Waive interest on interest asap as Diwali gift, SC asks Centre
The Supreme Court on Wednesday said the Centre should implement “as soon as possible” interest waiver on loans of up to Rs 2 crore under the RBI moratorium scheme in view of the Covid-19 pandemic, saying the common man’s Diwali is in the Government’s hands.
The apex court sought know from the Centre as to whether the benefit of loan interest waiver for borrowers of up to Rs 2 crore during the moratorium period has “percolated” to the common man.
The court, which observed that it is concerned about how benefit of interest waiver would be given to borrowers, said the Centre has taken a “welcome decision” by taking note of plight of common man but authorities have not issued any order in this regard.
“Something concrete has to be done,” a bench headed by Justice Ashok Bhushan said, adding, “Benefits of waivers must be implemented as soon as possible”. The SC posted the matter for hearing on November 2.
The Centre recently told the apex court that going any further than the fiscal policy decisions already taken, such as waiver of compound interest charged on loans of up to Rs 2 crore for six months moratorium period, may be “detrimental” to the overall economic scenario, the national economy and banks may not take “inevitable financial constraints”.
The top court is hearing a batch of petitions which have raised issues concerning the six-month loan moratorium period announced due to the COVID-19 pandemic.
The bench, also comprising Justices R S Reddy and M R Shah, said when authorities have decided something then it has to be implemented.
Thursday, 15 October 2020 | PNS | New Delhi
You might also like
- Celebrities demand justice for Nikita Tomar October 29, 2020
- Suspension of global flights to/from India extended till Nov 30 October 29, 2020
- Bihar voters defy corona, throng booths October 29, 2020
- Covid count mounts to 61,261 in U’khand October 29, 2020
- ITBP a synonym for valour and compassion: CM Rawat October 29, 2020