Jaitley introduces amendments to fast track loan recovery
Posted on:11 May 2016 17:50:55
11 May 2016 Current Affairs: Finance Minister Arun Jaitley has introduced amendments to the Enforcement of Security Interest and Recovery of Debt Laws and Miscellaneous Provisions (Amendment) Bill, 2016 in Lok Sabha.
The Bill seeks to further amend the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002, the Recovery of Debts due to Banks and Financial Institutions Act, 1993, the Indian Stamp Act, 1899 and the Depositories Act, 1996.
It is expected to help expedite recovery of debt by lenders.
Jaitley had in the Union Budget 2016-17 proposed to amend the Sarfaesi Act to enable the sponsor of an ARC to hold up to 100 per cent stake in the ARC and permit non-institutional investors to invest in Securitisation Receipts.
The Bill has been referred to the Joint Committee of both Houses of Parliament. The Committee will consist of 30 members - 20 from Lok Sabha and 10 from Rajya Sabha.
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