Amendments for SARFAESI Act has Denied

Published on July 16, 2019
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


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

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