Current Affairs

Amendments for SARFAESI Act has Denied

Current context: Minister of State for Finance & Corporate Affairs, Anurag Thakur has denied amending the SARFAESI Act
Amendments for SARFAESI Act has Denied

About the SARFAESI Act:

  • Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
  • It is administered by the central government which allow banks/financial institutions to recover dues of borrower/guarantor exceeding Rs 1 Lakh by proceeding against their secured assets without the intervention of the court/tribunals
  • The Act makes provisions to the Authorised officer of the Bank/ financial institution to obtain a valuation and fixes the price of the property before the sale
  • Debt Recovery Tribunals (DRT) are made for filing appeal SARFAESI Act. Further, the appeal against DRT’s decision can be made in the Debts Recovery Appellate Tribunal
  • Amendments were made on 14.08.2016 in the SARFAESI Act through the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016

Question: 

Q.1 The SARFAESI Act of the government of India is linked with?
a. Recovering dues exceeding 5 lakh
b. Recovering dues exceeding 2 lakh
c. Recovering dues exceeding 1 lakh
d. Recovering dues exceeding 10 lakh
Amendments for SARFAESI Act has Denied Amendments for SARFAESI Act has Denied Reviewed by Neha on July 16, 2019 Rating: 5

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