Select Your Location
The Apex court of India on October 14th, 2020 rejected to permit the government one month to execute the waiver of interest on loans of up to Rs. 2 crores, asking a verdict has already been taken. Why should it consume so long to implement it? The Central government has also argued that it required the time for various formalities, but the court set a new deadline of 02 November 2020.
Table of Contents
The Hon’ble Justice of Supreme Court MR Shah, who was also part of the three-judge bench, stated that “The Common Man’s Diwali is now in the hands of Government,”. The common people are now in trouble. We are worried about people with a loan up to 2 crores,” said the Supreme Court bench, which has been pressing the government to figure out a way to give assistance to the people who have been not capable to repay loans due to the Covid-19 induced lockdown.
The Supreme Court slammed the central government that one month is not required to implement the decision. This delay in the implementation of this is not in the wellbeing of the common man. It is a welcome pronouncement to give assistance to the small people. But some solid results are required,” said the bench comprising justices R Subhash Reddy, Ashok Bhushan, and MR Shah.
The union government has already said that it would ignore the compound interest on the loans, which is probable to bring relief not only to single borrowers but also banks. The counsel of the central government said it was an “enormous burden” but added that they are not “declaring the figure”.
In the month of March, the Reserve Bank of India had arranged three months moratorium on loans due to the coronavirus pandemic. It was later extended till 31st August 2020. In the month of September, the Apex court of India, in response to petitions, asked the government to chart out a route to help borrowers. An interest waiver for the period of six months moratorium period was also required by a bunch of petitions.
The union government was probable to tell the court a way ahead on an extension of the moratorium, sector-wise relief, waiving of interest, and its decision on the recommendations of the Mehrishi Committee, which was asked to estimate the impact of interest waiver during the coronavirus linked moratorium. However instead, the government sought more time, saying the outer limit for bringing assistance to borrowers is November 15.
Rajdeep is a law graduate from Guru Gobind Singh Indraprastha University. During his law school he gained vast experience in corporate and commercial law. He likes traveling and performing stand-up comedy.
The Financial Action Task Force, i.e. FATF (the Force), is the global money laundering and terr...
Advance tax refers to the payment of the tax liability before the end of the relevant financia...
On 11.12.15, the Hon’ble Delhi High Court (HC) pronounced a landmark judgement in the case ti...
Money laundering can be defined as the process of illegal concealment of the origin of money ob...
Every assessee in India is obligated to file an income tax return and make the timely payment o...
In the recent past, India has seen burgeoning demand for internet and smartphones. The rapid ri...
The Securities and Exchange Board of India (SEBI), the capital markets regulator, has recommend...
The objective of the enactment of the Prevention of Money-laundering Act, 2002, i.e. PMLA (the...
Tax planning is a continuing effort and a management strategy for ensuring the minimization of...
On 18th May 2023, the Securities Exchange Board of India (SEBI) released a Consultation Paper o...
Are you human?: 8 + 9 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
As always, there have been mixed responses from the industry and people with respect to the changes brought in the...
01 Feb, 2022
The Ordinance relating to farmers produce trade and commerce passed in both houses of parliament and further sent t...
06 Oct, 2020
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
Stay updated with all the latest legal updates. Just enter your email address and subscribe for free!
Chat on Whatsapp
Hey I'm Suman. Let's Talk!