Executive Summary:
This notification from the Ministry of Finance amends the Registration of Assignment of Receivables Rules, 2012. It pertains to the registration of transactions involving the assignment of receivables. The rules come into force on the date of publication in the Official Gazette. Factors must file particulars of assignment of receivables within ten days.
Key Points / Main Content:
* **Amendment Overview:** These rules amend the Registration of Assignment of Receivables Rules, 2012.
* **Rule 3 Substitution (Registration of Transactions):**
* Factors (excluding those using Trade Receivables Discounting System) must file particulars of assignment of receivables with the Central Registry within ten days of assignment or satisfaction in Form I.
* Form I must be authenticated using a valid electronic signature.
* Particulars of satisfaction of assignment of receivables on full realisation must be filed in Form II, authenticated using a valid electronic signature.
* The Central Registrar may allow filing beyond the initial ten-day period (with an additional time not exceeding ten days), subject to an application stating reasons for delay and payment of a fee.
* **Rule 4 Omission:** Rule 4 is omitted.
* **Rule 6 Amendment (Fees):** The word "thirty" is substituted with the word "ten" for serial number 4 in the table under column 2.
* **Form I Amendment:** The word "Digital" is substituted with the word "Electronic" against serial number 10.
* **Form II Amendment:** The word "Digital" is substituted with the word "Electronic" after serial number 4 at both places.
Impact Analysis:
* **Factors:**
* Impact: Changes in the timeframe for filing particulars of assignment of receivables, modification of forms.
* Action Required: Ensure compliance with the revised timelines (ten days instead of thirty), use the updated forms (Form I and II) with "Electronic" instead of "Digital", and implement electronic signatures for authentication.
* **Central Registry:**
* Impact: Responsible for managing the new filing timelines and processing applications for delays.
* Action Required: Update systems to reflect the new timelines, implement procedures for handling delay applications, and ensure compatibility with electronic signatures.
* **Central Registrar:**
* Impact: Has the authority to grant additional time for filing, subject to reasons for delay and payment of fees.
* Action Required: Establish a process for evaluating delay applications and determining appropriate additional time, not exceeding ten days.
Key Entities Referenced
Factoring Regulation Act, 2011: A legal act that this notification amends through new rules.
Central Government: The governing authority issuing these rules.
Registration of Assignment of Receivables Rules, 2012: The rules being amended by this notification.
Registration of Assignment of Receivables Amendment Rules, 2021: The new rules introduced in this notification.
Trade Receivables Discounting System: A system for financing against assignment of trade receivables.
Central Registry: The entity with which particulars of assignment of receivables must be filed.
Form I: The form used to file particulars of assignment of receivables.
Ministry of Finance: The ministry under which the Department of Financial Services operates.
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
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असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (i)
PART II—Section 3—Sub-section (i)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 590] नई ददल्ली, बृहस्ट्प जतिार, अक्त बू र 14, 2021/आजि न 22, 1943
No. 590] NEW DELHI, THURSDAY, OCTOBER 14, 2021/ASVINA 22, 1943
जित्त म्ं ालय
(जित्त ीय सिे ाएं जिभाग)
अजधसचू ना
नई ददल् ली, 11 अक् तूबर, 2021
सा.का.जन.732(अ).—आढ़ती जिजनयमन अजधजनयम, 2011 (2012 का 12) की धारा 32 की उप-धारा (2) के खंड (क),
(ख) और (ग) द्वारा प्रदत् त िजक् तयक का प्रय ग करते एए, केन्द्रीय सरकार, एतद्द्वारा, प्राप्तव्य समनुदिे न रजजस्ट्रीकरण जनयम, 2012 म ें
संि धन हते ु जनम्नजलजखत जनयम बनाती है, अथाात :-
1. सजं िप्त नाम और प्रारंभ – (1) इन जनयमक का संजिप्त नाम प्राप्तव्य समनुदिे न रजजस्ट्रीकरण (संि धन) जनयम, 2021 ह।ै
(2) ये राजप् में उनके प्रकािन की तारीख से प्रिृत्त हकगे।
2. प्राप्तव्य समनुदिे न रजजस्ट्रीकरण जनयम, 2012 में,-
(i) जनयम 3 के जलए जनम्नजलजखत जनयम क प्रजतस्ट्थाजपत दकया जाएगा, अथाात: -
“3. प्राप्तव्य समनदु िे न सव्यं िहार रजजस्ट्रीकरण - (1) व्यापार प्राप्तव्य छूट प्रणाली के माध्यम से व्यापार प्राप्तव्यक के
समनुदिे न के बदले में जित्तप षण के जलए आढ़ती कार बार करने िाले आढ़ती के अजतररक्त समस्ट्त आढ़ती क ऐस े
समनुदिे न की तारीख स े 10 ददनक की अिजध के भीतर अथिा उसकी तुजि तक, ज भी मामला ह , केन्द्रीय रजजस्ट्री के
समि जनम्नजलजखत जिजिजियक क फाइल करेगा:-
5856 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(क) अपने पि म ें प्राप्तव्यक के समनुदिे न की जिजिजियां केन्द्रीय रजजस्ट्री के पास प्ररूप-I में फाइल करेगा और
ऐसे प्ररूप क उस प्रय जन के जलए प्ररूप में जिजनर्ददि दकसी व्यजक्त द्वारा जिजधमान्द्य इलेक्रॉजनक हस्ट्तािर
का प्रय ग करके अजधप्रमाजणत दकया जाएगा;
(ख) प्राप्तव्यक की पूणातया िसूली ह ने पर प्राप्तव्यक के समनुदिे न संबंधी दकसी संव्यिहार की तुजि की जिजिजिया ं
प्ररूप-II में फाइल करेगा, जजसक उस प्रय जन के जलए प्ररूप में जिजनर्ददि दकसी व्यजक्त द्वारा जिजधमान्द्य
इलेक्रॉजनक हस्ट्तािर का प्रय ग करके, अजधप्रमाजणत दकया जाएगा।
(2) यदद उप-जनयम (1) में संदर्भभत जिजिजियक क उसमें जिजनर्ददि अिजध के भीतर फाइल नहीं दकया जाता है त केन्द्रीय
रजजस्ट्रार ऐसे जिलंब के कारणक का उल्लेख करते एए ददए गए आिेदन से तुि ह ने के उपरांत जनयम 6 में जिजनर्ददि िुल्क
के भुगतान के पश्चात उसके द्वारा जिजनर्ददि ऐसी अिजध ज दस ददन से अनजधक ह की अजतररक्त समय-सीमा के भीतर
उक्त जिजिजियक क फाइल करने की अनुमजत प्रदान करेंगे।”;
(ii) जनयम 4 का ल प दकया जाएगा;
(iii) जनयम 6 में क्रम संख्या 4 के सामने की सारणी में कॉलम (2) के अंतगात प्रजिजि में “तीस” िब्द क “दस” िब्द से
प्रजतस्ट्थाजपत दकया जाएगा;
(iv) प्ररूप I, में क्रम संख्या 10 के सामन े“जडजजटल”, िब्द क “इलेक्रॉजनक” िब्द से प्रजतस्ट्थाजपत दकया जाएगा; और
(v) प्ररूप II, में क्रम संख्या 4 के बाद द नक स्ट्थानक पर “जडजजटल” िब्द क “इलेक्रॉजनक” िब्द से प्रजतस्ट्थाजपत दकया जाएगा।
[फा.सं. 6/3/2010-बीओ-II]
सुधीर याम, आर्भथक सलाहकार
रटप्पण: मूल जनयम क 2 अप्रैल, 2012 की अजधसूचना संख्या सा.का.जन.281(अ) के माध्यम से भारत के राजप्, असाधारण, भाग-II,
खंड-3, उप-खंड (i) में प्रकाजित दकया गया था और 21 मई, 2018 की अजधसूचना संख्या सा.का.जन.469(अ) के माध्यम स े
तदनंतर संि जधत दकया गया था।
MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 11th October, 2021
G.S.R.732(E).—In exercise of powers conferred by clauses (a), (b) and (c) of sub-section (2) of section 32 of
the Factoring Regulation Act, 2011 (12 of 2012), the Central Government hereby makes the following rules further to
amend the Registration of Assignment of Receivables Rules, 2012, namely:—
1. Short title and commencement.—(1) These rules may be called the Registration of Assignment of Receivables
(Amendment) Rules, 2021.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Registration of Assignment of Receivables Rules, 2012,—
(i) for rule 3, the following rule shall be substituted, namely: —
“3. Registration of transactions of assignment of receivables.—(1) Every factor other than a factor
carrying on factoring business for financing against assignment of trade receivables through a Trade
Receivables Discounting System shall, within a period of ten days from the date of such assignment or
satisfaction thereof, as the case may be, file with the Central Registry the particulars of—
(a) assignment of receivables in his favour in Form I, which shall be authenticated using a valid
electronic signature by a person specified in the said Form for the purpose;[भाग II—खण् ड 3(i)] भारत का राजप् : असाधारण 3
(b) satisfaction of any assignment of receivables on full realisation of the receivables in Form II,
which shall be authenticated using a valid electronic signature by a person specified in the said
Form for the purpose.
(2) If the particulars referred to in sub-rule (1) are not filed within the period specified therein, the Central
Registrar may, on being satisfied on an application made in this behalf stating the reasons for the delay,
allow the said particulars to be filed within such additional time not exceeding ten days as he may specify,
upon payment of fee as specified in rule 6.”;
(ii) rule 4 shall be omitted;
(iii) in rule 6, in the Table, against serial number 4, in the entry under column (2), for the word “thirty”, the
word “ten” shall be substituted;
(iv) in Form I, against serial number 10, for the word “Digital”, the word “Electronic” shall be substituted; and
(v) in Form II, after serial number 4, for the word “Digital” at both places, the word “Electronic” shall be
substituted.
[F. No. 6/3/2010-BO.II]
SUDHIR SHYAM, Economic Adviser
Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), vide
notification number G.S.R.281(E), dated the 2nd April, 2012 and subsequently amended vide notification
number G.S.R. 469 (E), dated the 21st May, 2018.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.