Arun Jaitley on Vijay Mallya: Bad loans write-off doesn’t mean we won’t pursue it

"Bad loans write-off doesn’t mean we won’t pursue it. NDA government has inherited a legacy of bad loans," Jaitley said in Rajya Sabha.

By: Express Web Desk | New Delhi | Updated: November 17, 2016 8:15 pm
Arun Jaitley, vijay mallay, Indian Finance Minister, Mallya debt, Mallya debt row, Mallya debt settlement row, Jaitley warns Mallya, Kingfisher debt, Kingfisher Airlines debt row, where is vijay mallya, India news FM Arun Jaitley (left) and Vijay Mallya(right)

During a House debate on demonetisation, CPM general secretary Sitaram Yechury raised the State Bank of India’s move to write off Rs 1,200 crore owed to it by Vijay Mallya’s defunct airlines Kingfisher Airlines. Union Finance Minsiter Arun Jaitley replied saying that a write-off doesn’t necessarily mean that the bank was not going to pursue the bad debt. He added the NDA government had inherited a legacy of bad loans. “Bad loans write-off doesn’t mean we won’t pursue it. NDA government has inherited a legacy of bad loans,” Jaitley said in Rajya Sabha. Yechury, however, said that the loan “is something that is not going to be realized.”

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DNA on Wednesday reported that the SBI got bad loans worth Rs 7,016 crore off its books by moving them to an Advance Under Collection Account (AUCA). SBI has written off loans owed to it by 62 wilful defaulters, including Kingfisher airlines. Documents accessed by DNA reveal that 63 accounts have been fully written off, 31 partially written off and six have been shown as NPAs.

Earlier, Yechury came down heavily against the Modi government’s move to declare old tender illegal. Speaking in the Rajya Sabha, he said “small fish are dying, while big crocodiles are enjoying”. “Demonetisation is like PM clearing the pond to kill the crocodiles. Not realising crocodiles can live on land as well,” Yechury said. Questioning the government’s logic behind scrapping old Rs 500, Rs 1000 notes, Yechury said that 86 per cent of the transactions in the country are in cash and 80.8 per cent of the rural population was not covered by the banking system.

Yechury rued that plantation workers have been committing suicide, unable to make ends meet, and truckers across the country were feeling the heat over the issue. ““Will truck drivers eat at dhabas with credit cards?” asked Yechury. He demanded the government to allow public to use old notes until alternative arrangements were made.

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  1. P
    Prateik
    Nov 16, 2016 at 5:43 pm
    WHAT THE FK!
    Reply
    1. V
      Vanddu.Murugan
      Nov 16, 2016 at 11:21 am
      75% of written off money goes to BJPlt;br/gt;15% to Congress
      Reply
      1. G
        George.Cruz
        Nov 16, 2016 at 5:45 pm
        Arun Jaitleyji is the most intelligent finance minister in the universe. ALL YOU INDIANS ARE BRAINLESS USELESS SENSELESS STUPIDS!
        Reply
        1. E
          Earthkeeper
          Nov 16, 2016 at 3:54 pm
          LoL 😃 😃😃😃😃 lt;br/gt;Joke of the century
          Reply
          1. H
            Harjit
            Nov 16, 2016 at 7:37 pm
            So far what Modi has done against these rich people. BJP minsiters helping them flee with the stolen money to open account in swiss bank. Modi Gate is the proof.
            Reply
            1. D
              DDCA
              Nov 16, 2016 at 5:48 pm
              Through which airport did Mallaya escape? RAW AIRPORT IN RAW JET.
              Reply
              1. S
                Satendra kumar
                Nov 16, 2016 at 11:47 pm
                The new British government and Republic of India signed a deal of prisoner exchange so why not do all formalities for extradition deal.Both government has mutual benefit for this categories.All those people wanted by respective government is liable for punishment by country's jurisdiction system.There shouldn't be any negligence to the crime offenders whether is a ordinary citizen or a well known businessman.Every Indian has righteous about all those summoned or criminal activitiy people like tax evasion frauding money laundering payment defaulters to the banks illegal business activities.This people should be punished by jurisdiction system of both countries.If it's Indian citizen should be punished under Indian jurisdiction system if British should be punished by British jurisdiction system.All this system should be implemented.
                Reply
                1. T
                  Trun
                  Nov 16, 2016 at 12:22 pm
                  Hehe that's how daylight Robbery by govt is done,making fool and causing pain to public in the name of blackmoney.
                  Reply
                  1. T
                    Trun
                    Nov 16, 2016 at 12:55 pm
                    This may be reason why Raghuram Rajan was shunted out and replaced by Urjit Patel and all notes changed with Patels name.
                    Reply
                    1. S
                      Soundar
                      Nov 16, 2016 at 1:09 pm
                      Jaitly is helping only super rich people of India. The income tax case against Jayalalilha was going on for the last eighteen years Jaitly as FM met her at poes garden and the case was settled
                      Reply
                      1. S
                        SubbuI
                        Nov 16, 2016 at 12:41 pm
                        VERY BOLD AND TIMELY STATEMENT BY JAATLY
                        Reply
                        1. M
                          Mathura
                          Nov 16, 2016 at 11:51 am
                          He is true picture of the saying run with the hare and hunt with the wolf.
                          Reply
                          1. A
                            ams
                            Nov 16, 2016 at 10:15 pm
                            So Mallya got bad loans during Congi time, then during BJP time he ran away, then BJP wrote off these loans? Why anyone who is "high" on the "so-called" war on black money needs to quickly come to their senses!!!!
                            Reply
                            1. L
                              Lalit
                              Nov 16, 2016 at 11:13 am
                              Can you vouch for the health of the banks? Is people's money really safe with banks that are regularly writing off loans of offenders that are often cronies of the politicians?
                              Reply
                              1. A
                                ashok s
                                Nov 16, 2016 at 11:57 pm
                                When British pm was in India ,why didn't the pm raised the issue. Only politics politics but no genuine work been done by govt
                                Reply
                                1. A
                                  ashok s
                                  Nov 16, 2016 at 11:51 am
                                  We poor netizens stand foolish. All from up to down in housing society, grab nirman , housing dept or ministry official are on holiday . pls contact them to verify my claim.
                                  Reply
                                  1. A
                                    ashok s
                                    Nov 16, 2016 at 11:52 am
                                    Why are official in govt dept are on holidays. Pls pm , cms explain. Don't fool us
                                    Reply
                                    1. B
                                      Barb Dewyre
                                      Nov 16, 2016 at 11:56 am
                                      When Modi conceived this scheme the Finance Minister should have either warned him that it is not practicable or should have executed it in a efficient manner. It appears he did neither. As a minimum, Jaitley should be asked to go. Blind leading the blind.
                                      Reply
                                      1. R
                                        Raj
                                        Nov 17, 2016 at 11:14 am
                                        Modi and his dostana Shah will take that 10%
                                        Reply
                                        1. B
                                          Bijan Mohanty
                                          Nov 16, 2016 at 5:55 pm
                                          Demonetisation in one hand and writing off bad loans of influential borrowers like Vijay Mallya on the other hand; what a brilliant Prime Minister with a matching Finance Minister and what a coincidence of time ! Is the common man so foolish as not to understand the meaning of this strange coincidence?
                                          Reply
                                          1. B
                                            Binay Mahanta
                                            Nov 16, 2016 at 1:35 pm
                                            My Arun Jaitley, what is the definition of "Write-Off". For what will the government pursue it?lt;br/gt;The politicians like Arun Jaitley think it is very easy to fool the public.
                                            Reply
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