Factoring Regulation (Amendment) Bill proposes to reduce time period for satisfaction of charge

The Factoring Regulation (Amendment) Bill, 2020, has introduced in lok sabha. The bill seeks to amend sub-section (1) of section 19 to reduce the time period for registration of invoice and satisfaction of charge upon it, in order to avoid possibility of dual financing; and also to insert a new sub-section (1A.) in that section to allow the concerned Trade Receivables Discounting System to register charge with the Central Registry on behalf of the factors using the platform.

from taxmann.com News https://ift.tt/3mm9tkw