Central Nagaland Tribes Council asks state Govt to implement SARFAESI Act

KOHIMA: The Central Nagaland Tribes Council (CNTC) has requested the State government to enact the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) in the interest of educated Naga unemployed youth.

The CNTC said in a statement that many talented Naga youth were forced to look for work outside of Nagaland in order to earn their livelihood.

According to the tribal council, the majority of them want to begin their projects and work in their home state. The youth had no choice but to flee the state due to a lack of financial resources.

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The CNTC stated that the Act's implementation would allow thousands of Naga youth to earn a living at home rather than having to go out and face untold miseries and difficulties as they had in the past in many mainland cities.

Many youngsters wanted to start small businesses in their home state, but without financial assistance from banks, it was difficult for them to do so on their own, according to the council.

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Hence it urged the state government to work out certain modalities with all stakeholders, including local entrepreneurs, contractors, banks, and financial institutions, to enact the Act in conjunction with other special laws granted to Nagaland, such as Article 371(A) of the Land and Revenue Regulations Amendment Act, 2002 so that local entrepreneurs default on their bank loans, the mortgaged lands could be auctioned off to local Nagas only, ensuring that special clauses are not violated.

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