Chapter II Chapter II

Notwithstanding anything contained in any other law for the time being in force— (i)where upon complaints received from a number of depositors, that any financial establishment has defaulted the return of deposits after maturity; or (ii)where the Government has reasons to believe that any financial establishment is acting in a calculated manner with an intention to defraud the depositors; and if the Government is satisfied that such financial establishment is not likely to return the deposits, the Government may, in order to protect the interests of the depositors in such financial establishment, pass an ad-interim order attaching the money or other property alleged to have been procured either in the name of the financial establishment or in the name of any other person from and out of the deposits collected by the financial establishment, or if it transpires that such money or other property is not available for attachment or not sufficient for repayment of the deposits, such other property of the said financial establishment or of the promoter, manager or member of the said financial establishment as the Government may think fit and transfer the control over the said money or property to the competent authority.

1. (1) The Government may by notification, appoint an authority hereinafter called "the competent authority" to exercise control over the properties attached by the Government under section 3. (2)The competent authority shall have such other powers as may be necessary for carrying out the purposes of this Act. (3)Upon receipt of the orders of the Government under section 3, the competent authority shall apply within fifteen days to the Special Court constituted under this Act for making the ad-interim order of attachment absolute. (4)An application under sub-section (3) shall be accompanied by one or more affidavits, stating the grounds on which the belief that the financial establishment has committed any default or is likely to defraud, is founded, the amount of money or value of other property believed to have been procured by means of the deposit, and the details, if any, of persons in whose name such property is believed to have been invested or purchased out of the deposits or any other property attached under section 3. 2[(5)The competent authority shall make an application to any court having jurisdiction to try similar cases or deal with the subject matter pertaining to money or property belonging to a financial establishment or any person specified in section 3 situated within the territorial jurisdiction of that court for appropriate orders. (5)For the purpose of crediting and dealing with the money realized by the competent authority, he shall open an account in any Scheduled commercial bank.]

1. (1) Every financial establishment which commences or carries on its business as such in the State of Goa on or after the commencement of the Goa Protection of Interests of Depositors (in Financial Establishments) (Amendment) Act, 2017 (hereinafter, in this section, referred to as the “said Act”), shall make a report to the District Collector of the district, mentioning the details about its authority to carry on such business, the location of the financial establishment in the State and its main Branch Office, if any, wherever situated, permanent address of every person responsible for the management of, or conducting of, the business or affairs of the financial establishment in the State and such other particulars as may be prescribed. (2)Such report shall be made within seven days from the date on which a financial establishment commences or carries on its business as such in the State: Provided that a financial establishment which has been carrying on its business as such prior to the commencement of the said Act shall make such report within seven days from the date of such commencement. (3)Every financial establishment shall furnish a quarterly return within one month of the expiry of each quarter of a financial year to the District Collector in respect of its business and financial position, the area of its investment and the location of investments of moneys made by it within and outside the State, if any, and such other particulars as may be prescribed. (4)Whoever contravenes the provisions of this section shall be liable to a penalty of one thousand rupees per day of delay and upto a maximum of fifty thousand rupees, to be leviable by competent Authority.]