TN CM Writes to Counterparts in 12 States to Urge Centre on Mortgage Moratorium

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Tamil Nadu Chief Minister M Okay Stalin on Tuesday wrote to his counterparts in 12 states, urging them to prevail upon the Centre to supply moratorium on reimbursement of loans to Micro, Small and Medium Enterprises within the wake of the lockdowns as a result of second COVID-19 wave. The states ought to present collective power on this matter and the Reserve Financial institution of India also needs to be persuaded to provide moratorium, he mentioned.

Expressing happiness that “all our collective efforts”, urging the Centre to buy vaccines and supply them freed from price to all states have been “instrumental” in convincing the union authorities and Prime Minister Narendra Modi to finally reverse the vaccine coverage, Stalin mentioned the states ought to come collectively once more. “On this context, I consider all of the state governments ought to once more come collectively on the urgent difficulty of asymmetry in remedy of debtors, significantly MSME items and small debtors, in the course of the first and second waves of COVID-19,” he mentioned.

Stalin wrote to his counterparts in Andhra Pradesh, Bihar, Chhattisgarh, Delhi, Jharkhand, Kerala, Maharashtra, Odisha, Punjab, Rajasthan, Telangana and West Bengal, in search of their help on this difficulty. The TN CM mentioned that in April-Might 2020 when the Centre introduced the nationwide lockdown, a moratorium was allowed on reimbursement of loans for such debtors.

Nonetheless, in April-June this yr, when lockdowns are being imposed, primarily based on native situations by the respective states, related aid to debtors is just not offered. Stalin mentioned he took up this difficulty with the Centre and requested moratorium on reimbursement of loans.

“I request all of the states to write down to each the Union Finance Minister and the Governor, Reserve Financial institution of India, to prevail on them to supply moratorium on reimbursement of loans for at the least the primary two quarters of 2021-2022 to all small debtors with excellent as much as Rs 5 crore in view of the lockdowns induced by the second wave of COVID-19.” The absence of such aid measures would drive many companies to shut and result in widespread financial misery. “These MSMEs and small companies are the mainstay of our financial system and employment technology,” he mentioned.

Stalin mentioned he was assured that his counterparts would admire the demand and proactively take it up with the Centre on the acceptable degree. “We have to present our collective power at this hour of nice want,” he mentioned.

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