As the government is facing
criticism for not taking
strong action against
willful defaulters, the
government has decided to
seize the passports of all
blacklisted willful
defaulters. Monday's cabinet
meeting also decided to bar
them from transferring
ownership of or selling
their fixed assets.
According to reports, the
policy will be implemented
initially for businessmen
defaulting more than Rs. 50
million. According to Nepal
Rastra bank, the decision
will affect about six dozen
blacklisted defaulters.
"Many top businessmen from
big business houses will now
be restricted from flying
abroad or selling their
property," The Kathmandu
Post daily reported.
However, blacklisted
defaulters will be allowed
to sell their fixed assets
for the purpose of servicing
their outstanding debts.
Similarly, the businessmen
will be losing their credit
and debit banking cards and
will also be barred from
assuming the position of
director or promoter of any
company.
Read more about bank
defaulters
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