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Parliament passes Enforcement of Security Interest and Recovery of Debts Laws Amendment Bill, 2016

Rajya Sabha on 9 August 2016 passed the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016. The bill seeks to amend four laws namely-
•    Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI)
•    Recovery of Debts due to Banks and Financial Institutions Act, 1993 (RDDBFI)
•    Indian Stamp Act, 1899
•    Depositories Act, 1996
•    The bill aims to improve ease of doing business and facilitate investment leading to higher economic growth and development.
•    The Bill increases the retirement age of Presiding Officers of Debt Recovery Tribunals from 62 years to 65 years.
•    It also increases the retirement age of Chairpersons of Appellate Tribunals from 65 years to 67 years.
•    It makes Presiding Officers and Chairpersons eligible for reappointment to their positions.
•    It allows banks to file cases in tribunals having jurisdiction over the area of bank branch where the debt is pending.
•    It states that under certain procedures will be undertaken in electronic form.
•    It provides details of procedures that the tribunals will follow in case of debt recovery proceedings.

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