West Bengal Protection of Interest of Depositors in Financial Establishments Rules, 2016

Every Financial Establishment shall submit a Report in Form-I containing such particulars as required therein to the Competent Authority in whose jurisdiction the Financial Establishment commenced or carried its business.

Table of Contents

GOVERNMENT OF WEST BENGAL
HOME DEPARTMENT
INTERNAL SECURITY BRANCH
NABANNA, HOWRAH

No. 912-I.S.S. Dated, Kolkata, the 25th July, 2016.

NOTIFICATION

In exercise of the power conferred by sub-section (1) of section 24 of the West Bengal Protection of Interest of Depositors in Financial Establishments Act, 2013 (West Ben. Act XXIX of 2013), the Governor is pleased hereby to make the following rules, namely:-

Rules

1. Short title and commencement

(1) these rules may be called the West Bengal Protection of Interest of Depositors in Financial Establishments Rules, 2016.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. Definitions

(1) In these rules, unless the context otherwise requires,-

(a) “Act” means the West Bengal Protection of Interest of Depositors in Financial Establishments Act, 2013 (West Ben. Act XXIX of 2013), as subsequently amended;

(b) “Form” means a form prescribed by these rules:

(ba) “intangible property” means any other property not mentioned in Sub-Section (1) of section 7 and includes the records or property which are not practicable to seize under sub-section (1) thereof;

(c) “property- means movable and immovable property of such person, shares, other securities and money deposited in the bank or due from any other person; [omit sub rule (C):]

(d) “section” means a section of the Act;

(e) “State Government” means the Cowl-tit-writ of West Bengal in the Finance Department.

(2) Words and expressions used and not defined in these rules but defined in the Act, shall have the same meanings as respectively assigned to them in the Act.

3. Intimation of business to Competent Authority

(1) Every financial establishment shall, intimate about its business, file all periodical statements, to the Competent Authority in accordance with the provisions mentioned in sub-section (1) and sub-section (2) of section 4.

(2) Every Financial Establishment shall submit a Report in Form-I containing such particulars as required therein to the Competent Authority in whose jurisdiction the Financial Establishment commenced or carried its business.

(3) It shall be the duty of every Financial Establishment to report to the Competent Authority, in case of any change in respect of any particulars furnished in Form-I, within seven days after the change has taken place.

(4) Every Financial Establishment shall file, within one month of the expiry of each quarter of a financial year, all periodical statements in Form-II showing particulars in respect of its business including its financial position, the area of its investments and the location of investments of moneys made by it within and outside the State, on each quarter of the financial year, if any, to the Competent Authority within whose jurisdiction his place of business is located, and if he has more than one place of business located in the State, to the Collector and Superintendent of Police under whose jurisdiction the main branch office, as declared by him, is located.

4. Competent Authority’s right to require information

(1) The Competent Authority may, by a general or special order, direct any financial establishment in its jurisdiction to furnish such statements, information or particulars relating to or connected with the deposits received by such establishment in accordance with subsection (3) of section 4.

(2) The Competent Authority shall have power to call for or require information as mentioned in sub-rule (1) on the activity of the defaulting financial establishment or its office bearer including promoter, partner, director, manager, member, employee or any other person responsible for the management, or for conducting the business or affairs of that financial establishment.

(3) An officer in charge of the police station or any Revenue Officer having the lawful jurisdiction, when required by the Competent Authority, shall take steps, including inquiry, investigation or survey in respect of any person, place, property, documents, books of account, etc., of the financial establishment or promoter, partner, director, manager, member, employee or any other person of such financial establishment [ omit the word “investigation”].

5. Notice to secured creditors and depositors under sub-section (2) of section 10

(1) The Competent Authority shall, for the purpose of assessing the total amount of deposits to be returned to the depositors, issue a notice to the secured creditors, if any, and to the depositors of the financial establishment in accordance to sub-section (2) of section 10.

(2) The Competent Authority shall, for the purpose of assessing the total amount of deposits to be returned to the depositors, issue a notice to the secured creditors or the depositors in Form III, directing them to submit a statement appended with the such Form.

6. Issue of ad-interim order of attachment

(1) The Government, after passing ad-interim order of attachment by the Designated Court under sub-section (4) of section 5, shall immediately forward the said order to the Competent Authority along with copies of all relevant papers and records relating to such ad-interim attachment and all money and properties, so attached. [“(1) The State Government shall, after issue of the order under Sub-section (1) of section 5 and on publication of the same in Official Gazette , immediately forward the said order to the Competent Authority along with copies of all relevant papers relating to such order of attachment together with particulars of all money and properties, if so attached.”]

(2) The Competent Authority shall, immediately on receipt of the order under sub-rule (1), prepare and maintain a register giving details of accounts or descriptions of all the money and properties so attached under the Act.

(3) The Competent Authority may, on receipt of the order under sub-rule (1), seek necessary assistance of Police Officer or any officer of the Government for the purpose of taking possession of the property in respect of which the attachment order has been made and on issue of requisition, it shall be the duty of such officer to render necessary assistance to the Competent Authority.

No. 912-ISS dated 25.07.2016, Source

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