The Arunachal Pradesh Protection of Interests of Depositors (in Financial Establishments) Act, 2017
The Arunachal Pradesh Protection of Interests of Depositors (in Financial Establishments) Act, 2017
This law protects public savings by regulating non-banking financial establishments and individuals accepting monetary deposits across Arunachal Pradesh. It applies to private businesses, firms, and companies collecting public deposits, as well as the depositors who entrust them with money. The legislation addresses the widespread threat of fraudulent financial schemes by requiring businesses to obtain state clearance, make mandatory disclosures, and operate transparently. To safeguard victims, the government can seize attached properties, appoint competent authorities to sell assets for refunding depositors, and establish special courts to prosecute defaulting operators with severe prison sentences and fines.
- 0. Preamble
- 2. Definition
- 3. Fraudulent Financial Establishment
- 4. Authority to receive complaint and cause enquiry and investigation
- 5. Offences to be cognizable and non-bailable
- 6. Competent Authority
- 7. Punishment for default in repayment of deposit and interest
- 8. Mandatory disclosure and punishment for non-compliance
- 9. Competent Court
- 11. Attachment of properties of malafide transferees
- 12. Security in lieu of attachment
- 13. Administration of property attached
- 14. Appeal
- 15. Special Public Prosecutor
- 16. Procedure and powers of the Court of District and Sessions Judge regarding offences
- 17. Act to override other laws
- 18. Protection of action taken in good faith
- 19. Power to remove difficulties
PDF: pending for this language.