Nov 2, 2020 — Yes, you heard it right! Finally, on November 1st, 2020; the decision in SC came to not charge Interest on Interest from loan burrowers for the moratorium period. This is a historical judgment and will help in not making huge holes in many loan borrowers' pockets.
I wanted to share with you our journey and so as my final note I write to you all how inspiring and hard the campaign has been!
When I started the Petition on Change.org with #HaltEMIInterest I had loan burrowers who appreciated the efforts. I also had people who were skeptical & played devil's advocate they said, 'what I was asking is never going to happen'
I knew I was asking for a lot, but still, I couldn't be silent. I took the route which was familiar to me and also given the Pandemic; possible. I started this online Petition and within a week almost 15000 people joined me in my ask. Today we are good 37000+ people.
After a week or so, there were PIL being filed in court. I reached out to advocate Amit Sahani was too to let him know that we too are fighting for the same cause. Unfortunately, the case was dismissed.
Shortly, Gajendra Sharma and his team of advocates came into the picture. They took the fight in court which continued for 8 long months. I was in touch with them via Email. Extending stories and highlights from the online campaign. I believe that our online campaign also helped them to showcase that the case is not affecting one person but many!
Meanwhile, moratorium time had gotten extended from 3 months to 6. This was a short victory too!
There was a lot of to and fro in court and articles that were so intimidating pointing out that our ask is going to be in vain. But every one of you and the PIL team in court did not give up on our request for support from RBI, Finance Ministry, and our PM.
And finally, on November 1st, 2020; the decision came. And it was a relief because now at least the Compound Interest will not be levied for the moratorium period. This is a historical judgement and will help in not making huge holes in our pockets as loan burrowers.
Yes, I agree what we had asked was out of the way but it was a valid ask and it paved a way for the government and RBI to rethink how they had levied relief to their customers.
I am grateful to all of you, to those who played devil's advocate and to the brilliant team of advocates on Gajendra Sharma's case vs UOI.
Last but not least to @change.orgindia @change.org_hindi for being the platform of Online Activism!
#victory #emimoratorium #ChangeMaker
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