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Lok Sabha passes key amendment bill on reconstruction of fincial assets

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  2 Aug 2016 12:00 AM GMT

New Delhi, Aug 1: The Lok Sabha on Monday passed the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016. Piloted by Fince Minister Arun Jaitley, the bill seeks to amend four laws — the Securitisation and Reconstruction of Fincial Assets and Enforcement of Security Interest Act, 2002; the Recovery of Debts due to Banks and Fincial Institutions Act, 1993; the Indian Stamp Act, 1899; and the Depositories Act, 1996. “The present law simplifies the procedures by which there will be a quick disposal of claims of banks and fincial institutions,” Jaitley said. He said most suggestions made by a joint committee of parliament on the issue have been accepted by the government. The bill was passed by a voice vote after the amendments moved by opposition members were either withdrawn or negated. (IANS)

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