrai.com