FINANCE MINISTER : WILFUL DEFENDERS HAVE INCREASED BY 60% IN LAST FIVE YEARS

On Monday,New finance minister "Nirmala sitharaman" ,replies to the set of questions in Lok Sabha. she said that the total number of wilful defenders at the end of financial year 2019 stood at 8,582 compared to 5,349 at the end of financial year 2015. Sitharaman's written answer to a question in the lower house indicate that total number of wilful defenders have increased by 60% over last 5 years.
A wilful defender is the person who has not paid the loan back to a public sector bank and deploys the money for purposes than intended.

FINANCE MINISTER WILFUL DEFENDERS
FINANCE MINISTER  WILFUL DEFENDERS


FINANCE MINISTER:-She said,"under the provision of secularisation and Reconstruction of Financial Assets and Enforcement of security interest act, 2002 ", action has been initiated in 6,251 cases involving secured assets.₹7,654 crore have been recoverd from 'wilful defaulters' accounts during the last five financial years. according to the data reported by Public sector banks , had filed suits for recovery in 8,121 cases till march 13,2019,and as per the RBI instructions, FIRs have been registered in 2,915 cases. The House was informed that Rs 7,600 crore has been recovered from these defaulters. As a punitive action, wilful defaulters are no more sanctioned additional facilities by banks or financial institutions and their businesses are barred from floating new ventures for five years. The securities and exchange board of India or SEBI rules bar wilful defaulters and companies with wilful defaulters from accessing capital markets to raise funds.

 The government has also advised public sector banks ss finance minister said,to decide on publishing photographs of wilful defaulters as well as to obtain certified copy of the passport of promoters and other authorised signatories of companies availing loans of more than Rs 50 crore, the minister said.   .Heads of PSBs have also been empowered to request for issuance of look out circulars against wilful defaulters.

BLACK MONEY:-Finance Minister 'Nirmala Sitharaman 'said, on Monday, That The Income Tax Department has issued notices in 380 cases involving undisclosed assets of over Rs 12,260 crore under the foreign black money act.She also said that,the prosecution has been launched in 68 cases.