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Can't Add More Relief Centre To Top Court On Loan Moratorium Interest



Can't Add More Relief Centre To Top Court On Loan Moratorium Interest

For the center has informed the supreme court that it is not going to be possible to give more financial relief to various sectors during the pandemic the center has also  told said to the supreme court that courts should not interfere in fiscal policy the center has already said it will wave off compound interest for loans of up to two crores rupees during the six-month moratorium period the court has asked the center to examine relief to big borrowers let's go to our correspondent Arunachalam Vedic for more details on this.

  Sir what else has this center said to the supreme court and what kind of the impact can one expect from this on the ground see firstly the quote in the last hearing asked the center why don't you think of big boroughs what the relief can be given and also asked about the commerce committee is a committee set up by the government for restructuring the loans so yesterday late evening the centers filed the affidavit which said it can't add more relief because already relief has been given to individual borrowers and MSM is up to two crores so there won't be charging any interest on the interest rate.

 And secondly, quotas are also what are the modalities there is no consequential order how this would be implemented so in its academic center said that all the modalities will be out soon once the cabinet approves the decision for this waving of compound interest for two loans up to two crores and within month banks will implement and bam and the banks will put in place implementing mechanism also but the affidavit goes on to say they can't give more relief to any other big borrowers comment committee has given specific recommendations which will be looked into,

                                And secondly, it says that the court should keep away from all these physical policy  matters because it's the execute exclusive domain of the executives these are the affidavit also goes on say what are the benefits it has already given so it's already been out there from August and September directions so anyway the court will examine this affidavit on the 13thor the next week when the court takes up the case again for him.

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