JOIN US“The Act has made borrowing and defaulting a criminal offence,” said C V Giddappa, General Seceretary of Credit Card Holders Association.
An appeal has been made to the Government to stay the operation of the Act. The Association has planned a three fold fight against the Act, through legal processes, agitations and by making public aware and urging them to not borrow from financial institutions. “We are not anti-development, but the Act itself is anti-development and anti-socialism,” said Giddappa.
In most cases, even though the account holder remits the cash on the date of ECS, there are instances that ECS return will be there since there is no uniformity amongst the banks with regards to timing of the ECS debits. “Different banks adopt different procedures and some times ECS debits happen much before the opening of the bank branches. This deprives the customers of their right to deposit the ECS amount to their account on the day of ECS debit,” he opined.
The association has already submitted a memorandum to the Government, RBI and IBA.