Jewelry loan waiver case: TN government ordered to respond
The government of tamil Nadu and the management of the coimbatore City Co-operative bank have been ordered by the chennai High court to respond within two weeks in a case seeking the waiver of a jewelery loan for 38 grammes of gold jewellery mortgaged at the coimbatore City Co-operative bank, as per the government order.
M. Tamilselvi, a resident of balaji Nagar, New Siddaputhur, coimbatore, wrote in his plea to the chennai High court, "I received." In my jewellery, which has a total weight of 44 grammes, the jewellery evaluator recommended loan only 38 grammes of gold, eliminating the stone. As a result, I took out a loan for 38 grammes of gold and paid interest on it. The DMK had promised in its election campaign that gold jewellery debts of less than 40 grammes (5 pieces) held by the public in cooperative banks would be waived when it came to power. As a result, when the DMK took power, it issued a notification forgiving gold jewellery loans of less than $5,000.
My loan for gold jewellery should have been reduced correspondingly. However, because my jewellery weighed 44 grammes, the bank officials declined to make me this offer. Last February, I did nothing to ask the bank officials for a waiver of my gold jewellery loan. In this situation, on march 7, the bank administration abruptly notified me that my jewellery will be auctioned on march 30.