Friday, May 1, 2020

MODI Government Waived off Rs.68607 core of Neerav Modi,Chowksi, Vijay Mallya?

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Whether Modi Government Waived off Loan amount of Rs.68607 Crore?




In a response to an RTI filed by Saket Gokhale, RBI released the name of 50 wilful defaulters whose loan was write off till 30th September 2019.




Let's understand whether RBI waived off wilful defaulter loan amounting to Rs.68607 crore. Recently an activist asked RBI through RTI about the top 50 wilful defaulters. Before this activist, Rahul Gandi who is an opposition leader also asked in parliament session about the top 50 defaulter. But at that time Modi government not provided that detail in parliament to the opposition.

As per the list Geetanjli Gems whose owner is Mehul Chowksi write off loan amounting to Rs.5492 Crore is on top. Vijay Mallya(Kingfisher Airlines) on the 9th position in this list with the amount of Rs.1943 Crore. Further we also have to understand full amount is not written ff by the bank instead of that particular loan against which collateral security not available or which is not feasible to recover.

The main issue here is to understand whether the loan waived off or just write off and can still be recovered.

In response to activist RTI, RBI released the name of the top 50 wilful defaulters including Mehul Choksi,Vijay Mallya on 24th April, 2020.


Before understanding of this allegation that Modi Government waived loan amounting to Rs.68607 Crore, We have to understand what is the difference between waived off and write off?

Waived Off:

Waived off means if banks not liable to recover such amount from that person to whom loan given. Basically in India it seems mostly in case of the farmer where the Government waived off their loan on large scale and banks giving to farmer a no recovery certificate. It's not mean is that banks bear such waiver instead Government paid to bank which is waived off by the banks.

After understanding waived off it is clear that bank are not liable to recover further that particular loan from the farmer.

Write Off:


After understanding of waived off let's try to understand what is the meaning of write off?
Write off means basically when banks feel there are difficult to recover such amount which given as loan and have to clean accounts for the purpose of taxation.

For e.g we generally seeing that banks actually get in profit but due to heavy written off of loans they are showing in their Balance Sheet as a loss. 

Now we are more clear about the difference between waived off and write off.


Whether the Government is not liable to recover such loan amount?

This statement is not true. Government is still liable to recover such loan which is write off by the banks.


As we know that Modi government is fully against to whom who went without paying loan to bansks. This we can understand by as still Neerav modi , Chowaksi is still in jain since long time. No bail granted to them. 

So many allegation and cases already going on against these defaulters.hence we are very clear that still banks will try to recover such written off loan.

The allegation which imposed on Modi Government by Opposition is completely wrong. As public we have to be aware about it.

Thanking you for reading this blog hopefully now you are very clear about reality.

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