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I-T department to share details of assets, accounts of loan defaulters with banks: CBDT

I-T department to share details of assets, accounts of loan defaulters with banks: CBDT

Finance
Income tax authorities will share details of assets of borrowers and their guarantors with public sector banks in case of loan defaults. The move is aimed at preventing promoters from siphoning off assets that are not disclosed to banks and comes close on the heels of the income tax department and goods and services tax authorities deciding to share details about taxpayers and defaulters with each other. Decision to share details to banks comes in the backdrop of borrowers not disclosing complete assets to lenders to safeguard them being party of any recovery proceedings But, banks will also have to do their bit for the department. Banks will need to furnish no objection certificate from jurisdictional Commissioner of the loan defaulter before appropriation of the surplus amount recovered ...
ICICI-Videocon loan case: Chanda Kochhar, husband appear before ED

ICICI-Videocon loan case: Chanda Kochhar, husband appear before ED

Finance
Former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar appeared before the Enforcement Directorate (ED) on Monday in connection with an alleged bank loan fraud and money laundering case registered against them. The couple arrived at the Enforcement Directorate's headquarters in Khan Market here shortly before their scheduled appearance time of 11 am, official sources said. They said the two were required to assist the investigating officer (IO) in taking the probe forward and their statement would be recorded under the Prevention of Money Laundering Act (PMLA). The Kochhars were supposed to depose before the agency early this month but they had then sought an extension of time and were allowed, they said. Chanda Kochhar's brother-in-law (Deepak's brother) Rajiv Kochhar has als...
British Steel in talks about £100m government loan

British Steel in talks about £100m government loan

Business
By Mark Kleinman, City editor The UK's second-biggest steel producer is seeking an urgent £100m‎ government loan after Theresa May's failure to pass a Brexit deal left it frozen out of an EU-wide carbon trading scheme.Sky News has learnt that British Steel, which directly employs 5000 people, is in talks with Whitehall about securing the emergency funding within weeks. Ministers have drafted in the professional services firm KPMG to advise them on the talks‎, which have been going on for several weeks, insiders said this weekend.Greg Clark, the business secretary, has been briefed about the situation.British Steel is understood to face a cash-flow shortfall as a consequence of the European Union's (EU) decision not to allocate UK-based companies their usual pe
Student loan borrowers with cancer are supposed to get a break. They’re still waiting

Student loan borrowers with cancer are supposed to get a break. They’re still waiting

Finance
On Sept. 28, 2018, President Donald Trump signed into law a bill allowing people with cancer to put their student loan payments on hold. The rollout of the new program has been rocky. The Education Department, in a notice in the Federal Register, writes: "The law was immediately effective, meaning that borrowers can immediately request and, if eligible, should receive the deferment." That's not happening. Cancer patients with student debt hoping to get this new break from their monthly bills are running into a wall. At issue seems...