Sharing of asset details as per Return of Wealth with Public Sector Banks-reg.

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....lth with Public Sector Banks-reg. Sir, During a review meeting on the performance of Public Sector Banks (PSBs) taken by Finance Minister on 5.3.2014, the PSBs raised concern that the details of assets as available in the Wealth Tax Returns of loan defaulters are not being shared by Income Tax Department with the Banks despite repeated requests. 2. In this context, kind attention is drawn to Se....

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....ext clarifies that information on assets of loan defaulters to enable recovery of loans by PSBs from such defaulters is in public interest. 4. It is further clarified that such information may be provided in respect of the borrower/mortgager/guarantor of the loan only. At the time of supply of such information a confidentiality clause may be included specifying that such information be used only ....