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
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
No comments:
Post a Comment