Tourism Finance Corporation of India takes a hard look at its NPA
muska...@yahoo.co.in
Government, both the Central and the State, the tourism industry seems
to be finding it difficult to repay the amounts borrowed by it. The
Tourism Finance Corporation of India has thus got saddled with about
Rs. 150 crores, amounting to almost one fifth of its advances, as NPAs.
With major plans under way, the TFCI has no alternative but to take a
hard look at its burgenoning NPA portfolio, and take even harder
decisions. And the process has started in right earnest.
robinm...@gmail.com
I am basically a litigation lawyer. Practicing in focussed FERA/FEMA,
Trademarks, Copyrights, Company laws, cheque-bouncing matters, breach
of contract, drafting, vetting, registration of documents, agreements
etc. plus matrimonial issues and cyber laws. Mainly in appellate side.
I want to raise a debate as to the on going malady that a counsel has
to face in prosecuting and protecting the interest of clients in
respect of FERA/FEMA matters.
And as you would note that FERA stands repealed and a less harsh
enactment, FEMA has come in place. The foreign exchange reserve of the
country has remarkably improved. The RBI has liberalized its norms for
waiver/write off of its export proceeds from the foreign exchange point
of view. As par the Circular of the RBI, the non-realisation upto 10%
could be written off by the Exporter himself. But, what happens is that
an export during the FERA regime, the said Circular may not be
applicable per force, but is a precursor as to how favorably
applications like the present should be dealt with. But does it go in
the minds of banks/tribunal/rbi while taking into account the trauma an
exporter has to face. One way, non/less repatriation and other way,
wrath of penalty being imposed by ED/ATFE. A case of double jeopardy.
No.
Lets debate.
e_advocate: my ID is e_adv...@yahoo.co.uk &
forexlaw...@yahoo.com
Regards.
Rabin Majumder
Advocate, Legal Consultant.