RBI Guidelines on Wilful Defaulters
HISTORY AND GERMINATION OF LAW ON WILFUL DEFAULTERSIn the year 1986, Reserve Bank of India (“RBI“), vide its Circular No. 145 dated 20.08.1986, introduced a reporting mechanism in order to introduce financial discipline amongst credit institutions. In order to curb a rapid upsurge in non-performing assets (“NPA“) in the 1990s1 stringent measures against ‘wilful defaulters’ were brought […]
Law on Look Out Circular
“No freeman shall be taken or imprisoned or deceased or outlawed or banished or any ways destroyed, nor will the King pass upon him or commit him to prison unless by the judgment of his peers or the law of the land. ” – English Magna Carta, June, 1215. Black’s Law Dictionary defines ‘Personal Liberty’ […]