State cannot enrich itself during Health Emergency: Plea in Supreme Court to waive off Interest on 3 Months Moratorium on Loans by Banks

Circular dated March 27 was issued by RBI to all Banks and Financial Institutions which stated that interest shall accrue on the outstanding portion of the term loans during the moratorium period (March to May 2020)
Advocate Amit Sahni challenge March 27 Circular of RBI
Advocate Amit Sahni challenge March 27 Circular of RBI
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A petition has been filed in the Supreme Court seeking a direction to the Government of India and RBI to waive off the accrued interest on term loans during the moratorium period of March 2020 to May 2020.

The plea states that “State cannot enrich itself nor permit anyone to enrich from the unfortunate situation by charging interest for moratorium period.”

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