China launches crackdown against 7 mn bank defaulters, shows India how to deal with debtors

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With examples of bank defaulters like Vijay Mallya, absconding from the country, still fresh in the minds of Indians, China has taken another strict step towards penalising the debtors and defaulters. In an unprecedented crackdown, China’s Supreme People’s Court has blacklisted 6.73 million bank defaulters and restricted them from travelling by plane, applying for loans & credit cards or getting promoted. 

As reported by Global Times, till date, the Chinese government had barred 6.15 million people from buying plane tickets and 2.22 million from travelling by high-speed train.

I wonder when India will be like this !!!

To read more:

http://www.financialexpress.com/world-news/china-launches-crackdown-against-7-mn-bank-defaulters-shows-india-how-to-deal-with-debtors/558021/

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