As the world is shifting to various social media platforms, debt collectors too have the chance to hop on the technology train now. Debt collectors can now contact their consumers through social media platforms and text messages.<o:p></o:p>

The Consumer Financial Protection Bureau (CFPB) has now allowed all creditors to directly message Americans who have loans. So, now, the US creditors are legally allowed to slide into DMs.

<o:p>Also read |&nbsp;<a href="https://www.wionews.com/trending/gamechanger-scientists-reveal-cruelty-free-mushroom-leather-433875">Gamechanger? Scientists reveal cruelty-free 'mushroom leather'</a></o:p>

This change was approved last year under the Donald Trump administration. Supporters of this rule have argued that this is simply a modification of the rule created in the 1970s. They also believe that this change was needed to keep up with the changing times as the law was drafted in 1977 when social media platforms did not exist and text messages were not regular.<o:p></o:p>

However, the critics are arguing that this might not be the best way to reach out to the Americans as there is a possibility that messages can be lost online.<o:p></o:p>

Critics also argue that this can be an invasion of privacy and can also give birth to new and deadly scams.

<o:p>Also read |&nbsp;<a href="https://www.wionews.com/world/man-dressed-as-ninja-shot-by-french-cops-after-attacking-two-policewomen-with-sword-433840">Man dressed as ninja shot by French cops after attacking two policewomen with sword</a></o:p>

Under the rule approved by the CFPB, creditors are allowed to directly and personally contact defaulters through text messages and direct messages. However, the debt collectors are not allowed to post anything on the public pages of the defaulters.<o:p></o:p>

Another interesting thing under this rule is that consumers can opt out of getting these messages. Creditors, in general, are not bound to take permission to contact people. In addition to this, there is also no set limit to how many messages can be sent to the defaulters.<o:p></o:p>

As the world is shifting to various social media platforms, debt collectors too have the chance to hop on the technology train now. Debt collectors can now contact their consumers through social media platforms and text messages.

As the world is shifting to various social media platforms, debt collectors too have the chance to hop on the technology train now. Debt collectors can now contact their consumers through social media platforms and text messages. The Consumer Financial Protection Bureau (CFPB) has now allowed all creditors to directly message Americans who have loans. So, now, the US creditors are legally allowed to slide into DMs. Also read | Gamechanger? Scientists reveal cruelty-free 'mushroom leather' This change was approved last year under the Donald Trump administration. Supporters of this rule have argued that this is simply a modification of the rule created in the 1970s. They also believe that this change was needed to keep up with the changing times as the law was drafted in 1977 when social media platforms did not exist and text messages were not regular. However, the critics are arguing that this might not be the best way to reach out to the Americans as there is a possibility that messages can be lost online. Critics also argue that this can be an invasion of privacy and can also give birth to new and deadly scams. Also read | Man dressed as ninja shot by French cops after attacking two policewomen with sword Under the rule approved by the CFPB, creditors are allowed to directly and personally contact defaulters through text messages and direct messages. However, the debt collectors are not allowed to post anything on the public pages of the defaulters. Another interesting thing under this rule is that consumers can opt out of getting these messages. Creditors, in general, are not bound to take permission to contact people. In addition to this, there is also no set limit to how many messages can be sent to the defaulters.

Changing with times: US creditors can now DM loan defaulters

The fugitive Indian businessman Mehul Choksi has surrendered his Indian passport to the Antiguan government, news reports said Monday morning.&nbsp;

Choksi is one of the main accused — the other being his nephew Nirav Modi — in the over Rs 13,000 crore Punjab and National Bank scam.&nbsp;

Choksi fled to Antigua in January 2018 and has been living there since.&nbsp;

He had in December last year told a Mumbai court that he cannot return to India for questioning.

Choksi said&nbsp;<a href="http://www.wionews.com/india-news/cant-travel-41-hours-to-reach-india-mehul-choksi-186331">his "poor health" would not allow him to undertake the 41-hour flight</a> from Antigua to India. He had however consented to being questioned via&nbsp;video&nbsp;conferencing.&nbsp;

Prime Minister Narendra Modi had said on January 1 this year that defaulters will not be spared and that his government will bring them back to India.&nbsp;

“Those who fled during this government, they will be brought back, today or tomorrow. Diplomatic channels, legal courses, and seizure of properties being done. Those who have stolen India’s money, they will have to compensate for each and every penny,'' Modi said.&nbsp;

News reports said Monday that Choksi had deposited his passport — with the number Z3396732 — and the mandatory $177 required for the giving up Indian citizenship with the Antiguan authorities.&nbsp;

Choksi, it is suspected, is looking to avoid being extradited to India by taking up Antiguan citizenship.&nbsp;A hearing on the issue is scheduled for February 22 in Antigua.&nbsp;

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Union Home Minister Rajnath Singh on <a href="https://twitter.com/hashtag/MehulChoksi?src=hash&amp;ref_src=twsrc%5Etfw">#MehulChoksi</a> : Our govt has passed Fugitive Economic Offenders bill. Those who have fled, will be brought back. It might take some time but they all will be brought back. <a href="https://t.co/w3IinkbmlC">pic.twitter.com/w3IinkbmlC</a>
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Home Minister Rajnath Singh reacted to the alleged development, telling ANI that: "Our government has passed Fugitive Economic Offenders bill. Those who have fled will be brought back. It might take some time but they all will be brought back."&nbsp;

The fugitive Indian businessman Mehul Choksi has surrendered his Indian passport to the Antiguan government, news reports said Monday morning. Choksi is one of the main accused — the other being his nephew Nirav Modi — in the over Rs 13,000 crore Punjab and National Bank scam.

The fugitive Indian businessman Mehul Choksi has surrendered his Indian passport to the Antiguan government, news reports said Monday morning. Choksi is one of the main accused — the other being his nephew Nirav Modi — in the over Rs 13,000 crore Punjab and National Bank scam. Choksi fled to Antigua in January 2018 and has been living there since. He had in December last year told a Mumbai court that he cannot return to India for questioning. Choksi said his "poor health" would not allow him to undertake the 41-hour flight from Antigua to India. He had however consented to being questioned via video conferencing. Prime Minister Narendra Modi had said on January 1 this year that defaulters will not be spared and that his government will bring them back to India. “Those who fled during this government, they will be brought back, today or tomorrow. Diplomatic channels, legal courses, and seizure of properties being done. Those who have stolen India’s money, they will have to compensate for each and every penny,'' Modi said. News reports said Monday that Choksi had deposited his passport — with the number Z3396732 — and the mandatory $177 required for the giving up Indian citizenship with the Antiguan authorities. Choksi, it is suspected, is looking to avoid being extradited to India by taking up Antiguan citizenship. A hearing on the issue is scheduled for February 22 in Antigua. Union Home Minister Rajnath Singh on #MehulChoksi : Our govt has passed Fugitive Economic Offenders bill. Those who have fled, will be brought back. It might take some time but they all will be brought back. pic.twitter.com/w3IinkbmlC — ANI (@ANI) January 21, 2019 × Home Minister Rajnath Singh reacted to the alleged development, telling ANI that: "Our government has passed Fugitive Economic Offenders bill. Those who have fled will be brought back. It might take some time but they all will be brought back."

Trying to avoid extradition, PNB scam-accused Mehul Choksi surrenders Indian passport in Antigua: Reports

Blaming the previous Congress rules for bank defaults, Prime Minister Narendra Modi on Monday alleged the defaulters used to carry the party's name as "taveej" (amulet) as a shield but his government has acted strongly against such people and even "big crorepatis" have been forced to pay up.

Modi alleged that banks were "looted" by "naamdaar" who used to make telephone calls to the lenders to sanction loans.

Addressing an election rally here, he said those shedding "crocodile tears" for farmers should come to Rajasthan "to see" whether lands of farmers were purchased at a throw away price or not by people allegedly close to the Congress party in Delhi.

"Had the farmers known about the future and potential of solar power park, would they have sold their lands," the prime minister said.

Talking about the 'amulet', Modi said it saved people who looted government money.

"Main aapko samjhana chahta hun. Unhone Congress ke naam ka taveej bana rakha tha. Jo log galat kaam karte hai, bura kaam karte hai, sarkaari khajaane se lootte hai, bankon se paise maar lete hai, unkon kuch karne ki jarurat nahin thi. Congress ka taveej bandhon to unkon ek raksha kawach mil jaata tha (I want to make you (people) understand. They had made an 'amulet' in the name of Congress, which saved the people doing wrong deeds, looted government funds, take huge bank loans. They had to do nothing but to tie Congress amulet which acted as a shield.)," he said.

The prime minister said the credit given to people by banks between 2006 and 2014, when Congress was in power at the Centre, was more than the money given to people since Independence.

"Telephone karke bankon ko loota gaya. Naamdaar ke phone jaate the aur bank se paise diye jaate the. (Banks were looted by making phone calls. Banks used to lend money after calls from 'naamdaar'," Modi said.

The prime minister said the BJP government, which came to power in 2014, enacted a law to recover money from defaulters. He said his government made stringent laws such as the Insolvency and Bankruptcy Code, under which Rs 3 lakh crore were recovered from loan defaulters.

"We brought big crorepatis on roads and recovered money," he said.

The opposition parties have been accusing the government of being soft on big corporates and of doing nothing to recover unpaid loans.

Modi also targeted the Congress for allegedly spreading lies.

"Those travelling with a rose on their shirt had knowledge about parks but not farming. Those who are not able to differentiate between mustard and sesame are giving lessons. Had Sardar Vallabhbhai Patel been the first prime minister,farmers of the country would not have faced misery," Modi said.

He also talked about the Swaminathan Commission, saying the final volume of its report came in 2007 but UPA government did not act on its recommendations on the Minimum Support Price to farmers.

Citing contribution of the Bishnoi community, he said members of the community laid their lives to protect the environment and India received the accolade of 'Champions of Earth' due to their efforts.

Blaming the previous Congress rules for bank defaults, Prime Minister Narendra Modi on Monday alleged the defaulters used to carry the party's name as "taveej" (amulet) as a shield but his government has acted strongly against such people and even "big crorepatis" have been forced to pay up.

Blaming the previous Congress rules for bank defaults, Prime Minister Narendra Modi on Monday alleged the defaulters used to carry the party's name as "taveej" (amulet) as a shield but his government has acted strongly against such people and even "big crorepatis" have been forced to pay up. Modi alleged that banks were "looted" by "naamdaar" who used to make telephone calls to the lenders to sanction loans. Addressing an election rally here, he said those shedding "crocodile tears" for farmers should come to Rajasthan "to see" whether lands of farmers were purchased at a throw away price or not by people allegedly close to the Congress party in Delhi. "Had the farmers known about the future and potential of solar power park, would they have sold their lands," the prime minister said. Talking about the 'amulet', Modi said it saved people who looted government money. "Main aapko samjhana chahta hun. Unhone Congress ke naam ka taveej bana rakha tha. Jo log galat kaam karte hai, bura kaam karte hai, sarkaari khajaane se lootte hai, bankon se paise maar lete hai, unkon kuch karne ki jarurat nahin thi. Congress ka taveej bandhon to unkon ek raksha kawach mil jaata tha (I want to make you (people) understand. They had made an 'amulet' in the name of Congress, which saved the people doing wrong deeds, looted government funds, take huge bank loans. They had to do nothing but to tie Congress amulet which acted as a shield.)," he said. The prime minister said the credit given to people by banks between 2006 and 2014, when Congress was in power at the Centre, was more than the money given to people since Independence. "Telephone karke bankon ko loota gaya. Naamdaar ke phone jaate the aur bank se paise diye jaate the. (Banks were looted by making phone calls. Banks used to lend money after calls from 'naamdaar'," Modi said. The prime minister said the BJP government, which came to power in 2014, enacted a law to recover money from defaulters. He said his government made stringent laws such as the Insolvency and Bankruptcy Code, under which Rs 3 lakh crore were recovered from loan defaulters. "We brought big crorepatis on roads and recovered money," he said. The opposition parties have been accusing the government of being soft on big corporates and of doing nothing to recover unpaid loans. Modi also targeted the Congress for allegedly spreading lies. "Those travelling with a rose on their shirt had knowledge about parks but not farming. Those who are not able to differentiate between mustard and sesame are giving lessons. Had Sardar Vallabhbhai Patel been the first prime minister,farmers of the country would not have faced misery," Modi said. He also talked about the Swaminathan Commission, saying the final volume of its report came in 2007 but UPA government did not act on its recommendations on the Minimum Support Price to farmers. Citing contribution of the Bishnoi community, he said members of the community laid their lives to protect the environment and India received the accolade of 'Champions of Earth' due to their efforts.

Loan defaulters used to carry Congress amulet as shield against law: Modi in Rajasthan

Making a strong case for expeditious adjudication of debt recovery cases, Indian finance minister Arun Jaitley today said the recovery procedures need to be made more efficient and effective by empowering banks and bringing legislative changes.&nbsp;

The minister asserted that the delay in recovering funds cannot be carried to an &quot;unnatural extent&quot; and giving endless opportunities to defaulters will only &quot;hurt the larger investment environment of the country&quot;.

&quot;It is not a usual judicial or quasi-judicial procedure when endless opportunities have to be granted to people to defend cases because if natural justice is carried on to unnatural extents, litigation will become unending. Therefore, efficiency has to be introduced into the recovery procedure as far as the defaulting parties are concerned,&quot; he said.

Close to 95,000 cases involving about $75 billion are pending before debt recovery tribunals across the country. Jaitley said money blocked by such defaulters prevent the banks from funding others who &quot;could have utilised the investment for fruitful purposes and benefitted the country&quot;.&nbsp;

He lauded the central bank&#39;s role in providing more flexibility to banks to restructure debt and change management. He said the recent time limit set by the RBI for disposal of debt recovery cases will help improve ease of doing business by ensuring speedier resolution of defaulted loans.&nbsp;

&quot;Besides making changes in the insolvency law, the government has made changes in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) law and debt laws. And we have cut short procedures in order to add efficiency to the whole system,&quot; he added.

Now, a district magistrate has to decide on applications by banks and financial institutions within a specific time limit of 30 days.&nbsp;

(WION with inputs from PTI) 
&nbsp;

Jaitley stressed that the defaulters cannot be given endless opportunities as cases involving about $75 billion are pending before tribunals

Making a strong case for expeditious adjudication of debt recovery cases, Indian finance minister Arun Jaitley today said the recovery procedures need to be made more efficient and effective by empowering banks and bringing legislative changes. The minister asserted that the delay in recovering funds cannot be carried to an "unnatural extent" and giving endless opportunities to defaulters will only "hurt the larger investment environment of the country". "It is not a usual judicial or quasi-judicial procedure when endless opportunities have to be granted to people to defend cases because if natural justice is carried on to unnatural extents, litigation will become unending. Therefore, efficiency has to be introduced into the recovery procedure as far as the defaulting parties are concerned," he said. Close to 95,000 cases involving about $75 billion are pending before debt recovery tribunals across the country. Jaitley said money blocked by such defaulters prevent the banks from funding others who "could have utilised the investment for fruitful purposes and benefitted the country". He lauded the central bank's role in providing more flexibility to banks to restructure debt and change management. He said the recent time limit set by the RBI for disposal of debt recovery cases will help improve ease of doing business by ensuring speedier resolution of defaulted loans. "Besides making changes in the insolvency law, the government has made changes in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) law and debt laws. And we have cut short procedures in order to add efficiency to the whole system," he added. Now, a district magistrate has to decide on applications by banks and financial institutions within a specific time limit of 30 days. (WION with inputs from PTI)

Defaulters stifling business growth: Indian finance minister warns tougher debt recovery laws

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