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Ordinance promulgated

By Our Legal Correspondent

NEW DELHI June 24. The President has promulgated the `Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance 2002' and it comes into immediate effect.

The ordinance will enable banks and financial institutions to recover their outstanding debts, of the order of Rs. 1,10,000 crores as against the size of the Union Budget of Rs. 4,50,000 crores. According to an official press release, the ordinance follows the approval of the Union Cabinet on June 18.

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