labels: economy - general, banks & institutions
Jaswant to review asset recovery ordinance news
11 July 2002
Bangalore: Finance Minister Jaswant Singh says the government is planning to modify the ordinance on non-performing assets to incorporate safeguards for borrowers.

Singh says the ordinance is already part of the legislative process, but while conversion of the ordinance into a bill is being done, there is a great deal that could be done to improve it.

Confederation of Indian Industry president Ashok Soota says the terms of the ordinance need to be reviewed as it has "veered too much in favour of lenders."

FICCI president R S Lodha says the clauses asking defaulters to deposit 75 per cent of their dues before being allowed to appeal and the absence of demarcation between wilful and non-wilful defaulters need to be rectified.

Finance ministry officials say they are contemplating clauses to separate wilful defaulters by allowing stringent recovery procedures against them.


 


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Jaswant to review asset recovery ordinance