How to recover through SARFAESI ACT 2002?

(This article gives the details like rights of secured creditors, Application of mind and care is required in the service of notice of SARFAESI DEMAND NOTICE, POSSESSION NOTICE & SALE NOTICE, Special care to be taken while taking possession of movable properties, method of sale of secured property by way of inviting tenders from the public or by…

What is bank rate?

Bank rate is actually the rate of interest at which Reserve Bank of India is lending to commercial banks. Reserve Bank of India is prepared to buy or re-discount bills of exchange or other eligible commercial paper from commercial banks. Bank rate is governed by Section 49 of Reserve Bank of India Act 1934.The effect of…

Functions of RBI

The basic functions of RBI (Reserve Bank of India) are “to regulate the issue of Bank Notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage.”In addition, to control the supply of portable money circulation, Reserve Bank…

What is the difference between Garnishee order & I.T. Attachment order

(This article explains how  the garnishee order and IT attachment orders are different and explain the method of disposal by the Bank branches when they receive such orders from the authorities.) Garnishee order & I.T. Attachments are two different types of attachment orders. The Garnishee order is an order issued by the Court to garnishee…