Dec 11, 2024
Dec 11, 2024
Rewarding Non Performance
It is reported that the Income Tax department has advised officers to step up prosecution of wilful defaulters to ensure much needed revenue. They are going to embark on search and survey operations.
This author feels that the sleuths need not spend so much energy on search operations. The government has enough defaulters- be it money stashed abroad or NPA’s (Non Performing Assets) of Banks. We will dwell upon the NPA aspect.
NPA’s in Banks
Lot of time and effort is spent in annual exercise of Budget in our country. All the Babus pat their backs after presentation of annual Budget for the best possible trade-off for the nation. Indeed they make their own job appear difficult. But subsequently they make their own lives comfortable and that of the common man difficult by wilfully conniving to generate NPA’s in Banks.
The Banking sector boasts of having Rs 193,194 crores of NPA’s as on 31st March2013 detailed below:
Banking Sector | Rs Crores |
Public Sector Banks | 164,462 |
Private Sector Banks | 20,762 |
Foreign Banks | 7970 |
TOTAL | 193,194 |
Navin You are right. The tax department already has a long list of defaulters totalling thousands of crores of rupees. But they don't have the courage to go after these people. The people doing financial manipulations are not considered criminals. To my mind these are the people responsible for keeping poor people poor. These people must be brought to justice. I appreciate your work and thoughts Navin. Even the smallest effort in the right direction counts. We must realize what we are passing on to our generations. |