'No EMIs for 3 months'; Anil Singhvi raises demand before govt on behalf of borrowers over Coronavirus lockdown
After this success, Zee Business Managing Editor Anil Singhvi has again raised his voice for the sake of the common man; clarion call on behalf of borrowers demanding government to allow no EMI payments for 3 months
The government has announced a complete nationwide lockdown which will force people to remain stationed in their houses. This is a big step to deal with the ever growing Coronavirus pandemic. The government has already given many relaxations to the common man including extension of the ITR filing deadline till 30 June after Zee Business started this campaign. It will definitely help people in a big way.
After this success, Zee Business Managing Editor Anil Singhvi has again raised his voice for the sake of the common man. He says the government should not stop at just ITR filing last date extension as there is much more that needs to be done. Singhvi then proceeded to make a clarion call on behalf of borrowers and demanded that government should allow no EMIs payments for 3 months.
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वित्त मंत्री ने एक बार फिर सुनी ज़ी बिज़नेस की मांग, ITR भरने की तारीख बढ़कर हुई 30 जून...
अनिल सिंघवी से समझें बाजार में अब ट्रेडर्स और निवेशकों की क्या हो रणनीति?#EditorsTake #ITR @AnilSinghvi_ @nsitharaman @ianuragthakur @FinMinIndia @nsitharamanoffc @Anurag_Office pic.twitter.com/PdtwAP7LQZ
— Zee Business (@ZeeBusiness) March 25, 2020
What needs to be done?
According to Anil Singhvi, the 21 day lockdown period is very long, though it is very necessary. However, the government needs to give some more relief to the common man including a moratorium on payment of EMIs for the next 3 months. The lockdown will impact different types of businesses eventually result in job losses. It is therefore, required to make some relaxations on compassionate grounds, he says.
Why a moratorium on EMIs?
The Zee Business Managing Editor says that the government should extend the deadline on loan repayments, registry of flats and other payment related issues, to 30 June. No legal action should be taken against an individual or a company in the name of 31 March deadline. Any coercive action should be forcefully dealt with by the courts.
Also, since the government has decided that the markets will remain open, it should, however, let expiry date pass. This will allow institutional businesses to function. The retail brokers will not be able to work. The government can allow FIIs and domestic funds to operate in the markets but work in client books should be stopped.
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What should traders do?
Anil Singhvi suggests that the volume may go down from Friday. Low volumes and high volatility in the markets do not augur well for traders. The traders should avoid trading in such situations. Trading should be done in small volumes, if at all. Follow stop loss strictly, he says. Only intra-day trades should be executed as the gap may result in a rise or fall. There are over 50 sectors where the traders need to be careful.
What should investors do?
After Monday's fall, it is the right time to deploy the biggest installment of your funds. You still have 35% funds. Put 10-15% extra investment at the time of next fall which could be around 7200 levels in Nifty. Don't invest next 20-23% money. Save it for next time. The market may not have negative trends going forward since it has seen a lot of volatility in the last two trading sessions. Investors will have enough opportunities to put money and earn even if they don't make any investments now.
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