Notification increasing the limit of DRT from 10 lakh to 20 lakh

MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION

New Delhi, the 6th September, 2018

 

S.O.  4312(E).—Whereas, sub-section  (4)  of  section  1  of  the  Recovery of  Debts due to Banks and  Financial Institutions Act, 1993 ( 51 of 1993) provides that the provisions of the said Act shall not apply where the amount of debt due to any bank or financial institution or to a consortium of banks or financial institutions is less than ten lakh rupees or such other amount, being not less than one lakh rupees, as the Central Government may, by notification, specify;

 

And whereas, the  Central Government has considered it necessary to raise the pecuniary limit from ten lakh rupees to twenty lakh rupees for filing  application for recovery of debts in the Debts Recovery Tribunals by such banks and financial institutions.

 

Now therefore, in exercise of the powers conferred by   sub-section (4) of section 1 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993,   the Central Government hereby specifies that the provisions of the said Act shall not apply where the amount of debt due to any bank or financial institution or to a consortium of banks or financial institutions is less than twenty lakh rupees.

 

[F. No. 3/4/2018-DRT] SUCHINDRA MISRA, Jt. Secy.

 

Find the official notification here: (click on the blue link)

Notification increasing the limit of DRT from 10 lakh to 20 lakh

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