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Vijay Mallya's due to SBI not waived off: Arun Jaitley

Vijay Mallya's due to SBI not waived off: Arun Jaitley

| | 16 Nov 2016, 10:55 pm
New Delhi, Nov 16 (IBNS): At a time when the government is facing severe criticisms from the oppositions for its move to demonetise Rs.500/1000 notes, Finance Minister Arun Jaitley on Wednesday said the due amount owed by liquid baron Vijay Mallya's Kingfisher Airlines against a loan by the State Bank of India has not been waived off.

According to reports, the Rs. 1,200 crore dues owed by Kingfisher Airlines, which has now ceased to operate, has been labelled a write-off in the books of the State Bank of India.

Coming under attack from the oppositions at the Rajya Sabha, Jaitley said: "It only means that in accounting books, it is listed as a non-performing asset. A write off doesn't mean forgiving loans. The loan will still be pursued."

The due amount has been moved to a category called AUCA or "Advance Under Collection Accounts" of the SBI which lets the banks to take the bad debt off their books while keeping the loan amount alive for chances of recovery.

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