1. China launches crackdown against 7 mn bank defaulters, shows India how to deal with debtors

China launches crackdown against 7 mn bank defaulters, shows India how to deal with debtors

With examples of bank defaulters like Vijay Mallya, absconding from the country, still fresh in the minds of Indians, China has taken another strict step towards penalising the debtors and defaulters.

By: | New Delhi | Published: February 19, 2017 10:00 PM
China's Supreme People's Court has blacklisted 6.73 million bank defaulters and restricted them from travelling by plane, applying for loans & credit cards or getting promoted. (Reuters) China’s Supreme People’s Court has blacklisted 6.73 million bank defaulters and restricted them from travelling by plane, applying for loans & credit cards or getting promoted. (Reuters)

With examples of bank defaulters like┬áVijay Mallya, absconding from the country, still fresh in the minds of Indians, China has taken another strict step towards penalising the debtors and defaulters. In an unprecedented crackdown, China’s Supreme People’s Court has blacklisted 6.73 million bank defaulters and restricted them from travelling by plane, applying for loans & credit cards or getting promoted.

As reported by Global Times, till date, the Chinese government had barred 6.15 million people from buying plane tickets and 2.22 million from travelling by high-speed train. Supreme people’s Court enforcement bureau chief, Meng Xiang has confirmed that SPC has cooperated with airlines and railway companies to bar the defaulters with the help of their official IDs and passports. The implementation of the ban based on passports was initiated as earlier many defaulter with barred ID card numbers started buying plane tickets with their passports.

Also Watch:

While a total number of 71,000 defaulters have been barred from serving as corporate representatives and executives, more than 5,50,000 loan and credit card applications from defaulters had been barred by the Industrial and Commercial Bank of China.

As per Global Times report, Meng has further stated that the court’s list of blacklisted defaulters include government staff, members of local legislative and political advisory bodies, and Communist Party of China congress delegates, while some had also been slammed with expulsion or demotion.

With the latest crackdown on effect, at least one million defaulters had voluntarily abided the court orders.

  1. A
    Amar
    Feb 21, 2017 at 7:25 am
    Persons who raised hue and cry over Demonatization, should learn from this.
    Reply
    1. D
      Davinder singh
      Feb 21, 2017 at 3:44 pm
      India should also be stringent to big defaulter, how such people escape from the country.....,
      Reply
      1. M
        Muralidhar
        Feb 20, 2017 at 3:36 pm
        Forget about bringing Chinese type of strict law,in court also i had very bad experience by being a complainant of cheque bounce case i lost my case.
        Reply
        1. P
          Prashanth
          Feb 21, 2017 at 7:49 am
          I agree, even in my case dealer(cheque) is least bothered. It's only me who is roaming around court and lawyer. Disgusting
          Reply
          1. G
            Gopalakrishnan
            Feb 20, 2017 at 11:21 am
            It is time our prime minister can follow Chinese model to crackdown defaulters. He can also attach the properties of corrupt politicians/ agents/ officials at the earliest to clean our country. It is shameful in tamilnadu the legislators who had voted for sasikala' s proxy says they paid 5 car to win the elections and hence people have no moral right to call them back, as they have to loot to compensate the money spent in addition to making a fortune for themselves.I wonder in this scenario how our modiji ,can transform
            Reply
            1. A
              AMIT KUMAR
              Feb 20, 2017 at 5:55 pm
              Indian law system is pathetic. Judges are s, they don't apply atleast commonsence. This is applicable to our supreme court judges also.
              Reply
              1. A
                Amulya Pandit
                Feb 21, 2017 at 11:53 am
                People, who considered demo a boon...should learn from this. The actions must be in consonance with the objective. The purpose of DeMo, is yet to be ascertained. ... The measure was totally unsuitable for the stated objective....as the results prove it.
                Reply
                1. Anil Girotra
                  Feb 21, 2017 at 4:50 am
                  Though such a step in india keeping in view our laws/courts may not be possible still the Govt can ask RBI/banks to link Adhar card of defaulters/promoters of firms/coys and stop the access to travel by train or buying luxury items/ cars and access to govt funded facilities like parks, hospitals or hotels on govt land even air travel as airports are on govt land . Choke them. Children of these people also be deprived of certain facilities
                  Reply
                  1. S
                    saivivek
                    Feb 20, 2017 at 1:31 pm
                    We dont have an proper id card which is applicable all ove india. So in india we can bring this... all our system is not connected.. but i will support this step as its very best decision... which will make them pay for sure...
                    Reply
                    1. CAPTAIN V.S.SHARMA
                      Feb 20, 2017 at 6:39 pm
                      Our Judicial Insutions, Tribunals, are our Pride. Captain VS Sharma(R) 1965 War Wounded
                      Reply
                      1. L
                        Love peace
                        Feb 21, 2017 at 4:53 am
                        In India government arranges flights and visa for defaulters businessesmen to escape from India only trouble poor people's in name of demonization
                        Reply
                        1. N
                          Narendra
                          Feb 20, 2017 at 12:33 pm
                          Historical judgement, we have to learn
                          Reply
                          1. H
                            hkl
                            Feb 19, 2017 at 5:41 pm
                            jjjbj
                            Reply
                            1. H
                              Harshad V.
                              Feb 20, 2017 at 4:01 am
                              All Indian political parties are hand in glove with big corporates forget following and take examples of rule of law by other countries if they follow thm in how to make infrastructure better is enough for us.
                              Reply
                              1. J
                                jiteendar
                                Feb 22, 2017 at 8:04 am
                                I am ready to joining
                                Reply
                                1. L
                                  Lakshminarasimhan
                                  Feb 21, 2017 at 5:42 am
                                  I am sure the MoF, will take a cue from this. Let us not spare the rod. Even now nothing has gone too astray, the government of India can such strigent measures to book the culprits.
                                  Reply
                                  1. M
                                    Minoo F
                                    Feb 20, 2017 at 2:20 pm
                                    I fully concur with you Mr. Harshad. Its just a case of you scratch my back and I scratch yours.
                                    Reply
                                    1. Mallikarjuna Sharma
                                      Feb 21, 2017 at 3:38 pm
                                      In fact it cannot be called demonetization proper even - only replacement of some big size notes with smaller size notes and inclusion of notes of higher value (Rs. 2000/-) too! This means that in a suit case more amount of money can be shoved and the suit case exchanges will be more profitable for all the corrupt, who number more in the ruling party.
                                      Reply
                                      1. Mallikarjuna Sharma
                                        Feb 21, 2017 at 3:36 pm
                                        Oh Mr Amar Modi Bhakt, what demonetisation achieved except increasing corruption in the shape of Rs. 2000/- notes bundles almost all illegal caches found with BJP leaders!? Most of the demonetized notes have been credited in banks now, which shows that practically little was achieved except to trouble the people, cause losses of lives even and ruin the economy and cause losses to the economy of the tune of lakhs of crores of rupees, that's all!
                                        Reply
                                        1. Mallikarjuna Sharma
                                          Feb 21, 2017 at 3:41 pm
                                          The finance minister himself is alleged to have spent 50 crores rupees for his daughter's marriage while millions of people were undergoing all troubles and travails in long queues, and many unsuccessfully, to withdraw even 2-4 thousand rupees from their own savings deposits! Has anybody inquired into these disproportionate ets, how the finance minister earned so many crores and spent so many crores, how Gali Janardhan Reddy earned hundreds of crores and spent hundreds of crores for marriage, how Gadkari arranged chartered flights for guests, perhaps not so lavishly arranged even by foreign heads of state!?
                                          Reply
                                          1. M
                                            M.RADHAKRISHNAN
                                            Feb 21, 2017 at 3:55 pm
                                            ChineseCourt will be helpful to GovtMaintaining disciplineHere ?
                                            Reply
                                            1. Load More Comments

                                            Go to Top