Amendments for SARFAESI Act has Denied

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

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