MoF invalidates passports of 34 willful defaulters

Following the recommendation from the government and private banks, the Ministry of Finance (MoF) has decided to cancel the passports of 34 willful defaulters associated with 11 leading groups.

According to the reports, the MoF had taken the decision to this effect on Friday on the basis of the recommendations of six leading commercial banks received through Nepal Rastra Bank (NRB). Rastriya Banijya Bank (RBB) had forwarded the names of 13 defaulters, Agriculture Development Bank (ADB) had recommended 15 names, Nepal Bangladesh Bank (NBB) recommended 4 names, Bank of Kathmandu (BoK) and Nepal Credit and Commerce Bank (NCCB) each recommended one name.

Among those whose passports have been annulled in this phase are royal relatives, family members of former prime minister and entrepreneurs, few are Indian and Bangladeshi nationals also.

Reports said that those black listed defaulters, whose passports have been invalidated, will also be barred from transferring ownership or selling their fixed assets, and assuming the position of director or promoter in any company.

Likewise, defaulters have also been disqualified form trading in treasury bills and savings certificates and are prohibited from receiving medals and decorations conferred by the state.

In last February, the government had annulled the passports of 80 blacklisted defaulters associated with 27 leading business groups.