Supreme Court Slams Centre on the Moratorium

August 27, 2020 10:06
Supreme Court Slams Centre on the Moratorium

Supreme Court Slams Centre on the Moratorium:- The Supreme Court of India slammed the Indian government saying that they are quite interested in business as they failed to take a stand on waiving the interests of the loan moratorium that was introduced after the coronavirus pandemic. The six-month loan moratorium will end on August 31st and the Reserve Bank of India (RBI) announced a halt on the repayments. RBI made it clear that the interests of the period would not be waived off for these six months. The court said that the Centre is backing the stand of RBI and the next hearing in this matter will take place on September 1st.

Some other petitions are filed about the extension of loan moratorium beyond August 31st in the country. The Supreme Court asked the Indian government to respond about the waiver of the interest during the moratorium during the next hearing on September 1st. The three-judge bench led by Justice Ashok Bhushan said that the problem is created because of lockdown and it is the responsibility of the government. Ashok Bhushan said that the government is just interested in business and not in the sufferings of the people. The top court says that the government has ample powers to stop and control the banks from charging the interests under the Disaster Management Act.

The bench of the Supreme Court also said that the government is hiding behind the RBI and failed to take a stand. Solicitor general Tushar Mehta was against the remarks of the Supreme Court and he said that the RBI, Indian government are working in co-operation. Tushar said that it is unfair to call government hiding behind RBI.

(Video Source: TV9 Telugu Live)

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