Are you managing a national disaster? Or are you considering adding a further interest rate on the moratorium term loan repayment? The Supreme Court had expressed its displeasure against the central government.
New Delhi: The central government exempted EMIs on loans for six consecutive months during the Corona lockdown. However, interest has been set on this amount. However, the Supreme Court today issued a verdict on the central government’s decision to impose interest on
the EMI amount.
The interest on the moratorium period loan repayment during the Corona Virus Lockdown and some of the RBI notification issued on March 27 must be canceled. This is because a public interest application was filed with the Supreme Court that this notification by the Reserve Bank creates difficulties and obstacles to the right to life guaranteed under the Constitution.
The Supreme Court, hearing the application, sought to clarify the government’s stand on waiver of interest on loan repayments during lockdown. The central government, therefore, made its stand clear to the court on Wednesday, saying that the move would “jeopardize the affairs of banks.”
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The Supreme Court responded warmly to the Center’s opinion, saying, “This is the reason why the central government has locked down the entire country due to corona. That said.
Asked by the government, Justice Ashok Bhushan said, “This is not a time to be concerned only with business. Instead, the government should look into the plight of the people. About accounting? That is upsetting.
addition to the Supreme Court’s decision against the Center, the government has not yet made its stance clear, although the central government has the authority to waive interest on moratorium period repayment under the Disaster Management Act.
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