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Factoring Regulation Act, 2011, (Central) Section 2

Title: Definitions

State: Central

Year: 2011

.....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 acquisition of receivables of assignor by accepting assignment of such receivables or financing, whether by way of making loans or advances or otherwise against the security interest over any receivables but does not include-. (i) credit facilities provided by a bank 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 what so ever 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.....

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