The Bihar Protection of Interest of Depositors (In Financial Establishments) (Amendment) Act, 2013
bihar · 2013
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1The act is titled the Bihar Protection of Interest of Depositors (In Financial Establishments) (Amendment) Act, 2013, applies statewide, and takes effect immediately.
- S. 2The section amends definitions of "Competent Authority" and "Designated Court" and adds an explanation for "deposit taking business."
- S. 3Section 3 mandates financial establishments to provide detailed information to the Competent Authority and allows it to request further details.
- S. 4Section 4 amends Bihar Act 2002 to restrict investigation of its offences to police above Deputy Superintendent rank, unless authorized by State Government.
- S. 5Section 5 empowers authorities to enter premises, inspect documents, and seize property for financial establishment investigations.
- S. 6The section empowers the Competent Authority to control and take possession of a financial establishment's assets.
- S. 7Section 7 amends the Bihar Act to require the Competent Authority to submit a statement of deposit liabilities and assets to the Designated Court within 30 days.