Sarfaesi Act 2002
Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, encourages economic organizations to secure asset quality in many forms.
That suggests that the Act outline discusses the difficulty of
NPAs (Non-Performing Assets) or bad assets through various means and tools.
Objectives of SARFAESI Act 2002
Beneficial or fast return of non-performing assets (NPAs) of the shoals and FIs.
Enables banks and financial organizations to dispose of assets (state, business/household) when they default to return their mortgages.
Features of the amendment to the SARFAESI Act 2002 in 2016
- To empower the ARCs to rejuvenate Debt Recovery Tribunals
- To empower asset reconstruction and functioning of DRTs
- RBI will get more powers to review and investigate ARCs
- RBI will get the power to tax fines on ARCs
- The bill has made hire purchase and finance contract under the coverage of the SARFAESI Act 2002.
- Amendment intends to speed up the DRT procedures.
The updated Sarfaesi Act 2002 can be downloaded in PDF format following by the link given below.
- The National Security Act, 1980
- The Punjab Labour Welfare Fund Rules, 1966
- The Payment of Gratuity (Central) Rules, 1972
- The Minimum Wages (Central) Rules, 1950
- The Payment of Bonus Rules, 1975