Stop wilful defaulters from leaving country: Home Ministry to Immigration

Written by Amitav Ranjan | New Delhi | Updated: March 1, 2018 6:53 am
RED-faced over diamantaire Nirav Modi slipping out of the country, the Ministry of Home Affairs last Friday directed the Bureau of Immigration not to allow promoters of companies that have defaulted on their bank loans to leave the country.
“They have been told not to allow them through the emigration check point and to turn them back,” sources said. “No arrests have to be made.”
These persons, they said, would be allowed to travel only when the individual submits a court order permitting him or her to travel abroad for a specific purpose, mainly for medical treatment. However, for such relaxation, the identified defaulters would have to pledge a collateral and indemnify that their family members would reside in the country during their absence.
Sources said the direction was issued after the Reserve Bank of India provided the list of defaulters that was handed to the Ministry of External Affairs for providing their passport details. The names and their passport numbers were sent to the Bureau earlier this month, said sources.
However, when contacted, Commissioner (Immigration) P K Bhardwaj said he could neither confirm nor deny the development. “I have been out of Delhi since Monday. If this direction would have been issued, I would have been informed.”
A wilful defaulter is an entity or a person that has not paid back the loan despite the ability to do so. According to the RBI, a wilful defaulter is to be identified on the basis of the track record and not isolated transactions.
According to data with the Credit Information Bureau of India Ltd, state-owned banks reported wilful defaults of Rs 93,357 crore involving 7,564 borrowers as of September 2017.
The government is under fire after it emerged that Nirav Modi left the country days after the Rs 11,400-crore fraud complaint was registered by Punjab National Bank.
Reference

Comments

Post a Comment

Popular posts from this blog

ED tracks Swiss Bank A/Cs of Agusta scamster

The Poineer February 10,2019 Rakesh K Singh The Enforcement Directorate (ED) has tracked a dozen Swiss bank accounts in the name of Rajiv Saxena, who is key accused in the Rs 3,600 crore AgustaWestland VVIP chopper scam. The ED has also found out accounts held by  his family members and associates where the kickbacks in the now scrapped deal were allegedly parked. Two bank accounts are in the name of Rajiv Saxena’s  associates Pankaj Jain and Sumita Jain who are also the authorised signatories. The  third is in the name of another associate Ajit Singh Bubber, but Rajiv and his family members are authorised signatories. The remaining nine accounts are largely owned and operated by Rajiv, his family members and associates. Rajiv Saxena was deported by the UAE authorities on January 30 and the ED formally arrested him the next day and a court later granted his remand to the agency. He is currently undergoing custodial interrogation by the ED. The agency had in 2017 arrested his
Read more

J&K Cricket Board Scam: Chargesheet Filed Against Farooq Abdullah, 3 Others By CBI

OUTLOOK July 16, 2018 The agency has levelled charges of criminal conspiracy and criminal breach of trust under the Ranbir Penal Code against Abdullah and three others. The CBI on Monday filed a chargesheet against former Jammu and Kashmir chief minister Farooq Abdullah and three others in a special court in Srinagar in connection with alleged irregularities and misappropriation of funds in the Jammu and Kashmir Cricket Association. After the fall of the Peoples Democratic Party (PDP) and the BJP government, this is the biggest development that has taken place in the state. The National Conference has not reacted to the chargesheet so far. The agency has levelled charges of criminal conspiracy and criminal breach of trust under the Ranbir Penal Code against Abdullah, the then president of JKCA, Md Saleem Khan - the then general secretary, Ahsan Ahmad Mirza - the then treasuer and Bashir Ahmad Misgar, an executive in the J&K Bank. The BCCI gave Rs 112 crore t
Read more

As financial insecurity rises in urban India, so does investment in insurance

Image
Scroll.in March 13, 2020 Urban Indians are becoming less confident about their financial security. Up to 58% of them fret over financial independence post retirement, which is a 4% increase from last year. An equal share of urban Indians worry about meeting their daily medical expenses and sustaining their current lifestyle once they stop working. The findings are part of a survey published by Delhi-based Max Life Insurance in association with London-based consultancy Kantar. The firms surveyed 7,014 respondents in 25 cities, including six metros, nine tier-1 cities, and 10 tier-2 cities, between December 2019 and January 2020. Source: Max Life Insurance via Quartz The trends Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz A significant share of urban Indians also say their families will have no financial support in the event of the breadwinner’s death. In such a scenario, around 57% believe the family sav
Read more