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Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016 - (13 Jun 2016)

MANU/PIBU/0469/2016

Banking

The Enforcement of Security Interest and Recovery of Debt Laws and Miscellaneous Provisions (Amendment) Bill, 2016 seeks to amend the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the Recovery of Debts due to Banks and Financial Institutions Act, 1993, the Indian Stamps Act, 1899 and the Depositories Act, 1996.

The Bill is hoped to encourage business with various creditor-friendly measures and greater RBI involvement.

A few notable amendments to the SARFAESI Act include the district magistrate completing possession proceedings by creditors within 30 days, a central registry to maintain records of secured assets, and introduces RBI’s role in monitoring and regulating ‘Asset Reconstruction Companies’.

Amendments to the RDBFDI Act increase the retirement age of Presiding officers of debt recovery tribunals to 65 years, and of Chairpersons of the appellate tribunal to 67 years. It also grants jurisdiction to tribunals over the area of bank branch where the debt is pending.

Tags : SARFAESI   DEBT ACT   CENTRAL REGISTRY   ASSET RECONSTRUCTION  

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