Bring Something Real, Ordinary Man’s Diwali Into Government Hands: SC on Loan Relief | Latest India News


The Supreme Court on Wednesday rejected the central government’s request for a one-month delay to implement the interest exemption on loans of up to 2 crore rupees and observed that it was not fair to on the part of the government to delay the implementation of its decision.

New Delhi | By Asian News International | Posted by Niyati Singh

UPDATE OCTOBER 14, 2020 19:20 IST

The Supreme Court on Wednesday rejected the central government’s request for a one-month delay to implement the interest exemption on loans of up to Rs 2 crore and observed that it was not fair to on the part of the government to delay the implementation of its decision.

A bench of three judges from the Supreme Court, headed by Judge Ashok Bhushan, asked Solicitor General Tushar Mehta what the Center had done in implementing its Borrower Assistance Notice.

“Did you (Center) do something?” It is not fair for the Center to take a month to implement the decision, ”said the judiciary, to which Mehta responded by saying that it would take some time to implement the decision and said. asked a month for the same.

“Please see the plight of ordinary people when you have already decided to help. Diwali is now in your hands. The Diwali of the common man is in the hands of the government, ”observed the bench while refusing the request and asked the Center to bring something concrete.

The case was scheduled for a new court hearing on November 2.

One of the applicants in the case, lawyer Vishal Tiwari, told the Supreme Court that the banks act at their own discretion and added that they do not care about any orders or instructions and should there be interim orders.

Tiwari said he filed written submissions in the case and said the court should take them into account, along with the consolidated affidavit filed by the Reserve Bank of India on October 9.

The RBI had argued that extending the loan moratorium, which was announced to deal with the economic fallout from Covid-19, by an additional six months may impact borrowers’ credit behavior and increase the risk of default. after resumption of scheduled payments.

The highest court heard two motions – Gajender Sharma and Vishal Tiwari – asking for an extension of the moratorium period on loan repayments and a waiver of interest on the repayment of the loan amount given the Covid-19 pandemic.

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