Registration of Assignment of Receivables (Amendment) Rules 2021

Registration of Assignment of Receivables (Amendment) Rules, 2021. Registration of transactions of assignment of receivables

MINISTRY OF FINANCE
(Department of Financial Services)

NOTIFICATION

New Delhi, the 11th October, 2021

G.S.R.732(E).—In exercise of powers conferred by clauses (a), (b) and (c) of sub-section (2) of section 32 of the Factoring Regulation Act, 2011 (12 of 2012), the Central Government hereby makes the following rules further to amend the Registration of Assignment of Receivables Rules, 2012, namely:—

1. Short title and commencement.—(1) These rules may be called the Registration of Assignment of Receivables (Amendment) Rules, 2021.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Registration of Assignment of Receivables Rules, 2012,—

(i) for rule 3, the following rule shall be substituted, namely: —

“3. Registration of transactions of assignment of receivables.—(1) Every factor other than a factor carrying on factoring business for financing against assignment of trade receivables through a Trade Receivables Discounting System shall, within a period of ten days from the date of such assignment or satisfaction thereof, as the case may be, file with the Central Registry the particulars of—

(a) assignment of receivables in his favour in Form I, which shall be authenticated using a valid electronic signature by a person specified in the said Form for the purpose

(b) satisfaction of any assignment of receivables on full realisation of the receivables in Form II, which shall be authenticated using a valid electronic signature by a person specified in the said Form for the purpose.

(2) If the particulars referred to in sub-rule (1) are not filed within the period specified therein, the Central Registrar may, on being satisfied on an application made in this behalf stating the reasons for the delay, allow the said particulars to be filed within such additional time not exceeding ten days as he may specify, upon payment of fee as specified in rule 6.”;

(ii) rule 4 shall be omitted;

(iii) in rule 6, in the Table, against serial number 4, in the entry under column (2), for the word “thirty”, the word “ten” shall be substituted;

(iv) in Form I, against serial number 10, for the word “Digital”, the word “Electronic” shall be substituted; and

(v) in Form II, after serial number 4, for the word “Digital” at both places, the word “Electronic” shall be substituted.

[F. No. 6/3/2010-BO.II]

SUDHIR SHYAM, Economic Adviser

Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), vide notification number G.S.R.281(E), dated the 2nd April, 2012 and subsequently amended vide notification number G.S.R. 469 (E), dated the 21st May, 2018

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