Arunachal Pradesh Protection of interests of Depositors (in Financial Establishment) Act, 2017
No: 10 Dated: Oct, 06 2017
THE ARUNACHAL PRADESH PROTECTION OF INTERESTS OF DEPOSITORS (IN FINANCIAL ESTABLISHMENTS) ACT, 2017
(ACT NO. 10 OF 2017)
An Act to protect the deposits made by the public in the Financial Establishment and matters connected therewith and incidental thereto.
Be it enacted by the Arunachal Pradesh Legislative Assembly in the Sixty eighth Year of the Republic of India as follows:
CHAPTER – I
1. Short title, extent and commencement:- (1) This Act may be called the Arunachal Pradesh Protection of interests of Depositors (in Financial Establishment) Act, 2017.
(2) It extends to the whole of Arunachal Pradesh.
(3) It shall come into force on the date of its publication in the Official Gazette.
2. Definition:- In this Act, unless the context other wise requires.
(a) “Competent Authority” means the Authority appointed by the Government under section 6.
(b) “Deposit” means and shall be deemed always to have included any receipt of Money or acceptance of any valuable commodity by any Financial Establishment to be returned after a specified period of time or otherwise, either in cash or in kind or any form of a specified service with or without any benefit in the form of interest, bonus, Profit or any other form but does not include :-
(i) amount raised by way of share capital or by way of debenture, bond or any other instrument covered under the guidelines given and regulations made, by the Securities and Exchange Board of India, established under the Securities and Exchange Board of India Act,1992;
(ii) amounts contributed as capital by partners of a firm;
(iii) amounts received from a Scheduled Bank or a Co-operative Bank or any other Banking Company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 ;
(iv) any amount received from :
(a) the Industrial Development Bank of India.
(b) a State Financial Corporation.
(c) any financial institution specified in or under section 4 A of the Companies Act, 1956 or
(d) any other institution that may be specified by notification by the Government in this behalf ; or
(e) any amount received in the ordinary course of business by way of
(i) security deposit
(ii) dealership deposit
(iii) earnest money
(iv) advance against order for goods or services
(v) any amount receive from an individual or a firm or an association of individuals registered under any enactment relating to money lending which is for the time being in force in the State of Arunachal Pradesh; and
(vi) any amount received by subscription in respect of chit.
Explanation-I : “Chit” has same meaning as assigned to it in clause (b) of section 2 of Chit Funds Act, 1982;
Explanation-II. Any credit given by a seller to a buyer on the sale of any property (whether movable or immovable) shall not be deemed to be deposit for the purpose of this clause;
(c) “Financial Establishment” means an individual or an association of individuals or a firm, or a company registered under the Companies Act, 1956 and carrying on the business of receiving deposits under any scheme or arrangement or in another manner and includes the Non Banking Financial Companies (NBFC) as defined in section 45 I ( c) and (f) of the Reserve Bank of India Act 1934, but does not include a Corporation or a co-operative society owned or controlled by any States Government or the Central Government, or a banking company as defined under section 5 (c) of the Banking Regulation Act, 1949.
(d) “Depositor” means a person who has made deposits with Financial Establishment;
(e) “Government” means the State Government of Arunachal Pradesh;
(f) “any other officer authorized by Government in order to carry out the purposes of this Act” means an officer empowered by the Government, by notification in the Official Gazette, in order to carry out the purposes of this Act;
(g) “the Deputy Commissioner” means the Deputy Commissioner of the District;
(h) “the Superintendent of Police of the District” means the senior most police officer in-charge of the police District and shall be deemed to have included his subordinate officers;
(i) “the Bureau of Investigation (Economic Officers)” means the Bureau of investigation (Economic Offences) under the Government of Arunachal Pradesh;
(j) “Competent Regulatory authority” means and includes Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA), Registrar of Companies (RoC), Registrar of Cooperative Societies, Government of Arunachal Pradesh or any other Authority empowered by the Central or State Government from time to time by a notification in the Official Gazette;
(k) “Special Court” means the Court of District and Session Judge of Competent Jurisdiction or the Special Court constituted under this Act”.
(l) “prescribed” means prescribed by rules made under this Act.