Small Industries Development Bank of India (Amendment) Bill, 2012 tabled in the Lok Sabha

Economy Current Affairs 2012. Union government on 22 May 2012 tabled the Small Industries Development Bank of India (Amendment) Bill, 2012 in the Lok Sabha

The Union government on 22 May 2012 tabled the Small Industries Development Bank of India (Amendment) Bill, 2012 in the Lok Sabha, allowing sectors including floriculture, tourism, restaurants, and the entertainment industry to access loans from the bank.

The SIDBI (Amendment) Bill tabled by Finance Minister Pranab Mukherjee
•    empowers SIDBI to confiscate the mortgaged property or right to transfer by way of lease or sale in case enterprise makes a default in repayment of any loan or advances.
•    The bill envisages the widening of the scope of industrial concerns as well as aims at conferring more powers upon the board of directors of bank to decide investment limit for these industrial concerns.

It was believed that an amendment would replace definition and expression of industrial concern in small sector with industrial concern or micro enterprise or small enterprise or medium enterprise in the SIDBI Act 1989. The board of directors would be empowered to unanimously resolve to decide the investment limit for the purpose of industrial concern.

The change in definition as stated in the bill will thus help businesses such as convention centres, travel and transport, tourist service agencies, guidance and counselling services to tourists, financial assistance by way of venture capital, risk capital factoring and discounting , construction and development of roads to take loans and advances from the bank.

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