Section 5: Default in repayment of deposits and interests honouring the commitment

The Kerala Protection of Interests of Depositors in Financial Establishments Act, 2013State Act of Kerala · Act 7 of 2015

Notwithstanding anything contained in sections ·3 and 4, where any financial establishment defaults the return of the deposit or defaults the payment of interest on the deposit, or where the deposit is for providing service or properties, fails to provide such service or properties for which the deposit has been made, every person responsible for the management of the affairs of the financial establishment shall, on conviction, be punished with imprisonment for a term which' may extend to ten years and with fine which may extend to one lakh rupees and such financial establishment is also liable for fine which may extend to one lakh rupees.

Where this provision sits

Act	The Kerala Protection of Interests of Depositors in Financial Establishments Act, 2013
Section	5
Marginal note	Default in repayment of deposits and interests honouring the commitment
Jurisdiction	State of Kerala
Status	In force as published by the source

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