Can't give month's time to implement the interest waiver- SC

The Supreme Court on Wednesday refused to allow the government a month's time to implement the interest waiver on loans of up to Rs 2 crore, asking a decision has already been taken, why should it take so long to execute it. The Centre had argued that it needed the time for certain formalities, but the court set a fresh deadline of November 2 adding, “When you have taken a decision why is it delayed.” The Supreme Court remarked, “This year, Diwali for the common man is in government's hands.”

The Centre has already said that it would waive the compound interest on loans, which is expected to bring relief not only to individual borrowers but also banks. The government's counsel said it was a "huge burden" but added that they are not "mentioning the figure". On Wednasday, the government was expected to spell out the way ahead on an extension of moratorium, waiving of interest, sector-wise relief and its decision on the recommendations of Mehrishi Committee, which was asked to gauge the impact of interest waiver during the Covid-linked moratorium.But the government sought more time, saying the outer limit for bringing relief to borrowers is November 15.