Most websites are now suffering from an epidemic of clickbait. This fever is primarily driven by the need for clicks and the lack of good content. Sometimes clickbait can be good and not misleading, but more often than not, the opposite happens.
Recently you might have seen such news on your timeline leaving your blood boiling.
While none of the clickbait articles HIGHLIGHTED the fact that the loan has been written-off and not waived –off.
What is a ‘Waiver’?
A waiver is when one person is given a complete freedom from any implication due to an incident. A waiver from loan would be Mallya’s dream.
What is a Write off ?
A write off is a technical adjustment to show real status of a company’s financial situation. Where money loaned to someone and if it is known that the money’s return isn’t assured the accountant “Writes Off” the value.
In simple terms –
You have loaned you friend “B” some money. B is in a financial mess and can’t repay you. Technically that money is yours, so it is your asset. But since you can neither essentially use it nor have it with you, it is not an asset right now.
That money is then “write off”.
In the above situation you would have to resort to criminal court to get B to pay you money. What about banks who loan businesses huge sums?
There is a complete provision for that under law and banks have been given procedures laid down by the RBI to recover the money.
Don’t trust headlines, click on the clickbait and read completely till you know everything.
Vijay Mallya continues to be fugitive as declared by special court and Enforcement Directorate has been given the authority to attach all domestic properties, shares and debentures.
Arun Jaitley had to give clarification which for now has been shared by Indiatimes. But it should be shared in same propensity as the earlier clickbait.
Guilty of the said crime include –
— Suhasini Haidar (@suhasinih) November 16, 2016
Saikat Datta –
— Saikat Datta (@saikatd) November 16, 2016
Swati Chaturvedi –
— Swati Chaturvedi (@bainjal) November 16, 2016
Call out on all the media personalities who have mislead people in the name of ‘Retweets’ and ‘likes’