Modi-Mallya people can not run away from the country, the government created committee to stop defaulters
The government is trying to make sure that high-profile cases such as Neerav Modi and Vijay Mallya (Vijay Mallya) are not repeated.
The government has constituted a committee to stop the non-defaulters (promoters) from going out of the country. This committee will identify the measures to give defaulters not to leave the country. The government has tried to ensure that high-profile cases like Neerav Modi and Vijay Mallya do not happen again. This includes probing the possible dual citizenship. In the committee headed by Financial Services Secretary Rajiv Kumar, there are representatives of the Reserve Bank of India, Home and Foreign Ministry, Enforcement Directorate and Central Bureau of Investigation.
Focus on people with dual citizenship
According to the Ministry of Finance, the recommendations of the committee will also be suggested on the need for changes in existing laws. He said that we will focus on promoters who have citizenship of any other country and have not yet disclosed it.
If the loan accounts of these promoters are in crisis or their companies have defaulted in payment, then the government will also ask for the settlement of their plans for their foreign visits. It takes some time for a loan default to take the form of a non-performing asset (NPA), and even more time seems to be taking away the curtain from any fraud. As long as it is known, the suspect promoters take advantage of this and then exit the country.
Passport will be canceled …
He said that it is not necessary that we can stop them but if any adverse reports come from intelligence agencies or banks, the government can ask the details of their visits and such other urgent information.
If such information is found where it can become fugitive, then such promoters will be stopped from traveling or their passports will be canceled. In order to deal with such a risk, the banks have already sought passport details of many big borrowers.