Traders seek bank loans to survive

The Traders Common Front has called for a round table bringing together government, tenants and owners of commercial buildings to discuss unpaid rents.

Spokesperson Raj Appadu deplored that the amended Landlord & Tenant Act (through the Finance Act), urges traders to settle 50% of their debts by next December and the other half to be repaid in twelve monthly installments from January to December 2022.

Appadu argued that the majority of traders suffer from a consequent drop in their income, with “some not even getting Rs 600 a day.”

Hence, the group has called the Government to intervene and ask their respective banks to grant loans to pay back their creditors.

“If such facilities are not allocated, many businesses will close down.”