Supreme Court Turns Down Petition For Loan Moratorium, Cites It As A Policy Decision

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New Delhi, June 11: Supreme Court today disposed of a petition which sought a moratorium on loans and extension of time period amid second wave COVID-19 pandemic. The bench of Justices Ashok Bhushan and MR Shah told that they are no financial experts and government should take appropriate measures to tackle these issues.

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Mentioning the ongoing pandemic petitioner claimed that a large number of people have lost their jobs during this second wave of COVID-19 affecting a large portion of the population. The petitioner sought immediate measures to overcome the financial burden faced by people around the country. PIN Theft Can Be Prevented by Pressing 'Cancel' Twice on ATM Before Transaction? PIB Debunks Viral Post Falsely Attributed to RBI, Reveals Truth.

Similar petitions were filed last year when coronavirus first spread in the country for waiver of interest and extension of loan repayment. Previously From March To August, last year court did provide some relief and ordered for moratorium across loans and credit payments. Interest on payments was also waived off By the Reserve Bank Of India. This was provided on loans and small borrowers for up to Rs 2 crore. Supreme Court Refuses Former Mumbai CP Param Bir Singh's Plea Says, One Who Lives in Glass Houses, Shouldn't Throw Stones at Others.

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But In this present petition court observed that issues raised by the petitioner are related to policy matters and thus any appropriate measures related to this should be taken by the Government of India and RBI. Petition appealed for restrain on eviction and auction by banks on non-payment of loans. But the apex court refused to pass any order citing it as a policy decision.