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On Thursday the Supreme Court made oral observations by questioning about RBI which enabled interest levies during the moratorium period that is allowed for loan repayments. A Bench comprised of Justices Ashok Bhushan, S K Kaul and M R Shah. They heard petitions submitted by Gajendra Sharma and others challenging the Circulars released by RBI on 27th March and 22th May on the grounds of the extent that they the financial institutions were authorized to levy interest on loans during the 6-month moratorium.
"So only the banks should earn and rest of the country goes down under?", the senior counsel asked. Referreing to the observations of the SC in the Air India case, the Senior Counsel said that the wellness of the people is more significant than gains made.
In response, Justice Ashok Bhushan said "We know, economic aspect should not be higher than health of people." The bench then posted the matter to June 12, giving time to the petitioner to file rejoinder. The Court directed the Solicitor General to get instructions by then.
The bench also voiced concern with the media reporting the RBI counter-affidavit 's contents prior to the actual case. When the case came up, Justice Bhushan asked, "RBI will file an affidavit in media instead of the Court?".
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