Joint Parliamentary Committee to consult MSMEs on Bill About Security Interest and Recovery of Debts

The Joint Parliamentary Committee of both the Houses has called the views and suggestions from Micro, Small & Medium Enterprises (MSMEs)  on the provisions of the ‘The Enforcement of Security Interest and Recovery of Debt Laws and Miscellaneous Provisions (Amendment) Bill, 2016.

Federation of Indian Micro and Small & Medium enterprises (FISME) has been invited to depose before the JPC.

The Bill seeks to amend the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the Recovery of Debts due to Banks and Financial Institutions Act, 1993, the Indian Stamps Act, 1899 and the Depositories Act, 1996 to improve ease of doing business and facilitate investment leading to higher economic growth and development.

The Enforcement of Security Interest and Recovery of Debt Laws and Miscellaneous Provisions (Amendment) Bill, 2016 has been referred to a Joint Parliamentary Committee of both the Houses, under the Chairmanship of Shri Bhupender Yadav, M.P. for examination and presenting a Report to the Parliament, said an official release.

The Memoranda submitted to the Committee would form part of the records of the Committee and would be treated as strictly confidential and not circulated to anyone; as such an act would constitute a breach of privilege of the Committee.

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