defaulters

Property tax defaulters to face heavy penalties under new provision

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Property tax defaulters to face heavy penalties under new provision

Property owners in Bengaluru who fail to clear tax dues for two consecutive years will now face 100% penalty (equal to the unpaid amount), along with an annual interest of 9%. The move, expected to impact around two lakh habitual defaulters, is part of a stricter enforcement drive by the city’s civic body. The penalty … Read more

Bank unions oppose RBI’s decision to allow compromise settlement for wilful defaulters

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Bank unions oppose RBI’s decision to allow compromise settlement for wilful defaulters

Represenatational image | Photo Credit: G. Ramakrishna Bank unions AIBOC and AIBEA have opposed the Reserve Bank’s move to allow lenders to settle loans of wilful defaulters under compromise settlement. The RBI’s recent ‘framework for compromise settlements and technical write-offs’ is a detrimental step that may compromise the integrity of the banking system and undermine … Read more