Nagaland to table SARFAESI Act in upcoming Assembly session

Kohima: The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act of 2002 will be tabled in the ninth session of the 13^th Nagaland Legislative Assembly (NLA) to be held this month, Minister for Planning & Coordination, land revenue and parliamentary affairs, Neiba Kronu informed.

Speaking to a section of journalists on the sideline of a programme held in Kohima, Kronu said the decision was made by the state government following a meeting chaired by Nagaland Chief Minister Neiphiu Rio on Monday which was also attended by TR Zeliang, leader of the NPF legislature party.

The SARFAESI Act is to be tabled in the state Assembly after much debate.

During an Assembly session in February last year, Rio had said that the SARFAESI Act cannot be implemented in Nagaland in its present form since it comes in direct conflict with the landholding systems and transfer of land under the provisions: Art 371A, Nagaland Land & Revenue Regulation (Amendment) Act 1978, and Nagaland Land & Revenue Regulation (Amendment) Act 2002.

Although the Act of Parliament will be applied to the state, Kronu said it will not affect the land and economy of the state, as the system of transferring lands will only be among the indigenous Nagas.

“The act can be there as it is, but if we can have our own system of transferring the properties, it is like buying each other’s property. So we will table it,” he said.

Kronu added that “there is a clarity” now that the SARFAESI Act will not ‘clash’ with Art 371(A), which gives special provisions to Nagaland as the lands will be protected.

Explaining further, Kronu said that the mortgaged property, even if confiscated by the banks, will only be sold to indigenous people.

The government’s decision comes after the State Level Bankers Committee (SLBC) has agreed to it, Kronu informed. He also informed that the legal advice of the Nagaland Advocate General was also sought via video conferencing.

As the Land revenue department has been working on modalities for Nagaland’s land laws, he said that a two-month time has been given to the department to submit its report. “We should have our own land laws. We must do away with Assam land laws,” he added.

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