Supreme Court questions Finance Ministry, 'Exemption on EMI, so why not on interest?'
Supreme Court questions Finance Ministry, 'Exemption on EMI, so why not on interest?'
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New Delhi: The apex court heard today, i.e. on Thursday, on the petition filed for relaxation of interest during the period of concession in repayment of loan during Corona epidemic. The apex court questioned the affidavit of the Reserve Bank of India (RBI) and said that within a week, the Ministry of Finance and the other parties should file a resolution on the RBI's reply. The next hearing will be on June 12.

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The RBI has said in the affidavit filed in the apex court that interest exemption cannot be given during the period of loan repayment exemption due to Corona. Opposing the application, the RBI said that if this happens, banks will incur a loss of 2 lakh crores, which will collapse the entire economic system and affect the interest of bank customers. On this, Rajiv Dutta on behalf of the petitioner said that allow us to file a rejoinder on the government's reply. Who is filing an affidavit on such an important matter?. On this, Solicitor General Tushar Mehta said that we find a way by meeting with the Finance Minister and higher officials.

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The apex court said that the economic aspect is not more than the health of the people. The court said that this is not the normal time. On one hand, EMI is being deferred, but nothing in interest. It is more harmful. The apex court has asked the Finance Ministry whether it can be exempted from interest on EMI and interest on interest during deferment?

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