Intimation of business.

(1) Every financial establishment already carrying on its business in the area of jurisdiction of the competent authority, shall intimate the competent authority about its business within two months from the commencement of the Act. (2) No financial establishment shall commence its business in the area of jurisdiction of the competent authority without prior intimation. (3) The financial establishment shall file all such copies of periodical statements to the competent authority, which are required to be filed under the law to supervisory authorities including Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI). (4) The competent authority at his discretion may at any time direct any financial establishment carrying on business in the area of jurisdiction of the competent authority to furnish in such form, at such intervals ans within such time, such statements, information or particulars relating to or connected with deposits received by the establishment, as may be specified in general or special order. (5) Who ever contravenes the provisions of this section shall be punished with imprisonment, which may extend to three months or with fine, which may extend to five thousand rupees or with both and financial establishment shall also be liable to pay fine, which shall not be less than Rs. 25,000 but may extend to Rs. 50,000.