Sinha talks tough on banks8217; NPAs

A September 30 deadline has been fixed this year to settle the NPA cases and then file cases against each account before courts, he said.

The chairmen of respective banks have been directed to personally investigate cases involving more than Rs 5 crore, Sinha said.

8220;I am writing to the Chief Justice of the Supreme Court of India to solicit his help in expediting NPA cases,8221; Sinha added. The government was willing to accept the contentions and arrive at a settlement where cases are between the range of Rs 10 lakh to five crore as on March 31, 1997.

The Reserve Bank of India RBI has issued a circular on July 27 to the banks to be non-discretionary and non-discriminatory in cases of NPAs, the Finanance Minister revealed.

8220;No target has been fixed on recovery of NPAs but my target is every single rupee,8221; he asserted. Sinha expressed satisfaction that during last three years the figure of tax payers in the country has gone up from 1.25 crore to 2.25 crore.

Sinha said the Finance Ministry was setting a target of five crore tax payers in the country for the next three years. The government would continue to honour the honest taxpayers, he added.

The government was keen on developing the small sector industry SSI in the country. A cabinet sub-committee set up under the chairmanship of Union Home Minister L K Advani in this regard was likely to submit a report within next ten days, Sinha said.

A convention of SSI entrepreneurs is being organised on August 30 which will be addressed by the Prime Minister Atal Bihari Vajpayee, he said adding the government was committed to promote SSIs.

Sinha favoured setting up of an export processing zone in Nagpur due to its geographical location and assured the chamber of commerce to discuss the issue with commerce Minister Murosali Maran.

Local MP Vilas Muttemwar presided over the function.