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Factoring Regulation Act, 2011

32. Power of Central Government to make rules.-

1.      The Central Government may, in consultation with the Reserve Bank, by notification and in the Electronic Gazette as defined in clause (5) of sub-section (1) of section 2 of the Information Technology Act, 2000 (21 of 2000) make rules for carrying out the provisions of this Act.

2.      In particular and without prejudice to the generality of the foregoing power such rules may provide for all or any of the following matters, namely:

a.      the form and manner in which the transactions of assignment of receivables in favour of a factor shall be filed and the fee for filing such transaction under sub-section (1) of section 19;

b.     the form and manner in which satisfaction of assignment of receivable or settlement of the claim shall be registered and the fee for filing such transactions under sub-section (3) of section 19;

c.      fee for inspecting the Central Register under section 20; and

d.     any other matter which is required to be or may be prescribed, in respect of which provision is to be made or may be made by rules.

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