The President has
given his assent to the Securitization and Reconstruction of Financial
Assets and Enforcement of Security Interest Bill, 2002, the Negotiable
Instruments (Amendment and Miscellaneous Provisions) Bill, 2002,
the Salaries and Allowances of Officers of Parliament and Leaders
of Opposition in Parliament (Second Amendment) Bill, 2002 and
the Mysore State Legislature (Delegation of Powers) Repeal Bill,
2002. With this, these Bills as passed by the Parliament during
its Winter Session ending December 20, 2002, have been notified
in the Gazette of India as Act Nos. 54, 55, 56 and 57 respectively
of the year 2002.
The Securitization
and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002, seeks to deal with three distinct actions
in respect of financial asset held by banks and financial institutions
in the form of securitization of financial assets, setting up
of asset reconstruction companies and enforcement of security
interest. It also replaces the Ordinance first promulgated on
June 21, 2002 and later re-promulgated on August 21, 2002. It
has already come into force with effect from June 21, 2002. This
Act shall have over riding power overall other laws.
The Negotiable Instruments
(Amendment and Miscellaneous Provisions) Act, 2002, seeks to provide
stringent punishment for bouncing of cheques, which shall be two
years besides provision for a summary trial by court to hand down
speedy, time bound and deterrent punishment to the culprits. The
trial in this regard will be on a day to day basis. Offences relating
to bouncing of cheques will be compoundable. To give effect to
this, the Information Technology Act, 2000 has been amended. This
shall come into force from a date to be notified by the Government.
The Salaries and
Allowances of Officers of Parliament and Leaders of Opposition
in Parliament (Second Amendment) Act, 2002, seeks to entitle an
officer of Parliament and his family, whether traveling separately
or together to traveling allowances at the same rates and for
the same number of return journeys as admissible to a Minister
and his family. It also entitles a Leader of the Opposition and
his family, whether traveling together or separately to traveling
allowance at the same rates and for the same number of return
journeys as admissible to a Minster and his family.
The Mysore State
Legislature (Delegation of Powers) Repeal Act, 2002, seeks to
repeal the Mysore State Legislature (Delegation of Powers) Act,
1971 as it has lost its relevance at the present juncture and
pursuant to recommendations of P.C. Jain Commission on Administrative
Laws, which suggested repealing and modifying of more than 1300
Central Acts having been rendered obsolete and irrelevant.
