Amendment status not verified — confirm the current text below against the official source.
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 9; (c) "deposit" includes and shall be deemed always to have been 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 a specified service with or without any benefit in the form of interest, bonus, profit or in any other form, but does not include – Short title and commencement. Definitions. H-666-1 3 (i) amounts raised by way of share capital or by way of debenture, bond or any other instrument covered under the guidelines given and regulations made by the Securities and Exchange Board of India, established under the Securities and Exchange Board of India Act, 1992; (ii) amounts contributed as capital by partners of a firm; (iii) amounts received from a Scheduled 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; (iv) any amount received from – (a) the Industrial Development Bank of India, (b) the Gujarat State Financial Corporation, (c) any financial institution specified in or under section 4A of the Companies Act, 1956, (d) any other institution as the State Government may by an order specify; (v) amounts received in the ordinary course of business by way of – (a) security deposit, (b) dealership deposit, (c) earnest money, or (d) advance against order for goods or service; (vi) any amount received from an individual or a firm or an association of individuals not being a body corporate, registered under any enactment relating to money lending which is for the time being in force in the State; and (vii) any amount received by way of subscriptions in respect of a Chit. Explanation.- For the purpose of this clause – (i) Chit shall have the same meaning as assigned to it in clause (b) of section 2 of the Chit Funds Act, 1982; 10 of 1949. 1 of 1956. 15 of 1992. 40 of 1982. 4 (ii) Any credit given by a seller to a buyer on the sale of any property whether movable or immovable shall not deemed to be a deposit; (d) "Financial Establishment" means any person or group of individuals accepting deposits under any scheme or arrangement or in any other manner but does not include a Corporation 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,