Notwithstanding anything contained in section 3, where any Financial Establishment defaults the return of the deposit or defaults the payment of interest on the deposit or fails to return in any kind or fails to render service for which the deposit have been made, every person responsible for the management of the affairs of the Financial Establishment shall be punished with imprisonment of a term which may extend to ten years and with fine which may extend to one lakh rupees and such Financial Establishment is also be liable for a fine which may extend to two lakh rupees.
Section 6: Default in Repayment of deposits and interests honoring the commitment.
The Jammu and Kashmir Protection of Interests of Depositors (in Financial Establishments) Act, 2018Union territory Act of Jammu and Kashmir · Act 13 of 2018
Where this provision sits
| Act | The Jammu and Kashmir Protection of Interests of Depositors (in Financial Establishments) Act, 2018 |
|---|---|
| Section | 6 |
| Marginal note | Default in Repayment of deposits and interests honoring the commitment. |
| Jurisdiction | Union territory of Jammu and Kashmir |
| Status | In force as published by the source |
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