Assam Protection of Interests of Depositors (In Financial Establishments) (Amendment) Act, 2013
No: 11 Dated: May, 14 2013
THE ASSAM PROTECTION OF INTERESTS OF DEPOSITORS (IN FINANCIAL ESTABLISHMENTS) (AMENDMENT) ACT, 2013
ASSAM ACT NO. XI OF 2013
An Act to amend the Assam Protection of lnterests of Depositors (in Financial Establishments) Act, 2000.
Preamble:- Whereas it is expedient to amend the Assam Protection of Interests of Depositors (in Financial Establishments) Act,2000, hereinafter referred to as the principal Act;
It is hereby enacted in the Sixty-fourth Year of the Republic oflndia as follows:-
1. Short title, extent and commencement:-(1) This Act may be called the Assam Protection of Interests of Depositors (in Financial Establishments) (Amendment) Act, 2013.
(2) It shall have the like extent as the principal Act.
(3) It shall come into force at once.
2. Substitution of section 2:- In the principal Act, for the existing section 2, the following shall be substituted, namely :-
2. Definition:- In this Act, unless the context otherwise requires,-
(a) "Competent authority" means the authority appointed by the Government under section 4;
(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 in the form of a specified service with or without any benefit in the form of interests, bonus, profit or iri 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 Cooperative 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 the Industrial Development Bank of India, or a State Financial Corporation, or any financial Institution specified in or under section 4 A of the Companies Act, 1956, or any other institution that may be specified by notification by the Government in this behalf;
(v) any amount received 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 Assam; and
(vi) any amount received by way of subscription in respect of a Chit;
Explanation I.- "Chit" has the meaning as assigned to it in clause (b) of section 2 of the 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 purposes of this clause;
(c) "Financial Establishment" means an individual or an association of individuals or a finn, or a company registered under the Companies Act, 1956 and carrying on the business of receiving.deposits under any scheme or arrangement or in any other manner and includes the Non Banking Financial Companies (NBFCs) as defined in section 45 l(c) and (t) of the Reserve Bank of India Act 1934, but does not include a corporation or a co-operative society owned or controlled by any State 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 Assam;
(f) "any other officer authorized by Government in order to carry out the purposes of this Act" means an officer empowred 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 Copunissioner and District Magistrate of the District;
(h) "the Superintendent of Police of the District" means the Seniormost police officer In-Charge of the Police District and shall be deemed to have. included his sub-ordinate officers;
(i) "the Bureau of Investigation (Economic Offences)" means the Bureau of Investigation (Economic Offences) under the Government of Assam;
(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 Assam or any other Authority empowered by the Central or State Government from time to time by a notification in the Official Gazette;
(k) "Competent Court" means the Court of District and Sessions Judge of Competent Jurisdiction or the Special Court constituted under this Act."