I-T Dept. asked to Share Wealth Details of Defaulters with Banks

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I-T Dept. asked to Share Wealth Details of Defaulters with Banks www.ambitionias.com
  • Income Tax department will help the banks resolve bad loan issues and Commissioners of Income Tax has approved of the same in public interest
  • The top 30 non-performing assets (NPAs) of state-owned banks account for 40.2 per cent of their gross bad loans
  • According to available data, NPAs of state-owned banks rose by 28.5 per cent to Rs.2.36 lakh crore in September last from Rs.1.83 lakh crore in March, 2013. It is expected to have grown further.
  • Banks have been requesting for the information that can help retrieval of loan, now the banks would be allowed to recover their dues from sale of assets of defaulters only after settlement of the claims of the tax department.
  • Banks personally have to execute this work and the data should not be shared with any agency
  • Read at: http://www.thehindu.com/todays-paper/tp-business/it-dept-asked-to-share-wealth-details-of-defaulters-with-banks/article6063864.ece

Exams Perspective:

  1. Non-Performing Assets (NPAs)
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