Act Number: 12

Act Name: The Factoring Regulation Act, 2011

Year: 2012

Enactment Date: 2012-01-22

Long Title: An Act to provide for and regulate assignment of receivables by making provision for registration there for and rights and obligations of parties to contract for assignment of receivables and for matters connected therewith or incidental thereto.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 21: Penalties.
    If a default is made in filing under section 19 the particulars of any transaction of assignment of receivables and realisation of receivables by a factor, such company and every officer of the company who is in default shall be punishable with fine which may extend to five thousand rupees for every day during which the default continues.
Previous Section Next Section
Scroll to Top