Amendment status not verified — confirm the current text below against the official source.
Definitions : In this Act unless the context otherwise requires: (a) ''Competent Authority'' means the Competent Authority appointed under section 5; (b) Designated Court means the Designated Court constituted under section 7; (c) ''deposit'' 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 interest, bonus, profit or in any other form, but does not include- (i) amount raised by way of share capital or by way of debenture, bond or any other instrument covered under the guidelines given, and regulation made, by the "SEBI'', established under the Securities and Exchange Board of India Act, 1992 (15 of 1992); (ii) amount contributed as capital by partners of a firm; 25 (iii) amount received form a schedule bank or a 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 Corporation, (c) any financial institution specified in or under section 6A of the industrial Development Bank of India Act, 1964; (v) amount received in the ordinary course of business by way of- (a) security deposit (b) dealership deposit (c) earnest money (d) advance against order for goods or services; (vi) any amount received from an individual or a firm or an association of individuals nor being a body corporate, registered under any enactment relating to money lending which is for time being in force in the State; and (vii) any amount received by way of subscriptions in respect of Chit. Explanation-I ''Chit has the meaning as assigned to it in clause (b) of section 2 of the Chit Funds Act, 1982; Explanation-II 26 Any credit given by a seller to a buyer on the sale of any property (whether moveable or immovable) shall not be deemed to be deposit for the purpose of this clause. (d) ''Financial Establishment'' means any person including association of persons in whatever form it operates, a firm or a company accepting deposit 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 (e) ''Government'' menas the Government of Bihar (f) ''prescribed'' means prescribed under the Rules.