2. 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, 199~;
(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;
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(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 giv~n 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 S(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 empow~red 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 Senior most 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;
G) "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 t@e by a notification in the Official Gazette;
Central Act 1 1956 Central Act40 of 1982 Central Act 1 1956 Central ActNo.2 of1934 Central Act 10 of 1949 1097 1098 THE ASSAM GAZETTE, EXTRAORDINARY, MAY 14, 2013 Substitution of section 3.
"Attachment of properties on default of return of Cleposits.
(k) "Competent Court" means the Court of District and Sessions Judge of Competent Jurisdiction or the Special Court constituted under this Act."
(a)
(b)
(c)
(d)