Great relief for Common Man , Supreme Court directed that Common man will not have to pay interest rate till November 15

New Delhi, 14/10: The Supreme Court has given great relief to the common man on the Loan Moratorium case. The apex court said that people taking advantage of the moratorium facility will not have to pay interest on interest till 15 November 2020. Also said that no loan account can be declared Non-Performing Asset (NPA) till November 15 because we are prohibiting it. Earlier, during the hearing, the Solicitor General presented by the Central Government and Harish Salve, the Reserve Bank of India (RBI) and advocate for banks, requested to postpone the hearing of the case. After this, the hearing of the case has been postponed till 2 November.

Center directed to issue circular on the scheme by 2 November
The Supreme Court said that the Central Government should implement the interest waiver scheme at the earliest. The Supreme Court also said that if the government takes a decision on this, then we will pass the order immediately. On this, the Solicitor General said that all loans have been given in different ways. Therefore, all have to be dealt with differently. Then the Supreme Court directed the government to bring a circular by November 2 on the interest waiver scheme on interest. On this, the Solicitor General said that the government will issue a circular on the interest waiver scheme on interest till 2 November.