Fugitives don’t care !

   

Economic Times ( 27 Feb ) carries following news :

“ Nirav Fraud Impact : Fugitive Bill Likely in Budget Session “

Highlights :

·         It provides for confiscation of assets of fugitive economic offender

·         Assets to be free of encumbrance for the government

·         This will allow quick disposal of assets

·         Its provisions will override other laws where relevant

·         Most economic offenders covered under the law

·         Minimum threshold of Rs 100 cr

·         Special Courts to try fugitive offenders

Within 12 hours of this news report , TV channels last evening said that Nirav Modi has filed for a bankruptcy in USA , before CBI-ED can submit a “ Letter Rogatory “ to the US Authorities !

Meaning ?   India cannot touch Nirav’s  US assets  !

Now you know why economic offenders don’t care about “ Fugitive Economic Offender Bill “

Dear Shri Jaitleyji ,

It is still not too late to incorporate into the draft of that bill , following suggestions which I emailed to you TWO  YEARS  ago

LongTerm or Short Term ?  [  31  March  2016  ]

https://myblogepage.blogspot.com/2016/03/long-term-or-short-term.html

Extracts from my email :

I can understand why RBI does not want Supreme Court to reveal the names of companies in default , who have loan outstanding of over Rs 500 Cr . RBI feels that this may have " adverse impact " for business

But what about " adverse impact " for the public , using whose tax money , 29 Public Sector Banks , quietly wrote-off , Rs 1.14 lakh*crore  of bad debt between 2013 and 2015 ?

And the " adverse impact " on Central exchequer by re-capitalizing of these banks , using taxes paid by you and me ?

Shri Arun Jaitley says :

Amount of re-capitalization will be linked to the speed with which these banks manage to recover their NPAs

I hope , he has also told all banks , in unmistakable words :

" You will neither restructure these existing loans to the defaulters nor make any further advances to

 #    these defaulting companies,  or

 #   its associate companies , or

 #   directors of these companies ( personal loans )

 #   relatives of these directors ( personal loans )

 #   persons who are sureties for these defaulters

You will launch court cases against such defaulters for repossessing their properties and wherever there are cases of " cheque bounces " , you will obtain from the courts , " Non Bail-able Warrants " against such directors

You will share with the public at large , full details of the defaulters online

You ( bank directors ) will not be paid any salary till you recover these loans

If you fail to recover in 24 months , you will get a sack ! "

Dear Shri Jaitleyji :

If anything that I have said above sounds too harsh to you , just hang on the wall across your table , a photo of any of those thousands of farmers who are committing suicides , every year because rains failed and they could not repay their bank loans !

Right below that photo , dynamically display statistics of :

*  Number of farmers who committed suicide in past 24 hours .............

*  Cumulative no of Farmer suicides , so far , this year.........................

28  Feb  2018

www.hemenparekh.in / blogs