Hearing a plea on interest waiver by Centre, Supreme Court said that this year, Diwali for the common man is in the hands of the government.
The Supreme Court rejected the government’s plea directing it to issue circulars on the waiver of interest on loans by November 2. (Photo: PTI)
The Supreme Court today refused to give the central government a month’s time to implement the interest waiver decision on loans of up to Rs 2 crore. This came after the government said it has reached a decision in this regard but sought more time to roll it out.
The Supreme Court rejected the government’s plea directing it to issue circulars on the waiver of interest on loans by November 2. “The common people are worried,” said the Supreme Court, adding, “When you have taken a decision why is it delayed.”
In a lighter vein, the Supreme Court remarked, “This year, Diwali for the common man is in government’s hands.”
The government has agreed to waive off compound interest on MSME (Micro Small and Medium Enterprises) and personal loans up to Rs 2 crore for a moratorium.
The decision comes with aim of providing relief to people who have not been able to repay their loans or installments of the same due to the lockdown imposed to contain the spread of the Covid-19 pandemic.