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Answer 1.) Before selling the assets, the lender must issue a notice detailing the asset's fair market value, reserve price, auction date, and hour. "This is calculated by the bank's valuers. The borrower can protest the current auction if he believes the asset is undervalued," explains Gaurav Chopra, MD and CEO of IndiaLends. If you believe the asset is undervalued, you have the right to find a new buyer and introduce them to the lender.  Bank may take legacy actions against defaulter Defaulting is a civil crime and not a criminal crime hence the police cannot arrest the defaulters however the defaulters are liable to pay of the depth after 180 days of non payment of the personal loan the lander can file a case against the bore under section 138 of the negotiable instrument act 1881 Answer 2)   According to keynes' absolute income hypothesis current consumption depends only on current income. This assumption is not always true in reality while taking consumption and saving decision pipal consider both the present and the future the more the people consume in the current period and the chess they save the less they will be able to consume in the next period so there is always a choice between current consumption and future consumption. Answer 3).  The Ricardian equivalence proposition is an economic hypothesis holding that consumers are forward looking and so internalize the government budget constraints when making their consumption decision. ...