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Monday, June 14, 2021

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NEW DELHI: The Supreme Court on Friday refused to pass direction on a plea looking for remedial measures to redress the monetary hardship confronted by borrowers throughout the second wave of Covid-19 pandemic, saying it’s within the realm of coverage determination.
“Government has many things to do. They have to spend money on vaccine, they have to spend money on migrant labourers. We cannot do it like this,” the apex court docket stated, including that it’s for the Centre and the RBI to take into account the problem.
“These are all in the realm of policy decision. These are issues having financial implications and we are not the experts,” a bench of Justices Ashok Bhushan and M R Shah instructed advocate Vishal Tiwari, who has filed the petition.
The high court docket was listening to the plea which sought instructions to the Centre and the Reserve Bank of India (RBI) to take efficient and remedial measures, together with within the kind of contemporary mortgage moratorium, to redress and overcome the monetary stress and hardship confronted by borrowers throughout the second wave of Covid-19 pandemic and the lockdown.
During the listening to performed by video-conferencing, Tiwari referred to the reviews on how the second wave of the pandemic has affected the Indian financial system and stated the scenario is way worse as in contrast to final yr.
The bench famous in its order that the petitioner has additionally annexed the final month’s round by which the RBI had issued decision of Covid-19 associated stress of Micro, Small and Medium Enterprises (MSMEs).
“The petitioner appearing in person submits that the circular does not sufficiently address the hardship of the borrowers. Be that as it may, the financial relief and other measures are in the domain of the government and essentially related to policy matter,” the bench stated in its order.
“We are, thus, of the view that no direction, as prayed in the writ petition, be passed. We, however, observe that all the issues, which are raised, are policy matters and it is for the Union of India and the Reserve Bank of India to consider and take appropriate decision. The writ petition is disposed of,” the apex court docket stated.
The bench stated it had handled related elements in a writ petition which was filed final yr.
The plea filed by Tiwari had sought instructions to the Centre and the RBI to allow the lending establishments to grant curiosity free moratorium interval for time period mortgage and defer the cost of mortgage instalments for a interval of six months or until the scenario from Covid-19 normalises.
It had additionally sought instructions, together with that no account shall be declared as non-performing asset for a interval of six months.

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