The central government has told the Supreme Court that according to the circular of the Reserve Bank of India, the period of exemption in granting loans can be extended for two years.
During this time, on the question of not levying interest on interest, the central government said that the Center, RBI, and Bankers Association will meet together and find a solution.
After starting the lockdown due to corona, the RBI had permitted to not give loans for three months and then six months. But during this time, petitioner Gajendra Sharma had filed a petition in the Supreme Court seeking not to impose interest on the interest.
During the hearing on this petition, Solicitor General Tushar Mehta, who appeared on behalf of the Center, said that the exemption limit can be increased by two years.
The Supreme Court will now hear the matter on Wednesday. The court has said that it will listen to all sides of this matter.
The case is being heard by a three-member bench headed by Justice Ashok Bhushan. Vishal Tiwari, counsel for the petitioner Gajendra Singh said that this is a matter related to public interest.
The Supreme Court last week sought the opinion of the Central Government in this matter and said that the Central Government cannot hide behind the RBI in this matter, it should also clarify its stand.
Solicitor General Tushar Mehta also said during the hearing that other issues are also involved in this case, GDP has gone up to -23 percent and there is pressure on the economy too.
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Kalitha's lawyer Sibal said that a charge sheet has already been filed against him and no investigation is needed against him now.
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