scorecardresearch
Follow Us:
Tuesday, July 05, 2022

‘Debar loan defaulters from contesting elections’

If this suggestion is implemented by the Election Commission of India,loan defaulters will be debarred from contesting elections.

Written by Tanvir A Siddiqui | Ahmedabad |
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 everyone’s 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.

Best of Express Premium
UPSC Key-July 5, 2022: Why to read ‘Muscular Regional Policies’ or ‘Allur...Premium
As PAGD stitches up joint poll front, BJP & smaller parties face a ch...Premium
Making sense of Assam floods: Why rivers turned violent in the 20th centu...Premium
BJP and Shiv Sena allies might not go after Uddhav factionPremium

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.

In Gujarat,the Bharatiya Janata Party (BJP) has fielded at least three candidates whose names are involved in bank frauds. To this,Venkatachalam said the state unit of AIBEA would look into that.

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.

Express Explained Go beyond the news. Understand the headlines with our Explained stories

📣 Join our Telegram channel (The Indian Express) for the latest news and updates

For all the latest Ahmedabad News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard
Advertisement
Advertisement
Advertisement
Advertisement