BANKING AFFAIRS

Detailed explanation-1: -Q. 1. What is Factoring? The Factoring Act, 2011 defines the ‘Factoring Business’ as “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 in any other manner against the security interest over any receivables”.

Detailed explanation-2: -India Code: Factoring Regulation Act, 2011. Long Title: An Act to provide for and regulate assignment of receivables by making provision for registration there for and rights and obligations of parties to contract for assignment of receivables and for matters connected therewith or incidental thereto.