The Supreme Court on Wednesday took note of the Centre's alleged inaction and asked it to clarify its stand within a week on the waiver of interest on interest for deferred payments of instalments for loans during the moratorium period announced due to the coronavirus lockdown.
A bench headed by Justice Ashok Bhushan said the Centre had not made its stand clear on the issue despite the fact that ample powers were available with it under the Disaster Management Act and was "hiding behind the RBI".The apex court granted time to the government after Solicitor General Tushar Mehta sought a week's time to file a response.
"My Lordships may not say that. We are working in coordination with RBI," Mehta said.The bench, also comprising Justices R Subhash Reddy and Justice M R Shah, asked the solicitor general to clarify stand on the Disaster Management Act and whether additional interest on existing interest could be accrued.Mehta argued that there cannot be a common solution for all the problems.
Senior advocate Kapil Sibal, appearing for the petitioner, informed the bench that the loan moratorium's deadline would end on August 31 and sought its extension."I am only saying that till these pleas are decided, the extension should not end," Sibal said.The apex court has now posted the matter for hearing on September 1.
The top court had earlier said there was "no merit in charging interest on interest" for deferred loan payment installments during the moratorium period announced in wake of the COVID-19 pandemic.
The bench was hearing a plea filed by Agra resident Gajendra Sharma, who has sought a direction to declare the portion of the RBI's March 27 notification "as ultra vires to the extent it charges interest on the loan amount during the moratorium period, which create hardship to the petitioner being borrower and creates hindrance and obstruction in 'right to life' guaranteed by Article 21 of the Constitution of India".
Sharma has also sought a direction to the government and the Reserve Bank of India (RBI) to provide relief in repayment of loan by not charging interest during the moratorium period.
On June 4, the top court had sought the Finance Ministry's reply on the waiver of interest on loans during the moratorium period after the RBI said it would not be prudent to go for a forced waiver of interest risking financial viability of the banks.The top court had said there were two aspects under consideration in this matter - no interest payment on loans during the moratorium period and no interest to be charged on interest.It said these were challenging times and it was a serious issue as on one hand, moratorium was granted and on the other, interest was charged on loans.
Operation name and two women send powerf…
07-05-2025
India's response to the Pahalgam killings was multifaceted, employing both military action and symbolic messaging. Operation Sindoor, named after the Hindu symbol of marriage, avenged the loss of Hindu women...
Read morePM Modi to Cabinet: Moment of pride, a u…
07-05-2025
Prime Minister Narendra Modi commended the security forces on Wednesday for their successful strikes against terror facilities in Pakistan and POK, stating the nation is "proud" of their efforts. Sources...
Read moreControl rooms set up across Kashmir's 10…
07-05-2025
Following missile strikes by India, Srinagar authorities have established central control rooms throughout Kashmir to monitor the situation. These control rooms will operate 24/7, facilitating coordination between departments and addressing...
Read moreBe on alert, secure vulnerable points: A…
07-05-2025
Home Minister Amit Shah has directed states and Union Territories bordering Pakistan and Nepal to heighten security measures at vulnerable points, including vital installations, to counter potential threats. This directive...
Read moreHAL on high alert for IAF fighter fleet …
07-05-2025
Following India's Op Sindoor, Hindustan Aeronautics Limited (HAL) has heightened its alert status, mandating overtime for staff to ensure the readiness of IAF's fighter planes. Engineers and technicians are prepared...
Read moreHusbands killed by terrorists, justice d…
07-05-2025
Families of victims killed in a recent terrorist attack express solace and gratitude following India's retaliatory airstrikes, dubbed 'Operation Sindoor.' They believe justice has been served and that the action...
Read moreMuslim clerics, netas back operation aga…
07-05-2025
Prominent Muslim figures across India have voiced their strong support for the nation's military action against terror camps inside Pakistan, following the Pahalgam massacre. Clerics and political leaders alike emphasized...
Read moreINDIA bloc leaders back operation, laud …
07-05-2025
Key INDIA bloc leaders have voiced their strong support for the Indian armed forces' precision strikes against terror infrastructure in Pakistan and POK, following the Pahalgam attack. Leaders like M.K...
Read moreCongress hails strikes against Pakistan…
07-05-2025
Following retaliatory attacks, Congress has voiced its support for the Indian armed forces' decisive response to terror emanating from Pakistan, reiterating backing for the government's decisions in avenging the Pahalgam...
Read moreSupreme Court favours audit of defence l…
07-05-2025
The Supreme Court voiced serious worries about private individuals receiving defence land within cantonments and the alleged encroachment of nearly 10,000 acres. The court questioned the Defence Ministry's transparency regarding...
Read moreCongress seeks to ensure messaging align…
07-05-2025
Congress is strategically aligning its messaging on the Pahalgam situation and conflict with Pakistan to project a united front and avoid internal discord. The party aims to reinforce its unconditional...
Read moreAs Bhubaneswar celebrates, sale of sindo…
07-05-2025
Following India's strike on terror hideouts, Bhubaneswar witnessed a surge in sindoor sales as citizens celebrated 'Operation Sindoor'. People expressed national pride by applying sindoor, viewing it as a symbol...
Read more
India unleashes mayhem on four Pakistan …
07-05-2025
Following the Pahalgam terror massacre, India executed Operation Sindoor, a calculated retaliation involving precision strikes on nine terror hubs in Pakistan and PoK. The IAF and Army synchronized their efforts...
Read moreNotorious nine: Why India hit them
07-05-2025
India executed precision strikes on key terror infrastructure inside Pakistan, targeting Lashkar-e-Taiba and Jaish-e-Muhammed strongholds. The strikes hit training camps and operational headquarters, including Muridke and Bahawalpur, long protected by...
Read moreGovernment to brief key leaders at all-p…
07-05-2025
The government has scheduled an all-party meeting on Thursday to brief key political leaders on Operation Sindoor. Parliamentary Affairs Minister Kiren Rijiju announced the meeting, which Defence Minister Rajnath Singh...
Read moreAmit Shah hails armed forces, Rajnath Si…
07-05-2025
Following the Pahalgam massacre, India launched 'Operation Sindoor' as a retaliatory strike, with BJP leaders hailing the action. Home Minister Amit Shah affirmed the government's commitment to eradicating terrorism, while...
Read moreBeating Retreat at Attari stalled indefi…
07-05-2025
The daily Beating Retreat ceremony at the Attari-Wagah border has been suspended, according to reports. Citing security concerns following the recent terrorist attack in Kashmir and Operation Sindoor, BSF officials...
Read more15 lakh people across nation join hands …
07-05-2025
A nationwide civil defence drill, initiated by the home ministry, saw widespread participation exceeding initial expectations, encompassing nearly 350 districts and 1.5 million individuals. The exercise aimed to test and...
Read more
