Kathmandu, Feb 12: Nepal's Maoist government has
announced strong measures for taking action against bank loan
defaulters including seizure of their passports.
The government has decided to impose a ban on
transactions of properties of defaulters, restrict them from
operating businesses, seize their passports and suspend other
state facilities to them according to Minister for Information
and Communication Krishna Bahadur Mahara.
Various banks of the country have failed to recover over
Rs 4 billion from these defaulters. According to officials,
the restrictions will apply to at least 238 wilful defaulters
who owe over Rs 10 million each.
The government has also formed a five member monitoring
committee to monitor the status of defaulters and to expedite
action against them.
Bureau Report
First Published: Thursday, February 12, 2009, 00:00