Finance Ministry ask state run banks to ask passport details for loans

By Realty Quarter Bureau

Fugitive Economic Offenders Bill which is currently undergoing in the session of parliament the government is soon to be expected make an official announcement.

The finance ministry can ask the state run money lenders to seek the passport details before giving loan of 50crore or above to the borrower. A senior government official said, this will help at least the fraud from fleeing the country. The idea is under discussion and argumentation in ongoing session of parliament and government is expected to table the Fugitive Economic Offenders.

Official added, “We are trying to ensure a more effective coordination between banks, intelligence agencies and other government departments,” he said. “In cases where banks feel that there is some fraudulent activity in a particular account, they can inform the agencies in advance.”