Lok Sabha passes Bill on Reconstruction of Financial Assets

Posted on:02 Aug 2016 18:13:26

Lok Sabha passes Bill on Reconstruction of Financial Assets
02 August 2016 Current Affairs: 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.


Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs August 2017

21 AUGUST
NEWS
19 AUGUST
NEWS
18 AUGUST
NEWS
17 AUGUST
NEWS

Current Affairs July 2017

31 JULY
NEWS
29 JULY
NEWS
28 JULY
NEWS
27 JULY
NEWS

Current Affairs June 2017

30 JUNE
NEWS
29 JUNE
NEWS
28 JUNE
NEWS
27 JUNE
NEWS