Bank Defaulters Beware

Bank Defaulters Beware

Mumbai - To teach the lesson to bank loan defaulters, the Central government will soon come up with a new law which enables "confiscation of assets" of persons who fled the country after defaulting on loans.The move is strategised after Vijay Mallya, who has been declared as a 'wilful defaulter' by lenders for non-payment of loans worth over Rs 9,000 crore.

“The government is, therefore, considering the introduction of legislative changes, or even a new law, to confiscate the assets of such persons located within the country, till they submit to the jurisdiction of the appropriate legal forum,” Finance Minister Arun Jaitley said in the budget speech on Wednesday.

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