Business

Govt may block loan defaulters from leaving country !!

Is the government in India trying to pre-empt loan defaulters by blocking them leaving the country.

It is said that India has now completed preparation of list of people who may finally be barred from leaving the country because of their involvement with companies that have defaulted on loans.

It is also said that the government has come up with names of 91 people though it could not be confirmed.

It is also being speculated that the Prime Minister Narendra Modi’s administration has asked creditors to start legal proceedings against these companies and asked banks to provide passport details of people associated with soured loans of more than 500 million rupees ($7.7 million).

It need be recalled that with the national election next year and some crucial elections in major states this year itself, the public anger needs to be doused in view of many such high profile defaulters leaving the country not to return.

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