Lok Sabha passes Bill on Reconstruction of Financial Assets
Posted on:02 Aug 2016 18:13:26
02 August 2016 Current Affairs GK: The Lok Sabha has passed the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016 on 1 August 2016.The bill was passed by a voice vote.
The bill seeks to amend four laws : 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 Stamp Act, 1899,The Depositories Act, 1996
Highlights of the Bill : It simplifies the procedures by which there will be a quick disposal of claims of banks and financial institutions.
It will empower the Reserve Bank of India (RBI) to examine the statements and any information of Asset Reconstruction Companies related to their business.The RBI may penalise a company if it fails to comply with any directions issued by the central bank.It says the stamp duty will not be charged on transactions undertaken for transfer of financial assets in favour of asset reconstruction companies. Financial assets include loans and collaterals.
FreshersLive - No.1 Job site in India. Fresherslive Current Affairs 2017 section offers informative quiz questions with answers regarding latest current affairs today for all sorts of competitive exams like UPSC, TNPSC , IFS, IAS, IPS, railway exams (RRB) and banking exams like IPBS PO, IPBS clerk, Federal Bank PO, ICICI, SBI, RBI legal officer & Grade officer posts and much more. Register with us to get latest Current Affairs Updates. Also get latest Current Affairs news and quiz Updates for free alerts daily through E-mail