April 16, 2009 1:05:38 am
If this suggestion is implemented by the Election Commission of India,loan defaulters will be debarred from contesting elections. Until now,candidates in an election are required to reveal only the details of loans availed in their affidavits and not of repayment details.
Now,the All India Bank Employees Association (AIBEA) has suggested that all those having defaulted on loan repayments be debarred from contesting elections. In this connection,the EC while receiving the applications from the candidates requires the candidates to declare their assets and liabilities in the affidavit to be submitted by them. The details required to be submitted under the liabilities column mentions about loans taken from the banks and financial institutions.
The candidate is required to inform the details of the loans taken by him/her from the banks. But there is no requirement in the application to inform whether the loans have been defaulted by the candidate to the bank, points out AIBEA national general secretary C H Venkatachalam in his letter to the EC.
According to Venkatachalam,it is a matter of everyones knowledge that the bad loans/non-performing assets in banks are increasing day by day and it runs to thousands of crores of rupees. It is also known that many of the loans in which huge amounts are overdue and under default are from accounts of very influential persons.
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He said the AIBEA had been demanding stringent measures to recover these loans. Bank loans have been systematically siphoned out by these borrowers and it is necessary that these amounts should be realised. Similarly,these amounts could possibly also find their way into the secret accounts in Swiss Banks,he wrote to the EC.
We earnestly feel that candidates who have defaulted bank loans should be denied the opportunity to contest the elections and should be debarred from the election process. We are sure that the Election Commission will take our views into account and prescribe rules to debar the candidature of those persons who are bank loan defaulters, states the application.
Dushyant Trivedi,chairman of the Mahagujarat Bank Employees Association,has said the candidature of loan defaulters should not be accepted irrespective of whatever party they represented. Trivedi said the default involved crores of rupees,which poor persons deposit in banks and it is they who suffer loss courtesy the defaulters. Such persons cannot be allowed to contest elections,let there be a law in place if need be, he said.
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