Centre's Interest Waiver Plan Fails To Deal With "Many Issues": Top Court | Read

PUBLISHED ON: October 5, 2020 | Duration: 2 min, 11 sec

  
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The Supreme Court today said the centre's affidavit on waiving "interest on interest" on loans up to ₹ 2 crore, frozen during a six-month moratorium granted because of the coronavirus crisis, was not satisfactory and asked for a do-over in a week. The affidavit "fails to deal with several issues raised by petitioners", the court said. The central government has been asked to consider the concerns of the real estate and power producers in fresh affidavits. The Supreme Court also noted that "no consequential orders or circulars" were issued by the government or RBI on enforcing the centre's decisions. The top court was hearing petitions on a waiver of interest on deferred EMIs - or interest on interest - to help small borrowers during the coronavirus pandemic.
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