Exporters seek extension of moratorium on loan

Coimbatore: Textile exporters from Tirupur have sought extension of loan moratoriums from the Centre, as the sector has still not got back on its feet. Representatives of Tiruppur Exporters Association (TEA) have written to Prime Minister Narendra Modi seeking extension for loan moratoriums.
Raja M Shanmugam, president of TEA, in a communication on Monday, said the Centre had announced a three-month moratorium for outstanding loans and working capital credit on March 24. He said the deferment period would get over on May 31 and they would have to pay the accumulated interest after that time. The commencement of repayment starts by June 1, including the compounded interest calculated for the moratorium period, he said.
With zero industrial activity, MSMEs cannot repay interests, said Shanmugam.