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China sets precedent in handling bank defaulters, restricts them buying plane tickets

As Per Report Of Global Times, The Chinese Government Had Launched A Massive Crackdown On Defaulters.

News Nation Bureau | Edited By : Vikas Mehta | Updated on: 21 Feb 2017, 10:15:51 AM

New Delhi:

It could be a precedent for India that how to handle bank defaulters and debtors, the Supreme People’s Court of China passed a stern order restricting them travelling by plane, applying for loans and credit cards. The court has also blacklisted 6.73 million bank defaulters.

As per report of Global Times, the Chinese government had launched a massive crackdown on defaulters and had barred 6.15 million people from buying plane tickets and 2.22 million from travelling by high-speed train.

Supreme people’s Court enforcement bureau chief, Meng Xiang corroborated the information that SPC has cooperated with airlines and railway companies to restrict the defaulters with the help of their official IDs and passports.

The ban move was based on passports as it was learned that several defaulters with barred ID card numbers started buying plane tickets with their passports.

The initiative witnessed a large number of people affecting with the new order.  It is observed that 71,000 defaulters have been restricted from serving as corporate representatives and executives while 5,50,000 loan and credit card applications from defaulters had been blocked by the Industrial and Commercial Bank of China.

Meng further added that the court’s list of blacklisted defaulters that include government staff, members of local legislative and political advisory bodies, and Communist Party of China congress delegates.

 

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First Published : 21 Feb 2017, 10:00:00 AM

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