Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in any other law for the time being in force,- (i) where, upon complaint received from any depositor or any report from the Deputy Commissioner or an officer not below the rank of Superintendent of Police of the Bureau of Investigation .(Economic Offences) of the respective jurisdiction or otherwise, that any Financial Establishment has- received deposits from public by indulging in a fraudulent act; or failed to return the deposit after maturity or on demand by depositor; or failed in payment of interest or other assured benefit; or failed to provide the service against such deposit; and/or (ii) Where the Government has reason to believe that any Financial.Establishment is acting in a calculated manner with an intention to defraud the depositors, and if the Government is satisfied that such Financial Establishment is not likely to return the deposits; The Government may, in order to protect the interests of the depositors of such Financial Establishment pass an ad~interim order · by publishing it in the Official Gazette, attaching the money or other property alleged to have been procured either in the_ name of the Financial Establishment, or in the name- of any other person froin and out of the deposits collected by the Financial Establishment, or if it transpires that such money or other property is not available for attachment or not sufficient ·for repayment of the deposits, such other property of the said Financial Establishment or the promoter, manager or member of the said Financial Establishment, as the Government may think fit, transfer the control over the said money or property to the Competent Authority. Explanation 1 :- For the purposes of clause (i) any Financial Establishment receiving deposits from public in violation of any law for the time being in force or without valid registration/license/pennission from a competent Regulatory Authority or dresses, camouflages its deposit taking in the form of any other business or activity shall be deemed to be indulging in a fraudulent act. ,_,, THE ASSAM GAZETTE, EXTRAORDINARY, MAY 14, 2013 1099 Insertion of new section 3A "Authorities to receive complaints and cause inquiry and investigation Explanation 2 :- The expression "Government" for the purpose of this section shall mean and include the Finance Department of the Government of Assam."