Move is in line with steps announced by the government recently
States must not stray from fiscal discipline
Govt has approved establishment of six new Debt Recovery Tribunals to speed up the recovery of bad loans
Bengal, some others to face new and swelling debt headache from FY18
Around 12.4 per cent of the total debt assets under management (AUM) was invested in government paper
Debt Recovery Tribunals have powers of a civil court under Civil Procedure Code, 1908
Proposed framework to progressively reduce the total exposure of banks to heavily indebted companies likely come into effect from financial year 2017-18
Many countries have not introduced laws allowing regulators to write down bank's debts to avoid taxpayer bailouts
He said a capital gains tax would be imposed and a uniform VAT would be charged at 15 per%; ending some exemptions
According to data collated by Prime Database the money was mobilised by 470 institutions and corporates