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.
What is the date of enforceability of F. No. 3/4/2018-DRT? Will it cover all the cases (below 20 Lakhs) filed after September 2018?