NEW DELHI: In the wake of financial offenders like Nirav Modi, Mehul Choksi and Vijay Mallya+ fleeing the country, the Cabinet is predicted to speak about on Thursday the contours of a new regulation to confiscate belongings of those who get away with unpaid liabilities of over Rs 100 crore, together with a revamp of the regulatory regime for chartered accountants. Sources instructed TOI that the government has started working on a legislative framework towards defaulters with strict deterrents proposed in the regulation. The threshold for motion below the proposed regulation has now not been finalised, they added.
The government is thinking about other steps, a few of that are expected to be mentioned on Thursday, sources stated.
While setting up of the National Financial Reporting Authority to take over the disciplinary purposes of the Institute of Chartered Accountants of India was on the time table for Wednesday's assembly, a choice was deferred and the Cabinet will meet for a second time in as many days to reinforce the regulatory framework in the wake of the Rs 12,600-crore fraud at Punjab National Bank+ , the country's secondlargest public sector lender. Already, banks were asked to scan all NPAs of over Rs 50 crore for conceivable fraud and likewise run a test on all loans of Rs 250 crore or more as more instances of defaulters come to mild.
The government has been below assault from Congress as loan defaulters such as Vijay Mallya have controlled evade the regulation in India and Nirav Modi and Mehul Choksi, too, have refused to cooperate with agencies investigating the alleged fraud orchestrated through them at PNB's Brady House branch in Mumbai.
There are several smaller players, such as Karol Baghbased Dwarka Das Seth International whose promoters have allegedly fled the country and loans have remained unpaid. The CBI registered a case towards the Delhi-based jeweller associated with a Rs 390-crore loan taken from Oriental Bank of Commerce.
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The government is thinking about other steps, a few of that are expected to be mentioned on Thursday, sources stated.
While setting up of the National Financial Reporting Authority to take over the disciplinary purposes of the Institute of Chartered Accountants of India was on the time table for Wednesday's assembly, a choice was deferred and the Cabinet will meet for a second time in as many days to reinforce the regulatory framework in the wake of the Rs 12,600-crore fraud at Punjab National Bank+ , the country's secondlargest public sector lender. Already, banks were asked to scan all NPAs of over Rs 50 crore for conceivable fraud and likewise run a test on all loans of Rs 250 crore or more as more instances of defaulters come to mild.
The government has been below assault from Congress as loan defaulters such as Vijay Mallya have controlled evade the regulation in India and Nirav Modi and Mehul Choksi, too, have refused to cooperate with agencies investigating the alleged fraud orchestrated through them at PNB's Brady House branch in Mumbai.
There are several smaller players, such as Karol Baghbased Dwarka Das Seth International whose promoters have allegedly fled the country and loans have remained unpaid. The CBI registered a case towards the Delhi-based jeweller associated with a Rs 390-crore loan taken from Oriental Bank of Commerce.
Read this tale in Marathi
Big defaulters who flee to have assets seized
![Big defaulters who flee to have assets seized]()
Reviewed by Kailash
on
March 03, 2018
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