Amendment status not verified — confirm the current text below against the official source.
Section 3 of the Principal Act shall be substituted by the fol- lowing, namely:- “(1) (i) Every financial establishment shall intimate the Competent Authority of the area, about its business in the area (ii) The financial establisment shall file a copy of such periodical statement to the Competent Authority as may be required to be filed, under any law, with any other supervi- sory authority including the Reserve Bank of India (RBI). (iii) The Competent Authority at his discretion may at any time direct any financial establishment carrying on busi- ness in the area of jurisdiction of the Competent Authority to furnish in such form, at such intervals and within such time, such statement, as may be specified in a general or a special order. (iv) Whoseover contravenes the provisions of this sec- tion shall be punished with imprisonment which may extend to six months or with a fine which may extend to twenty thousand rupees or with both. “(2) (i) The Government or the District Magistrate in their respective jurisdiction or Superintendent of Police in charge of the Economic Offence Wing of the Police Department, suo moto or on receipt of any complaint may cause investiga- tion of a complaint or fraudulent transaction referred to in this sec- tion. The District Magistrate or the Superintendent of Police in charge of the Economic Offence Wing of the Police Department shall forward his report together with the complaint to the Govern- ment at the earliest.