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Section 5, Specified Bank Notes (Cessation of Liabilities) Act, 2017 [S28-2CD]

As at 7 September 2026. In force from 28 August 2017.

In Specified Bank Notes (Cessation of Liabilities) Act, 2017 [A11-MK6]. This text from 28 August 2017. No other text held.

Synthetic. The words of this section are generated by the register; the title, number and year of the Act are real.

Cite: Section 5, Specified Bank Notes (Cessation of Liabilities) Act, 2017 [S28-2CD]. Machine: S28-2CD.

5. Prohibition of the enforcement of security interest without licence.—No person shall undertake the enforcement of security interest except under and in accordance with the conditions of a licence granted under section 6: Provided that nothing in this section shall apply to the enforcement of security interest undertaken by or on behalf of the Central Government or a State Government.

Defined terms in this text (1)

security interest: Section 2, Specified Bank Notes (Cessation of Liabilities) Act, 2017 [S28297] (In this Act, unless the context otherwise requires,—): "security interest" means right, title or interest of any kind upon property created in favour of a secured creditor

security interest: 17 more definitions.

Made under this section, or naming it (0)

none

Cited by (1)

Section 33, Specified Bank Notes (Cessation of Liabilities) Act, 2017 [S28-381], 28 August 2017, Band A. "section 5".

Not held (0)

none

Duties published under this section (0)

none