Plea filed in SC seeking ban on inclusion of loan waivers in election manifestos

A petition has been filed in the Supreme Court seeking to stop political quarters from offering loan waivers and other monetary schemes in their election manifestos, citing that these plans involve public money and can also adversely affect the economy.

"The political parties are offering loan waiver schemes in their election manifesto for their political motives by ignoring the negative effects of loan waivers on the economy, as they are using the offer of manipulation of the public fund as a tool to achieve their political motives to come to power. The Centre and state governments should not be permitted to reduce or waive off loans," the petition read.

The petition filed by advocate Reena N Singh also said that the central and the state governments must formulate an agricultural policy which can make the industry profitable and also help the farmer to become financially prosperous.

The petition has been listed for hearing on April 22 before a bench headed by Justice S A Bobde.

The petitioner also stated that the banks should be restrained from "technical writing off on Non Performing Assets (NPA) so that the true and exact financial conditions of the banks cannot be camouflaged."

Presently, a majority of banks in the country are facing losses, and more than 6000 bank employees have been found responsible for NPAs, claimed the plea.

It further added that the technical write off of NPAs is like tampering and fabrication of balance sheet which will not give the true and fair picture of its financial condition.