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 ]
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
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