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 May 2017

29 MAY
NEWS
27 MAY
NEWS
26 MAY
NEWS
25 MAY
NEWS

Current Affairs April 2017

29 APRIL
NEWS
28 APRIL
NEWS
27 APRIL
NEWS
26 APRIL
NEWS

Current Affairs March 2017

31 MARCH
NEWS
30 MARCH
NEWS
29 MARCH
NEWS
28 MARCH
NEWS