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The Factoring Regulation (Amendment) Bill, 2020

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The Factoring Regulation (Amendment) Bill, 2020 24 STANDING COMMITTEE ON FINANCE (2020-2021) SEVENTEENTH LOK SABHA THE FACTORING REGULATION (AMENDMENT) BILL, 2020 MINISTRY OF FINANCE (DEPARTMENT OF FINANCIAL SERVICES) TWENTY – FOURTH REPORT LOK SABHA SECRETARIAT NEW DELHI February, 2021 / Magha, 1942 (Saka) TWENTY FOURTH REPORT STANDING COMMITTEE ON FINANCE (2020-2021) (SEVENTEENTH LOK SABHA) THE FACTORING REGULATION (AMENDMENT) BILL, 2020 MINISTRY OF FINANCE (DEPARTMENT OF FINANCIAL SERVICES) Presented to Lok Sabha on 3rd February, 2021 Laid in Rajya Sabha on 3rd February, 2021 LOK SABHA SECRETARIAT NEW DELHI February, 2021 / Magha, 1942 (Saka) CONTENTS Page Nos. Composition of the Committee………………………………………………….. (iii) Introduction………………………………………………………………… (v) REPORT Background Salient Features of the Bill Domestic Factoring Ecosystem vis-à-vis Global Scenario Issues Discussed Annexure I. Minutes of the sittings of the Committee held on 5th November, 2020, 1st December, 2020 and 12th January, 2021. II. The Factoring Regulation (Amendment) Bill, 2020 COMPOSITION OF STANDING COMMITTEE ON FINANCE (2019-2020) Shri Jayant Sinha - Chairperson MEMBERS LOK SABHA 2. Shri S.S. Ahluwalia 3. Shri Sukhbir Singh Badal 4. Shri Subhash Chandra Baheria 5. Shri Shrirang Appa Barne 6. Dr. Subhash Ramrao Bhamre 7. Smt. Sunita Duggal 8. Shri Gaurav Gogoi 9. Shri Sudheer Gupta 10. Smt. Darshana Vikram Jardosh 11. Shri Manoj Kishorbhai Kotak 12. Shri Pinaki Misra 13. Prof. Sougata Ray 14. Shri P.V Midhun Reddy 15. Shri Gopal Chinayya Shetty 16. Shri Parvesh Sahib Singh Verma 17. Dr. (Prof.) Kirit Premjibhai Solanki 18. Shri Manish Tewari 19. Shri Balashowry Vallabbhaneni 20. Shri Rajesh Verma 21 Shri Giridhari Yadav RAJYA SABHA 22. Shri Rajeev Chandrasekhar 23. Shri A. Navaneethakrishnan 24. Shri Praful Patel 25. Shri Amar Patnaik 26. Shri Mahesh Poddar 27. Shri C.M. Ramesh 28. Shri Bikash Ranjan 29. Shri G.V.L Narasimha Rao 30. Dr. Manmohan Singh 31. Smt. Ambika Soni SECRETARIAT 1. Shri V.K. Tripathi - Joint Secretary 2. Shri Ramkumar Suryanarayanan - Director 3. Shri Kulmohan Singh Arora - Additional Director 4. Ms. Yugma Malik - Committee Officer INTRODUCTION I, the Chairperson of the Standing Committee on Finance having been authorised by the Committee present this Twenty-Fourth Report on the Factoring Regulation (Amendment) Bill, 2020. 2. The Factoring Regulation (Amendment) Bill, 2020, introduced in Lok Sabha on 14 September, 2020 was referred to the Committee on 24 September, 2020 for examination and report thereon, by the Speaker, Lok Sabha under Rule 331E of the Rules of Procedure and Conduct of Business in Lok Sabha. 3. The Committee took evidence of the representatives of Ministry of Finance (Department of Financial Services) at their sitting held on 5 November, 2020. 4. The Committee at their sitting held on 1 December, 2020 heard the views of the representatives of the Reserve Bank of India (RBI), Small Industries Development Bank of India (SIDBI), Industrial Development Bank of India (IDBI) and IFCI Factors Limited on the subject. 5. The Committee considered and adopted this report at their Sitting held on 12th January, 2021. 6. The Committee wish to express their appreciation to the officials of the Ministry of Finance (Department of Financial Services), the Reserve Bank of India (RBI), Small Industries Development Bank of India (SIDBI), Industrial Development Bank of India (IDBI) and IFCI Factors Limited concerned with the Bill for their co- operation and all the organisations for their valuable suggestions on the Bill. The Committee would like to also thank Indian Banks’ Association (IBA) for their views on the Bill. 7. For facility of reference, observation/ recommendations of the Committee have been pointed in thick type in the body of the Report. New Delhi Shri Jayant Sinha 12 January, 2021 Chairperson, 22 Pausha, 1942(Saka) Standing Committee on Finance Report 1. Background 1.1 Factoring can be defined as a transaction where an entity (like Micro, Small and Medium Enterprises) ‘sells’ its receivables (dues from a customer) to a third party (a ‘factor’ like a bank or NBFC) for immediate funds (partial or full). Domestic factoring includes invoice discounting, recourse factoring, non-recourse factoring, collections and reverse factoring. International factoring includes export factoring, import factoring, export invoice discounting and reverse factoring. Factoring is advantageous as it leads to prompt payment for seller and addresses liquidity issues; ensures smoother working capital cycle for seller; increases productivity and provides growth opportunity with healthier cash-flow as all or part of invoice can be sold to factor (bank or NBFC) for getting money immediately at competitive interest rate; the factor collects payment from buyer of goods and gains by earning interest. 1.2 In order to address the delay in payment and liquidity problems faced by enterprises, including MSMEs, the Regulation of Factor (Assignment of Receivables) Bill, 2011 was introduced in the Lok Sabha on 24 March, 2011. It was referred to the Standing Committee on Finance on 29 March, 2011 for examination and report thereon and the Committee submitted its Thirty-Ninth Report on the Bill to both the Houses of Parliament on 30th August, 2011 and thereafter the Factoring Regulation Act, 2011 was enacted to provide for regulating the assignment of receivables to factors, making provision for registration for doing factoring business, and the rights and obligations of the parties to the factoring contract. 1.3 As per the Factoring Act, 2011 four types of entities can do factoring in India at present:- (i) Banks – Exempted from registration under Section 5 (ii) Statutory Corporations – Exempted from registration under Section 5 (iii) NBFCs - Have to obtain registration from RBI under Section 3 (iv) Companies - Have to obtain registration from RBI under Section 3 1.4 Currently, 7 NBFCs called NBFC-Factors do the majority of factoring through the ‘principal business’ condition. They are Canbank Factors, India Factoring and Finance, SBI Global Factors, Siemens Factoring, Bibby Financial Services, IFCI Factors and Pinnacle Capital Solutions. At present, factoring is carried out both – (a) Manually; and (b) on the Trade Receivables Discounting System (TReDS); an electronic exchange that allows transparent and online selling of receivables by MSMEs. Guidelines regarding TReDS were issued by RBI in December, 2014 and in 2017 TReDS came into existence. Three entities (RXIL, M1xchange and Invoicemart) are running TReDS and have since collectively discounted invoices worth INR 15,000 crores drawn by 25,000 MSMEs. The TReDS platform over the last three years has shown its robustness and scalability in terms of providing low-cost receivables financing to MSMEs across the country. 1.5 However, even today, MSMEs continue to face financing issues especially access to formal credit channels including through factoring. There is often delay in MSMEs getting payment against their bills for supplying to various buyers. Due to this, their working capital gets locked up, and further productive activities by MSMEs get hampered. 1.6 In January, 2019, the Reserve Bank of India constituted an Expert Committee on MSMEs under the Chairmanship of Shri U.K. Sinha to suggest long–term measures for the economic and financial sustainability of the MSME Sector. The Expert Committee, interalia, recommended that Non-Banking Finance Companies (NBFCs) other than NBFC-Factors should be permitted to discount invoices on the Trade Receivables Discounting System (TReDS) in order to widen the scope of financiers, that TReDS entities should be permitted to act as agents for financiers for filing of registration of charge with the Central Registry for gaining operational efficiency, and that the time period for registration of invoice and satisfaction of charge upon it should be reduced in order to check the possibility of dual financing. The Expert Committee recommended that the Factoring Regulation Act, 2011 be amended accordingly, and the Government declared its intention to do so in the Budget speeches of 2019-20 and 2020-21. 1.7 Accordingly, The Factoring Regulation (Amendment) Bill, 2020 was introduced in the Lok Sabha on 24 September 2020 and the purpose of the proposed amendments is to liberalize the restrictive provisions in the Act and at the same time ensure that a strong regulatory / oversight mechanism is in place through the Reserve Bank of India. 1.8 Many government initiatives such as the launch of Unified Payments Interface (UPI), Goods and Services tax (GST), shift to online tax reporting through GST, etc. have helped accelerate formalization and digitization of MSMEs, creating a treasure trove of digital data from MSMEs that is verified, granular, current, and electronically accessible. The proposed amendments coupled with these initiatives are expected to provide an impetus to factoring as attractive source for short term financing for MSMEs by providing added avenues for getting credit facility, especially through TReDS as the total number of NBFC factors offering finance could go up from 7 to several thousands fostering greater competition, MSMEs will be able to avail cheaper financing and increase in the availability of working capital will lead to growth of the business of the MSME sector, allowing them to supply to more buyers, leading to further increase in business and resultant profitability in a virtuous cycle. This will also boost employment in the country. 2. Salient Features of the Bill 2.1 The amendments proposed
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