PNB SCAME

On 1 March 2018, the authorities permitted the Fugitive Economic Offenders Bill to deter financial offenders from evading the procedure of Indian regulation by using giving powers to the authorities to confiscate property of a fugitive, inclusive of Benami property of absconding mortgage defaulters.[17] The invoice covers a large vary of monetary offenders which include: mortgage defaulters, fraudsters, men and women who violate legal guidelines governing taxes, black money, Benaim properties, economic sector, and corruption. On 12 March 2018, the authorities added the consignment in the Lok Sabha.[18] In March 2018, the Reserve Bank of India scrapped banking units such as the Letter of perception (Lou) and Letter of Comfort (LoC) that in an strive to plug a loophole and enhance banks’ due diligence in alternate credit. Some bankers stated that Lou's and LoCs led to receiving banks relying definitely on the issuing financial institution on creditworthiness.[19]

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