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Section 3: Insertion of new section-3C in the Bihar Act, 18 of 2002

The Bihar Protection of Interest of Depositors (In Financial Establishments) (Amendment) Act, 2017State Act of Bihar · Act 7 of 2017

The following new section- 3C shall be inserted after section-3B of the said Act 2002 :- "3C Compounding of offence .- (1) An offence punishable under section-3 may, after the institution of the prosecution by the Competent Authority with the permission of the Designated Court on payment of the entire amount due to the depositors with interest at the rate of 1% per month or at the rate of interest notified by Reserve Bank of India for the time being in force, whichever is higher.

(2) Where an offence has been compounded under sub-section (1), no further proceeding shall continue against the offender in respect of the offence so compounded and the offender, if in custody, shall be discharged forthwith."

Where this provision sits

ActThe Bihar Protection of Interest of Depositors (In Financial Establishments) (Amendment) Act, 2017
Section3
Marginal noteInsertion of new section-3C in the Bihar Act, 18 of 2002
JurisdictionState of Bihar
StatusIn force as published by the source

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