April 28, 2022
Summary of the notification issued by MCA on 27/04/222
Relaxation for the Banking Companies from Registration of Charge under the Companies Act, 2013 for specified transactions.
Through this notification, a Banking Company needn’t register the creation or modification of Charge, as required under Section 77 of the Companies Act, 2013 when it borrows loans and advances from RBI , repayable on demand or on expiry of specified time period as specified under Section 17(4)(d) of the RBI Act, 1934, against the security of promissory notes.
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