Budget 2017: Bank loan defaulters can't be let off easily, says FM

FM proposed new law for big time offender which enables confiscation of domestic assets

To tighten the screws on bank loan defaulters, the Central government will soon come up with a new law which enables "confiscation of assets" of persons who fled outside the country after defaulting on loans.

The move is triggered after the beleaguered businessman Vijay Mallya, who is in the UK for many months, has been declared as a 'wilful defaulter' by lenders for non-payment of loans worth over Rs 9,000 crore by his now-defunct Kingfisher Airlines.

“Government is therefore considering introduction of legislative changes, or even a new law, to confiscate the assets of such persons located within