February 19, 2018

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. 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.

Read more at http://www.financialexpress.com/world-news/china-launches-crackdown-against-7-mn-bank-defaulters-shows-india-how-to-deal-with-debtors/558021/

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