Insertion of new section 2A after section 2 of the Bihar Act, 18 of 2002

Insertion of new section 2A after section 2 of the Bihar Act, 18 of 2002- the following new section 2A shall be inserted, after section 2 of the said Act :- "2A Mandatory Intimation, Power to call for information and punishment for non compliance-

1. (1) Any Financial Establishment intending to establish an office and operate in the State of Bihar or any part thereof shall furnish information in writing to the Competent Authority about the details of its activities, areas of operation and/or business, supported by all necessary papers. This information shall also include the registration by the Registrar of Companies of the State Concerned as also about the registration and the license obtained from the Reserve Bank of India, Securities and Exchange Board of India or any other regulatory authority for the purpose aforesaid with details of its office structure and specific location/address : Provided that the Financial Establishment operating before the commencement of this Act shall furnish the requisite information to the Collector of the district/Competent Authority within 30 days of the commencement of this Act.
2. (2) The Competent Authority shall have the power to call for or require any information about the Financial Establishment or its office bearers including the promoter, director, partner or manager or members of such Financial Establishment or direct any office or authority of the Government or a local authority or any other person, to furnish such information as may be required, and such Financial Establishment or its office bearer or promoter, director, partner or manager or members of such Financial Establishment or officer or authority of the Government or local authority or any other person, shall forth with furnish such information to the Competent Authority.
3. (3) Failure to furnish the requisite information to the Competent Authority as under sub-section (1) of section 2A or furnishing wrong or misleading statement, or refuse to produce or to permit inspection of records/documents etc, as required under section 3A, the Collector of the District under whose local jurisdiction the Financial Establishment conducting its business operation, if satisfied, may after giving reasonable opportunity to the Financial Establishment in accordance with law, impose a fine of up to Rs. 100000/- (Rupee one Lakh) for every such default. "