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NPAs of FIs at a staggering Rs 171.55 billion

The government on Tuesday disclosed that the net non-performing assets of country's leading financial institutions stood at a staggering Rs 171.55 billion as on March 31 this year.

Informing the Rajya Sabha, Minister of State for Finance Gingee N Ramachandran said in a written reply that the financial institutions included IDBI, IFCI, ICICI, Exim Bank, IDFC, IIBI, SIDBI, Nabard and NHB.

However, Ramachandran did not name the corporate houses and individuals against whom huge loans were outstanding citing governing statues on fidelity and secrecy.

In reply to another question, the minister said that multi-national liquor giant Seagram Ltd had evaded customs duty to the tune of Rs 379.6 million by way of misdeclaration of value, quantity and classification of scotch whisky concentrate imported by it.

He said a show cause notice had been issued to the company and prosecution launched under the provision of Customs Act.

Ramachandran said another show cause notice was in the process of being slapped against the company for alleged duty evasion to the tune of Rs 120 million for the period from July 2000 to June 2001.

The department of food processing industry and ministry of agriculture had been informed to prevent any attempt of transfer of assets by the defaulting company, the minister added.

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