EMI Loan Moratorium News; Supreme Court Dismisses Loan Interest Waiver PIL Today | There will be no relief on EMI in the second wave of Corona epidemic, SC said – it is not possible to completely waive the moratorium and interest in repayment

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Due to the second wave of the Kovid-19 epidemic, people are facing huge economic problems. In such a situation, people were expecting relief in the payment of EMI of the loan, but they are disappointed. The Supreme Court, while hearing a Public Interest Litigation (PIL) on Friday, dismissed the petition seeking exemption from EMI payment.

It is not possible to increase the moratorium in the repayment and waive the interest completely.
The Supreme Court said that increasing the moratorium in loan repayment and interest cannot be completely waived. The relief sought by the petitioners comes under the purview of policy formulation. But we are not experts in matters of finance. It is not their job to instruct the government about policies, the statement said. The government has to do many things, such as people have to vaccinate and also take care of the migrant laborers.

The hearing on May 24 was adjourned till June 11
The people who filed the PLI had sought relief in the Supreme Court in view of the economic loss caused by the second wave. In his petition, he had given reasons for economic difficulties and loss of employment. Earlier on May 24, the court had postponed the hearing in this case till June 11.

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Earlier also PIL was filed for such relief.
Earlier too, the Supreme Court in March had dismissed petitions seeking the court’s intervention on the government and the Reserve Bank of India’s decision not to extend the loan repayment moratorium period. The court had said that this is a decision related to the policy. A bench headed by Justice Ashok Bhushan said that the Supreme Court cannot do judicial review of the government’s financial policies unless it is wrong and arbitrary. The bench said the court cannot interfere with the government’s decision to set priorities during the pandemic.

Let us inform that in view of the economic loss caused by the strict lockdown implemented in the first wave of the epidemic last year, the Reserve Bank of India (RBI) had given a moratorium. Due to this, the borrowers got a lot of relief in loan repayment.

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