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Preamble – The Rehabilitation Finance Administration Act,1948

The Rehabilitation Finance Administration Act,1948

Preamble

ACT No.12 OF 1948

[AS ON 1995]

[23rd March,1948.]

STATEMENT OF OBJECTS AND REASONS

Credit facilities for the settlement of refugees in business and industry cannot adequately be granted by commercial banks and other financing like the proposed Industrial Finance Corporation. It is also impracticable for the State to give such accommodation direct as in the case of agriculturists, small shop-keepers, artisans and persons engaged in professions. This Bill therefore seeks to establish for this purpose a Rehabilitation Finance Administration which well be financed and controlled by the Central Government but will work as a semi-autonomous body in close collaboration with the Central and Provincial Governments and banks. Provision has also been made which will facilitate the granting of such financial assistance by normal banking channels.

An Act to establish the Rehabilitation Finance Administration

WHEREAS it is expedient to establish a Rehabilitation Finance Administration for the purpose of giving financial assistance on reasonable terms to displaced persons to enable them to settle in business or industry;

It is hereby enacted as follows:-

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The Rehabilitation Finance Administration Act,1948

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