Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016
The Parliament passed the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016 empowering banks to confiscate security in the case of loan default. The bill approved amends four laws, that is, SARFAESI Act, DRT Act, Indian Stamp Act and Depositories Act. However, the same shall not apply to loans for agricultural land as well as student loans. The new law simplifies the procedure which ensures quick disposal of pending cases of banks and financial institutions by Debt Recovery Tribunal (DRT). Earlier, the Act provided that banks and financial institutions will be required to file cases in tribunals having jurisdiction over the defendant’s area of residence or business. Now, the Bill allows banks to file cases in tribunals having jurisdiction over the area of bank branch where the debt is pending. The Bill further empowers the RBI to carry out audit and inspection of these companies. The RBI may penalise a company if the company fails to comply with any directions issued by it.
TRAI
Telecom Regulatory Authority of India (TRAI) released a atpradvnsl by 26th August 2016 and counter comments by 2nd September 2016
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