PART VIII
AMENDMENT TO THE RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993
Amendment of Act 51 of 1993.
149. In the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, in section 2, in clause (g), after the words “from any person”, the words, brackets, letters and figures “or a pooled investment vehicle as defined in clause (da) of section 2 of the Securities Contracts (Regulation) Act, 1956, (42 of 1956.) ” shall be inserted with effect from the 1st day of April, 2021.
Notes on Clauses:
Clause 149 of the Bill seeks to amend section 2 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 relating to definitions.
It is proposed to amend clause (g) of the said section so as to clarify that definition of “debt” shall also include debt incurred by pooled investment vehicles as defined in clause (da) of section 2 of the Securities Contracts (Regulation) Act, 1956.
This amendment is consequential in nature in view of the insertion of new section 30B in the Securities Contracts (Regulation) Act, 1956.
This amendment will take effect from 1st April, 2021.
