With the extension of lockdown-like restrictions in the state to curb the widespread of the deadly COVID-19 virus many businesses are suffering, many people are finding it difficult to pay their bills and loans.
With the current economic condition The Members of Nagpur Trailer Owners Union, interalia engaged in the business of transportation wrote a letter to Union Minister Nitin Gardakri requesting to waiver of Interest on the loan and extension of time for repayment of monthly installment by the period of 6 months after the lifting of lockdown.
“Since March 2020 the Central/State has imposed certain restrictions for trade, occupation or business. We are worstly affected on many counts as since the Government has declared lockdown, migrants including drivers and cleaners went to their respective villages and therefore because of the shortage of employees i.e. drivers and cleaners we could not effectively carry out our business since March 2020” the letter said.
“Even it appears from the current scenario that it would take 6 to 8 months to come to normalcy. Secondly, during this tenure there is a tremendous hike in fuel prices that is also one of the reasons why our business has been worst affected” reads the letter.
“There are many more reasons which affected our business. Under these circumstances, it would be in the interest of justice to consider the request for waiver of interest from March 2020 till the lockdown is completely lifted. So also you are requested to grant six months duration to pay the regular installments after the uplift of the lockdown” the union requested. Giving examples of other countries who had taken the decision in respect of the interest waiver the Union wrote that “It is learned that some of the countries like Nepal, Bhutan, etc. have taken the decision in respect of the interest waiver. Some of the developed countries have come up with a concrete plan to safeguard the interest of small businessmen. If the waiver of interest is not granted then it would be very difficult for us even to survive. Under these circumstances, it would be appropriate to take some policy decisions in respect of waiver of interest on the loan amount for a period March 2020 till the lockdown is completely lifted”.