March 26.NEW DELHI: The Supreme Court on Tuesday sent notice to Centre and RBI to a plea challenging levy of interest on loans during the moratorium period, which has now been extended by another 3 months till August 31 due to the Coronavirus pandemic.
The plea, filed by Agra resident Gajendra Sharma states that the RBI ‘s notification “ as ultra vires to the extent it charges interest on the loan amount during the moratorium period, which creates hardship to the petitioner being borrower and creates hindrance and obstruction in ’ right to life’ guaranteed by Article 21 of the constitution of India ”.
Sharma said he owns an optical shop in Agra and a resident of Dayal Bagh (Agra). His annual income is less than 7 lakh. In that income he has to manage family, home loan –EMI, and salary for employees in his optical shop. In this pan India lock down from March 27 he has no earnings. He can pay the EMI once he start the business. But how can he pay the lock down month ‘s interest .Since the lock down is in place there is no means of livelihood. He has a home loan of over RS 37 lakh from ICICI Bank .