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Fijians will now have easy access and cost efficient ways to obtain a loan for move-able assets.
The Parliamentary Standing Committee has unveiled the Personal Property Securities Bill which is aimed at reducing poverty and increasing economic activity.
Public Accounts Committee Chair, Ashneel Sudhakar, says firms and individuals without any land holdings will now be able to get loans from registered financial institutions with move-able assets such as TV’s, refrigerators and vehicles.
“The concept is to heighten this economic activity at the ground level and have a flown effect to everybody if you do more commerce you obtain more loans to do business then you pay taxes and that taxes come back to the government and they give back to you in various programs the government has.”
Sudhakar says the Bill of sale can be done through an online registry.
He says the Reserve Bank of Fiji is at the forefront of this bill and it will not only improve access to credit but cost of credit is likely to fall and new financial products and services are likely to be introduced....
source: FBC NEWS/PACNEWS
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