<h1>SARFAESI Act: Banks Can Recover Dues Over One Lakh Without Court; Rule 8(5) Requires Valuation Before Asset Sale.</h1> The SARFAESI Act, 2002, enables banks and financial institutions to recover dues over one lakh rupees by acting against secured assets without court intervention. The government does not partake in these commercial decisions or recovery actions. Rule 8(5) mandates property valuation by an approved valuer to set a reserve price before sale. Debtors can appeal actions in the Debts Recovery Tribunal and further in the Debts Recovery Appellate Tribunal. The Act applies uniformly to all debtors, and significant amendments were made in 2016. Currently, no further amendments are proposed, as stated by the Minister of State for Finance.