In this Act, unless the context otherwise requires,––
(a) “Act” means the Jammu and Kashmir Protection of Interests of Depositors (In Financial Establishments) Act, 2018 ;
(b) “Competent Authority” means the Authority appointed under section 4 ;
(c) “Deposit” means the deposit of money either in one lump sum or by installments made with the Financial Establishment for a fixed period for interest or for return in any kind or for any service and includes 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 or otherwise, either in cash or in kind or in the form of specified service with or without any benefit in the form of interest, bonus, profit, or in any other form, but does not include––
(i) amount raised by way of share capital or by any way of debenture, bond or any other instrument covered under the guidelines given, and regulations made, by the SEBI, established under the Securities and Exchange Board of India Act, 1992 (15 of 1992) ;
(ii) amounts contributed as capital by partners of a film ;
(iii) amounts received from a Scheduled bank or Co-operative Bank or any other banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949) ;
(iv) any amount received from––
(a) the Industrial Development Bank of India ;
(b) a State Financial Institution ;
(c) any financial institution specified in or under section 6- A of Industrial Development Bank of India Act, 1964 (18 of 1964) ; or
(d) any other institution that may be specified by the Government in this behalf ;
(v) amounts received in the ordinary course of business by way of––
(a) security deposit ;
(b) dealership deposit ; and
(c) earnest money ;
(vi) any amount received from an individual or a firm or an association or individuals not being a body corporate, registered under any enactment relating to money lending which is for the time being in force in the [Union territory of Jammu and Kashmir] ; and
(vii) any amount received by way of subscriptions in receipt of a Chit.
Explanation I–– “Chit” shall have the same meaning as assigned to in clause (b) of section 2 of [the Chit Funds Act, 1982 (40 of 1982)].
Explanation II.––A transaction is not a chit within the meaning of this clause, if in such transaction,––
(i) some alone, but not all, of the subscribers get the prize amount without any liability to pay future subscriptions ; or
(ii) all the subscribers get the chit amount by turns with a liability to pay future subscriptions.
Explanation.––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 a deposit for the purposes of this clause.
(d) “Designated Court” means the Designated Court constituted under section 8 ;
(e) “Financial Establishment” means an individual or an association of individuals, a firm or a company registered under the Companies Act, 2013 carrying on the business of receiving deposits under any scheme or arrangement or in any other manner 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 clause (c ) of section 5 of the Banking Regulation Act, 1949 ;
(f) “Government” means the Government of Jammu and Kashmir ; and
(g) “prescribed” means prescribed by rules made under this Act.