Make names of big loan defaulters public, demand PAC members

Members of a Parliamentary panel today suggested to the Finance Ministry to make public the list of loan defaulters submitted by RBI to the Supreme Court in sealed cover, and also share names of black money holders mentioned in HSBC and Liechtenstein lists with them.
According to sources, the MPs attending meeting of the Public Accounts Committee (PAC) on 'Monetary Policy' also inquired from the finance ministry officials about the impact of demonetisation on economy and steps taken by the government to deal with delinquencies in banking sector after note ban.
Some of the MPs wanted to know from Finance Ministry Secretaries, why the names of black money hoarders and big loan defaulters can not be shared with them, and at the same time also suggested those lists should be made public, sources said.

In March last year, the RBI had submitted a list of big loan defaulters in a sealed cover to the Supreme Court with a submission that disclosing their names may have adverse impact for business and may accentuate failure of business.
India is investigating over a dozen cases involving Indians who have allegedly stashed black money in Liechtenstein, a tax haven. The Income Tax Department is investigating about 240 cases linked to HSBC Bank in Geneva.
Among others, the PAC meeting was attended by Nishikant Dubey and Ajay Sancheti besides Chairman K V Thomas.
According to the sources, in its response to PAC over queries on demonetisation, Finance Ministry said it has also detected undisclosed income of Rs 4,172 crore in search and seizure operations between November 9-December 28, 2016.