Lok Sabha passes Factoring Regulation Bill & National Institutes of Food Technology Bill
The Lok Sabha today passed the Factoring Regulation (Amendment) Bill, 2021 and The National Institutes of Food Technology, Entrepreneurship and Management Bill, 2021 amid pandemonium.
Moving the Factoring Regulation (Amendment) Bill, Finance Minister Nirmala Sitharam said, the changes have been made in the bill in the interests of MSME sector.
She said, it simplifies the definition of factoring business in which banks, Non-Banking Finacial Companies (NBFCs) or any business entity is involved.
The Minister said, process of sale and acquirement of factors from one entity to another is simplified in this bill.
Ms Sitharaman said, the bill widens the scope for entities to involve in factoring business.
The second bill, National Institutes of Food Technology, Entrepreneurship and Management Bill, 2021 was also passed by the house. It was moved by Food Processing and Industries Minister Pashupati Kumar Paras.
The bill lays down provision for certain institutes of food technology, entrepreneurship and management like National Institute of Food Technology Entrepreneurship and Management at Kundli and the Indian Institute of Food Processing Technology at Thanjavur as institutions of national importance.
Both the bills were passed without discussion.
