From 15th May, a departing international passenger, travelling over 5,000 kms, would have to pay Rs1,068 as UDF and an arriving passenger Rs881.10. For passengers who travel between 2,000 and 5,000 kms, a departing traveller would be paying Rs845.50 and an arriving one Rs699.17
New Delhi: Air travel cost from Delhi would go up from Tuesday next when higher user development fee (UDF) becomes effective for all domestic and international passengers while departing or arriving at the Indira Gandhi International (IGI) Airport, reports PTI.
The Airports Economic Regulatory Authority (AERA) on 25th April decided to raise airport charges, including UDF, by a whopping 346% for two years, with airlines protesting the move and saying they and the passengers would have to face the brunt of the massive hike.
The AERA's decision has been accepted by the government and notified by the Directorate General of Civil Aviation now, official sources said.
From 15th May, a departing international passenger, travelling over 5,000 kms, would have to pay Rs1,068 as UDF and an arriving passenger Rs881.10. For passengers who travel between 2,000 and 5,000 kms, a departing traveller would be paying Rs845.50 and an arriving one Rs699.17.
The international travellers flying short distances below 2,000 kms, would have to pay Rs534 for departing from Delhi and Rs436 for arrival.
In the domestic sector, a departing passenger would pay Rs462.80 for travel over 500 kms and an incoming passenger Rs391.60. For travel up to 500 kms, a passenger would pay Rs231.40 and Rs195.80 for using the airport for departure or arrival.
This is the first time that even incoming passengers are being included in the ambit of UDF. The UDF rates applicable from 15th May would go up further next year, as per the AERA order.
The ticket prices would also get hiked depending on to what extent the airlines pass on the additional burden to passengers due to the hike in various airport charges, like those on landing, parking, navigation, fuel throughput and usage of Common User Terminals (CUTE).
Terming the move as "extremely disappointing", the airlines' global body, International Air Transport Association (IATA) had earlier said the increase in airport charges would make Delhi "the world's most expensive airport."
Airline industry sources said the higher charges would not only burden the passengers at IGI Airport but also discourage foreign airlines from operating from here.
The hike was, however, less than half of the 774% hike sought by GMR-led joint venture Delhi International Airport Limited (DIAL). It had said the increase in the airport charges was "inadequate" and "much below our expectations".
About 2 lakh homeowners from the US could save as much as 30% of their monthly payments under the program
ConsumerAffairs.com, in a report said that Bank of America (BoA) has begun contacting some of its mortgage customers who may be eligible for a mortgage balance reduction. The bank is committed to forgiving some principal for underwater borrowers, as part of a settlement with 49 states and the US government.
In the first wave of letters, Bank of America said it is targeting more than 2 lakh mortgage-holders who could potentially save as much as 30% of their monthly payments under the program.
"Building on home retention and payment assistance programs already in place, we are meeting our obligation to deliver this additional relief to our customers following the completion of the recent global mortgage settlement," said Ron Sturzenegger, Legacy Asset Servicing executive. "To the extent principal reduction and other modification tools help us turn mortgages headed for possible foreclosure into long-term performing loans, it will be positive for homeowners, mortgage investors and communities."
Unfortunately Bank of America, as most other mortgage lenders, has drawn complaints from struggling homeowners who have been trying to modify their mortgages.
"We have a BOA loan and we cannot get them to do anything to help," Cat, of Mulberry, Tenn., wrote in a ConsumerAffairs post. We get the run-around, we send documents and never get replies other than being told to send documents again. We were told we were getting a modification over a year ago and now we are not getting it."
"For the past 18 months I have been trying to get a loan modification from Bank of America," wrote Carolyn, of San Diego, Calif. "My house is now in foreclosure."
Bank of America's new principal forgiveness program will target many customers already in the modification process, so it remains to be seen if this resolves the issues that have plagued the process so far. Bank of America has expressed confidence the program will help, noting that it actually began it back in March.
"So far under this early initiative, about 5,000 trial modification offers have been mailed, providing a potential total of more than $700 million in forgiven principal," the company said in a statement. "Homeowners are required to make at least three timely payments before the modification can become permanent."
Bank of America says the wave of mailings beginning this week will reach a broader base of customers who may be eligible for this principal reduction program. The letters provide each homeowner with a description of the program and an invitation to provide financial information to begin the review process.
To be eligible for this program, a homeowner must meet certain criteria, including:
Was at least 60 days behind on payments on 31 January 2012.
Fannie Mae, Freddie Mac and FHA/VA are not participating in the principal reduction program, but Bank of America says other modification programs which may provide comparable reductions in monthly payments are available on those loans.
Courtesy: ConsumerAffairs.com/Mark Huffman)
Read the original report here
The new scheme with smart cards has been introduced to avoid middlemen and would help the beneficiaries to draw from the bank whatever amount they needed
Madurai: Smart Card scheme that would enable beneficiaries of various social welfare schemes such as old age and destitute pension to draw the money from banks was launched in the district, reports PTI.
The objective of the scheme was to implement welfare schemes in the 'best possible way' and avoid middlemen, district collector U Sagayam said launching it at Shivarakottai near Tirumangalam, about 30 km from here.
Hitherto, old age pension was sent through Money Order and the beneficiaries had to shell out some money for receiving their pension from the postman.
The new scheme had been introduced to avoid middlemen and would help the beneficiaries to draw from the bank whatever amount they needed.
It was being introduced in villages with more than 2000 population, where bank facility was not available. The scheme would be initially launched in 22 villages and extended to all 160 villages where the population was more than 2000, the collector said.