Hi Friends,

Even as I launch this today ( my 80th Birthday ), I realize that there is yet so much to say and do. There is just no time to look back, no time to wonder,"Will anyone read these pages?"

With regards,
Hemen Parekh
27 June 2013

Now as I approach my 90th birthday ( 27 June 2023 ) , I invite you to visit my Digital Avatar ( www.hemenparekh.ai ) – and continue chatting with me , even when I am no more here physically

Wednesday 28 February 2018

IF YOU DONT ACT YOU LOSE NEXT ELECTION


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

Long Term 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



No comments:

Post a Comment