Economic Times ( 06 March ) carries following news :
Highlight :
The
finance ministry may ask state-run lenders to seek the certified passport details of borrowers with an
exposure of Rs 50 crore and above to help prevent them fleeing the country in case of
default or wrongdoing of any kind, a senior government official said.
This comes as the government is expected to table the Fugitive Economic Offenders bill in the ongoing session of parliament. The idea is under deliberation, the official said.
“We are trying to ensure a more effective coordination between banks, intelligence agencies and other government departments,” he said.
“In
cases where banks feel that there is some fraudulent activity in a particular
account, they can inform the agencies in advance.”
The government is of view that such information sharing may
help prevent defaulters and fraudsters from leaving the country to evade banks
and investigating agencies
Considering that the fugitives always plan their
departures from India , months or years in advance, it is most likely that they
have managed to get passports of some other countries , as well
But invariably , they would have an Indian passport to
start with
But just
getting passport details won’t prevent his escape , since our government
agencies are notorious for their snail pace of action !
So , can something else be done ?
Here is what I wrote 2 YEARS ago ( and sent as email to concerned ):
“ By automatic freezing of personal
bank accounts of ALL those who signed the loan document ( takers & givers ) , the moment any repayment
instalment becomes overdue by ONE
DAY ?
And automatic / instant revoking of PASSPORT , without having to approach Supreme Court ?
=================================
For detailed
proposal , read :
NPA ? or is itNPB ? [ 08 March
2016 ]
https://myblogepage.blogspot.com/2016/03/npa-or-is-it-npb.html
Word
of caution :
When talking of that “ Information
Sharing “ and “ Effective Coordination “
, keep the humans out of the picture !
Instead consider the following :
·
As soon as there is a “ Loan Instalment Repayment
“ gets delayed ( even by a single day ) , concerned bank’s server ( computer )
, sends alerts to the Servers of SEBI / RBI / ED / SFIO / MEA / Passport Office
etc
Once that instalment gets
repaid, the alert will get reversed – automatically by the server
·
MEA server will , in turn , send out alerts
to the Embassies / Consulates of all Foreign Countries located in India,
requesting them not to issue any type of VISA to the concerned bank-loan
borrower till alert gets cancelled / reversed
·
Server of the Passport Office sends out
alerts to the servers of all the Airports / the Airport Authority of India /
all the Airlines flying international routes
·
If the fugitive tries to buy a ticket for
any foreign destination
, Airlines’ Servers will not issue ( even if tried Online )
·
If he has already purchase a ticket in
advance, Check-in Counters will refuse to print a
Boarding Pass ( even a Mobile-based boarding pass )
·
Web sites of each lending bank will carry
full details of all the loans extended to all borrowers – along with DEFAULT STATUS shown in RED
·
Each borrower company must have a Corporate
Web Site where it must display full details of all loans taken from various
banks along with repayment details of each instalment ( - like RERA requirement
?
Why not ? )
Harsh ?
Not considering that the Indian citizens have lost all
faith in government agencies !
They would rather depend
upon the Computers and
Internet to do a better / faster / fool-proof and
an impartial job of preventing the fugitives
from fleeing
Dear Shri Jaitleyji ,
Please entrust any
software start-up to build such a “ IndiaStack
“ centred application
They will do it in 2
months !
Believe me,
Prevention is better than Cure !
07 March 2018
www.hemenparekh.in
/ blogs
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