Govt to punish big-time offenders leaving the country

Coupled with Bankruptcy and other such Acts, this law would give more teeth to banks to recover dues

In his Budget speech, finance minister Arun Jaitley mentioned that the government would introduce a law that will make it possible to confiscate the assets of absconders who owe money to banks. The Budget documents did not provide any detail on this, as this was an intent and not related to the budget or policy issues.

"There have been instances of big time offenders fleeing the country to escape law. The government is considering legislative changes, and new law to confiscate assets of such persons," Jaitley said in his speech.

But this announcement is important as coupled with Bankruptcy and other such