Union Finance Minister Current Affairs - 2019
Category Wise PDF Compilations available at This Link
As per a written reply given by Union Finance Minister Smt. Nirmala Sitharaman in Lok Sabha, the number of wilful defaulters in nationalised banks has increased by more than 60% to 8,582 in five years to March 2019.
The Finance Minister provided the written reply in Lok Sabha to a question asked that whether the cases of willful defaulters of banks have increased during the past five years.
Wilful Defaulter is an entity or a person that has not paid the loan taken back to the bank despite having the ability to repay it. Wilful defaulters are acted against comprehensively.
Data Provided by Government:
By end of fiscal year 2014-15, the figure of wilful defaulters in nationalised banks stood at 5,349, and since then the number of such borrowers has been consistently rising- with being 6,575 (2015-16), 7,079 (2016-17), 7,535 (2017-18) and now increased to 8,582 in 2018-2019 fiscal.
During the last 5 financial years about ₹7,654 crore has been recovered from wilful defaulters’ accounts.
Steps Taken By Government
As per data reported by 17 nationalised banks in India, till 31 March 2019, suits for recovery have been filed in 8,121 cases out of 8,582.
SARFAESI Act: In cases involving secured assets, action under provisions of SARFAESI Act (Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002) has been initiated in 6,251 cases.
RBI Instructions: As per the instructions provided by Reserve Bank of India (RBI), wilful defaulters are not sanctioned any additional facilities by banks/financial institutions, their unit is debarred from floating new ventures for 5 year and even criminal proceedings are initiated wherever necessary. In accordance with this FIRs have been registered in 2,915 cases.
SEBI Regulations: Besides, vide Securities and Exchange Board of India (SEBI) regulations, wilful defaulters and companies who has with wilful defaulters as either promoters or directors have been debarred from accessing capital markets to raise funds.
IBC 2016: The Insolvency and Bankruptcy Code (IBC), 2016 has debarred wilful defaulters from participating in insolvency resolution process.
FEO Act 2018: The government has enacted Fugitive Economic Offenders Act, 2018 for effective action against wilful defaulters who flee Indian jurisdiction. It provides for attachment and confiscation of property of fugitive offenders and to disentitle them from defending any civil claim.
PSBs: Government has also advised all Public Sector Banks (PSB) to decide on publishing photographs of all concerned wilful defaulters and to obtain certified copy of passport of promoters/directors and other authorised signatories of companies availing loans of over ₹50 crore. The heads of PSBs have also been empowered to request for issuance of look out circulars (LoC) against wilful defaulters.
Tags: FEO Act 2018 • Fugitive Economic Offenders Act 2018 • Insolvency and Bankruptcy Code 2016 • Look out Circulars • Nirmala Sitharaman • Public sector banks • RBI • Reserve Bank of India • SEBI • Securities and Exchange Board of India • Union Finance Minister • Wilful Defaulters
Thawarchand Gehlot, Union Minister of Social Justice and Empowerment was recently appointed as Leader of Rajya Sabha (Council of States). The Leader of the Rajya Sabha is appointed by the party in power at Centre.
This position was occupied by senior BJP leader and former Union Finance Minister, Arun Jaitley in previous Narendra Modi-led government (2014-2019).
About Thawarchand Gehlot
- The 71-year-old Gehlot, is leader from Madhya Pradesh has almost four decades of legislative experience.
- Apart from being an experienced parliamentarian, he is a member & general secretary of ruling Bharatiya Janata Party (BJP).
- He belongs to Scheduled Caste and is a Dalit face of saffron party.
- He has been a member of state legislative assembly for several terms and has also served in Lok Sabha as well as Rajya Sabha.
- He became a Rajya Sabha member in 2012 and was re-elected to Rajya Sabha from Madhya Pradesh in 2018. This new term of his will end in 2024. A member to Upper House of Parliament has a term of 6 years.
Leader of Rajya Sabha (Upper House of Parliament)
- A Leader of House is a Rajya Sabha member who either holds a rank of cabinet minister or another nominated minister. The Leader has a seat next to ex-officio Chairperson of Rajya Sabha (the Vice President of India), in the front row.
- The term Leader of the House has been defined in Rule 2(1) of Rules of Procedure and Conduct of Business in the Rajya Sabha.
- Gopalaswami Ayyangar was the 1st Leader of the House in Rajya Sabha.
Tags: Arun Jaitley • Chairperson of Rajya Sabha • Leader of Rajya Sabha • Madhya Pradesh • Rajya Sabha • Scheduled Caste • Thawarchand Gehlot • Union Finance Minister • Union Minister of Social Justice and Empowerment • Upper House of Parliament • Vice President of India