Foreign Trip of the Loan Defaulters May Ban

Proposed measures in new passport law Passports of loan defaulters to be seized or revoked Foreign travels to be restricted even if loan default is caused by business failures, losses Proposed amendments to the Bank Company Act, Bankruptcy Act, and Finance Company Act also seek punishment for defaulters Bankers, lawyers, and economists say existing laws are enough to be hard on loan defaulters but those are not properly enforced Loan defaulters, no matter wilful or circumstantial, will have their passports seized or revoked, according to a p…