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Truckers file grievance as banks deduct EMIs, fines, Auto Information, Automobilnews – Information by Automobilnews.eu

Truckers file grievance as banks deduct EMIs, fines, Auto Information, Automobilnews


Financial institution statements of auto house owners for the months of June, July and August counsel that Rs 300-Rs 500 was collected as fines from every of them for not paying EMI on time.

CHENNAI: Truckers from Chennai have filed a police grievance towards personal banks which not solely violated Centre’s moratorium rule and deducted equated month-to-month instalment (EMI) but in addition collected fines for alleged late funds.Financial institution statements of auto house owners for the months of June, July and August counsel that Rs 300-Rs 500 was collected as fines from every of them for not paying EMI on time. “Whereas the due date for my car mortgage was fifteenth to twenty second of each month, ECS was submitted earlier than that to intentionally levy fines,’ alleged S Yuvraj, a trucker from Chennai.

Most truckers resumed work solely in August-September after lockdown was eased. Earlier than that, nearly 90% of the three.3 lakh vehicles remained idle. Solely these transporting important commodities and emergency companies had been allowed. To assist them, Reserve Financial institution of India directed banks to supply car mortgage moratorium until August 31.

“Regardless of submitting complaints prior to now about EMI threats, there was no response from the RBI or Centre. That is inflicting extra troubles to an already overburdened transportation sector,” stated Yuvraj who can also be the president of Tamil Nadu State Sand Lorry Homeowners’ Federation. The sector had earlier demanded the state authorities waive highway tax for the six months when their motion was restricted resulting from Covid.Mohammed Afzal, common secretary of Bus and Automobile Operators Confederation of India (BOCI), stated the lockdown has aggrieved public transport operators, leaving many on the verge of chapter. At current, every state has a unique regulation and operators are burdened with monetary crises and below these circumstances, they’re unable to pay car taxes, loans and insurance coverage premiums.

“With nearly zero revenue and a number of statutory and regulatory obligations, we urge the authorities involved to take instant motion to rescue the sector from a complete collapse,” he added However the state transport division appears to be not able to forego tax income. Of the full ?417 highway tax income, vehicles alone contribute round ?249 crore yearly, in line with official information.



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Truckers file grievance as banks deduct EMIs, fines, Auto Information, Automobilnews – Information by Automobilnews.eu
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