Left Menu
Development News Edition

Centre files affidavit before SC in loan moratorium case

The Central Government has filed its detailed affidavit before the Supreme Court in connection with the loan moratorium case where it has stated that the interest waiver scheme can be availed by borrowers in specified loan accounts for a period from March 1 to August 31, 2020.

ANI | New Delhi | Updated: 25-10-2020 17:05 IST | Created: 25-10-2020 17:05 IST
Centre files affidavit before SC in loan moratorium case
Supreme Court of India [File Photo]. Image Credit: ANI

The Central Government has filed its detailed affidavit before the Supreme Court in connection with the loan moratorium case where it has stated that the interest waiver scheme can be availed by borrowers in specified loan accounts for a period from March 1 to August 31, 2020. This decision was taken by the Ministry of Finance and has been approved by the Union Cabinet in its meeting held on October 21.

The Centre stated that the interest waiver scheme is applicable (and those can avail) to those who have not availed the moratorium scheme and continued with the repayment to their existing loans. The Apex Court is scheduled to hear the loan moratorium petitions seeking a direction to waive interest on interest on November 2.

The petitions of Gajendra Sharma and others, including the plea filed by Supreme Court lawyer, Vishal Tiwari, will be heard by the Supreme Court. The court will also go through the RBI, Centre and other respondents' affidavit filed in the case. The affidavit filed by the Centre, through the Ministry of Finance, brings relief to a large section of borrowers.

The affidavit said the difference between compound interest and simple interest will be deposited in the account of borrowers by November 5. The benefit will be applicable to those who borrowed between March 1 and August 31, 2020. Under the Scheme, all lending institutions shall credit the difference between compound interest and simple interest in the respective accounts of eligible borrowers for the period between March 1, 2020, till August 31, 2020, the affidavit of the Centre stated.

This amount shall be credited by each of the lending institutions, irrespective of whether such eligible borrowers have fully availed or partially availed or have not availed of the moratorium such as deferment in payment of instalments, the affidavit stated. It is submitted that the decision is taken after careful consideration, keeping in mind the overall economic scenario, the nature of borrowers, impact on the economy and such other factors as a policy decision earmarking the referred class of borrowers for grant of benefits, the affidavit stated. (ANI)


TRENDING

OPINION / BLOG / INTERVIEW

Turbulence surrounding tobacco control in Ghana

... ...

Smart healthcare: IoT redefining the way healthcare is delivered

As the world is embracing the new wave of digitalization triggered by the pandemic and the arrival of 5G, the adoption of IoT devices will further boom. With adoption set to soar, IoT security issues and other challenges cant be ignored any...

Refugee compassion and response: Ideas to mitigate disasters now and in their future

Their homeland becomes a forbidden territory for them and more likely than not, their journey to foreign soil is no less traumatizing, not to say deadly. It is crucial to help refugees live a life of dignity and purpose....

Inadequate water infrastructure causes a tidal wave of coronavirus in rural Alaska

... ...

Videos

Latest News

Former PTI journalist dies due to COVID-19

Former PTI journalist Dhirendra Jain died due to COVID-19 at a hospital here on Tuesday. He was 83Jain was a senior reporter in PTI-Bhasha in Jaipur during the 90sHe is survived by his wife and three daughters....

Gender differences in academic productivity during Covid-19 pandemic

A study of faculty in science, technology, engineering, mathematics, and medicine STEMM found that individuals with children younger than six years worked significantly fewer hours after the Covid-19 pandemic. Women reported a significant d...

Strictures imposed on activist Rehana Fathima for posting video of cooking show called "Gomatha Ularth"

The Kerala High Court on Tuesday imposed strictures on activist Rehana Fathima after she uploaded a video on social media in which on a cookery show referred to a dish as Gomatha Ularth. Fathima has been booked under Section 153 of the Indi...

Indian state criminalises 'forced' religious conversions by marriage

Indias ruling Hindu nationalist party approved a decree in the countrys most populous state on Tuesday laying out prison terms for anyone compelling others to convert their faith or luring them into these conversions through marriage, offic...

Give Feedback