Section 1. Ins. by Act 21 of 2021, s. 5 (w.e.f. 23-8-2021)

1. Ins. by Act 21 of 2021, s. 5 (w.e.f. 23-8-2021). (c) any other matter which is required to be, or may be, specified by regulations. (3) Every regulation shall, as soon as may be after it is made by the Reserve Bank, be forwarded to the Central Government and[1] [that Government] shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation, or both Houses agree that the regulation should not be made, the regulation shall, thereafter, have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.] 1. 2nd April, 2012 (Ss. 19, 20, 21, 32), vide notification No. S.O. 711(E), dated 2nd April, 2012, see Gazette of India, Extraordinary, Part II, sec. 3 (ii). 1st February, 2012 (expect ss. 19, 20, 21 and 32), vide notification No. S.O. 1399(E), dated 21st June, 2012, see Gazette of India, Extraordinary, Part II, sec. 3(ii). 2. Subs. by Act, 21 of 2021, s. 2, for the certain words (w.e.f. 23-8-2021). (g) "corresponding new bank" shall have the meaning assigned to it in clause (da) of section 5 of the Banking Regulation Act, 1949 (10 of 1949); (h) "debtor" means any person liable to the assignor, whether under a contract or otherwise, to pay any receivable or discharge any obligation in respect of the receivable whether existing, accruing, future, conditional or contingent; (i) "factor" means a non-banking financial company as defined in clause (f) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934) which has been granted a certificate of registration under sub-section (1) of section 3 or anybody corporate established under an Act of Parliament or any State Legislature or any Bank or any company registered under the Companies Act, 1956 (1 of 1956) engaged in the factoring business; (j) "factoring business" means the business of[1] [acquisition by way of assignment of receivables of assignor for a consideration for the purpose of collection of such receivables or for financing, whether by way of making loans or advances or otherwise, against such assignment, but] does not include— (i) credit facilities provided by a bank[2] [or a non-banking financial company] in its ordinary course of business against security of receivables; (ii) any activity as commission agent or otherwise for sale of agricultural produce or goods of any kind whatsoever or any activity relating to the production, storage, supply, distribution, acquisition or control of such produce or goods or provision of any services. Explanation. —For the purposes of this clause— (i) the expression "agricultural produce" shall have the meaning assigned to it under clause (a) of section 2 of the Agricultural Produce (Grading and Marking) Act, 1937 (1 of 1937); and (ii) the expressions "goods" and "commission agent" shall have the meanings assigned to them respectively under clause (d) and Explanation (ii) of clause (i) of section 2 of the Forward Contracts (Regulation) Act, 1952 (74 of 1952); (k) "financial contract" means any spot, forward, future, option or swap transaction involving interest rates, commodities, currencies, shares, bonds, debentures or any other financial instrument, any repurchase of securities and lending transaction or any other similar transaction or combination of such transactions entered into in the financial markets; (l) "netting agreement" means any agreement among the system participants for the purpose of determination by the system provider of the amount of money or securities due or payable or deliverable as a result of setting off or adjusting the payment obligations or delivery obligations among the system participants, including the claims and obligations arising out of the termination by the system provider, on the insolvency or dissolution or winding up of any system participant or such circumstances as the system provider, may specify in its rules or regulations or bye-laws (by whatever name called), of the transactions admitted for settlement at a future date so that only a net claim be demanded or a net obligation be owned; (m) "notification" means a notification published in the Official Gazette; (n) "prescribed" means prescribed by rules made under this Act; - (o) "property" means,— - (i) the immovable property; - (ii) the movable property; (iii) any debt or any right to receive payment of money, whether secured or unsecured; (iv) the receivables; 1. Subs. by Act 21 of 2021, s. 2, for certain words (w.e.f. 23-8-2021). 2. Ins. by s. 2, ibid (w.e.f. 23-8-2021). (v) the intangible assets, being know-how, patent, copyright, design, trade mark, licence, franchise or any other business or commercial right of similar nature; 1[(p) "receivables" means the money owed by a debtor and not yet paid to the assignor for goods or services and includes payment of any sum, by whatever name called, required to be paid for the toll or for the use of any infrastructure facility or services; (pa) "regulations" means regulations made by the Reserve Bank under this Act;] (q) "Reserve Bank", means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934); (r) "State Bank of India" means the State Bank of India constituted under section 3 of the State Bank of India Act, 1955 (23 of 1955); (s) "Subsidiary Bank" shall have the meaning assigned to it in clause (k) of section 2 of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959); 2 [(sa) Trade Receivables Discounting System" means a payment system authorised by the Reserve Bank under section 7 of the Payment and Settlement Systems Act, 2007 (51 of 2007) for the purpose of facilitating financing of trade receivables;] (t) words and expressions used and not defined in this Act but defined in the Reserve Bank of India Act, 1934 (2 of 1934), the Banking Regulation Act, 1949 (10 of 1949), the Companies Act, 1956 (1 of 1956), the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), the Credit Information Companies (Regulation) Act, 2005 (30 of 2005), or the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006), shall have the meanings respectively assigned to them in those Acts.