Amendment status not verified — confirm the current text below against the official source.
Amendment of Section 2 “(B) “Deposit” includes and shall be deemed always to have in- cluded any receipt of money or acceptance of any valuable com- modity 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”. 2) Clause (c) shall be substituted by the following, namely:- “(c) “Financial Establishment” means any person or a group of indi- viduals or a firm or a company incorporated under the Compa- nies Act 1956 carrying on business of receiving deposits under any scheme or arrangement or in any other manner and will include any other Non-Banking Finanical Companies but does not include a Corporation or a Co-operative Society owned or controlled by any State Government or the Central Govern- ment or a Banking Company as defined under clause (c) of section 5 of the Banking Regulation Act, 1949”.