The Scheme is for six months and for specified loan accounts. The Central Government has accepted a scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts.
This six months shall be from 1st March, 2020 to 31st August, 2020 and the following category of borrowers are eligible for the scheme:
- MSME loans
- Education loans
- Housing loans
- Consumer durable loans
- Credit card dues
- Automobile loans
- Personal loan to professionals
- Consumption loans
Any borrower whose aggregate of all facilities with lending institutions is quite Rs 2 crore won't be eligible for optional payment under this scheme.
The eligibility is additionally subject to the subsequent conditions and stipulations:
- Loan account shouldn't be a non-performing asset on leap day,2020.
- financial institutions must be either a depository financial institution or a public sector bank or a co-operative bank or a Regional Rural Bank or an All India financial organization or a registered Housing Finance Company or an NBFC.
The rate of interest would be prevailing on leap day, 2020.
Benefits under the scheme would be routed through lending institutions and the exercise of crediting the amount by the lending institutions has to be completed on or before the 5th of November, 2020.
Issues and concerns concerning claims submitted by lending institutions shall be handled through the designated cell at SBI in consultation with Government of India.
Each financial institution shall also put in situ a grievance mechanism for redressal of grievance of eligible borrowers. It was contended that the legislature had deliberately excluded political parties as a category from the privilege of putting up hoardings, since individual candidates were constrained by budgetary limits and would not spend more than was necessary.
On the opposite hand, if a party were allowed to place up hoardings on personal property the entire State would stand defaced and it might be very difficult to restore the same without spending huge public money.
Century mentioned an identical law against the defacement of property that was effective in Jharkhand. In that state, the Chief Electoral Officer permitted political parties to place up hoardings. The petitioner also submitted that allowing hoardings would help in controlled campaigning and stop crowding amid the COVID-19 pandemic. The Court held that the political parties to put up hoardings will put a stop to piecemeal and sporadic hoardings and that there would be lesser chances of defacement of public and private property beyond redemption.
The Court also accepted the petitioner's reference to the legal position in Jharkhand stating "no two standards can be applied in interpreting an Act or Rule in two different contiguous States."
Therefore, the petition was allowed.