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Yes it will impact your BGV, usually companies don't call your previous employer but rather an reach out on an email provided by you.
But if you dont pay the due amount, you will not get the relieving letter and this will cause problem in your new organization as after 2 months they will ask for relieving letter, and failing to produce one will cause termination from new company.
Better you try negotiating with current Org's HR to reduce the amount and show your bank account. But the ball is in their hand's because being in India you dont have much leverage to ask for your rights.