Power to make rules.

1. (1) The Government may make rules for carrying out the provisions of this Act.
2. (2) (a) All rules made under this Act shall be published in the Goa Official Gazette and unless they are expressed to come into force on a particular day, shall come into force on the day on which they are so published.
   • (b) All notifications issued under this Act shall, unless they are expressed to come into force on a particular day, shall come into force on the day on which they are published. Secretariat Annexe, Panaji, Dated: 16-11-1999. B. S. SUBBANNA, Secretary to the Government of Goa, Law Department (Legal Affairs). _________________________________________________________________________ an individual, an association of individuals or a firm carrying on the business of receiving deposits under any Scheme or arrangement or in any other manner but does not include a company registered under the Companies Act, 1956, or a corporation or a co-operative society owned or controlled by any State Government or the Central Government, or a banking company as defined under section 5(c) of the Banking Regulation Act, 1949 (Central Act X of 1949) or a non- banking financial company as defined in clause (f) of section 45-I of the Reserve Bank of India Act, 1934 (Central Act 2 of 1934); 2.Sub-section 5 and 6 inserted vide Amendment Act 13 of 2017. 3.Section 4-A inserted vide Amendment Act 13 of 2017. 4.Section 5 substituted vide Amendment Act 13 of 2017.orignal section read as follows:- “Default in repayment of deposits and interests honouring the commitment.— Notwithstanding anything contained in Chapter II, where any financial establishment defaults the return of the deposit or defaults the payment of interest on the deposit, every person responsible for the management of the affairs of the financial establishment shall be punished with imprisonment for a term which may extend to ten years and with fine which may extend to one lakh of rupees and such financial establishment shall also be liable for fine which may extend to one lakh of rupees.” 5.Title substituted vide Amendment Act 13 of 2017. Original title read as follow “Powers of Special Court regarding attachment” 6.Sub-section (1) substituted vide Amendment Act 13 of 2015. Original provisions read as follows: (1) Upon receipt of an application under section 4, the Special Court shall issue to the financial establishment or to any other person whose property is attached by the Government under section 3, notice accompanied by the application and affidavits and of the evidence, if any, recorded, calling upon him to show cause on a date to be specified in the notice why the order of attachment should not be made absolute. 7.Added vide Amendment Act 13 of 2017 under sub-section (5), the Special Court shall pass an order making the ad-interim order of attachment absolute or varying it by releasing a portion of the property from attachment or cancelling the ad-interim order of attachment: Provided that the Special Court shall not release from attachment any interest which it is satisfied that the financial establishment or the person referred to in sub-section (1) has in the property unless it is also

¹ Substituted vide Amendment Act 13 of 2017. Original clause read as follows:"financial establishment" means

⁸ Substituted vide Amendment Act 13 of 2017 original provisions read as follows: (6) After investigation

satisfied that there will remain under attachment an amount of property of value not less than the value that

¹⁰ Numbered(1) vide Amendment Act 13 of 2017.

¹¹ Inserted vide Amendment Act 13 of 2017

¹² Inserted vide Amendment Act 13 of 2017

¹³ Inserted vide Amendment Act 13 of 2017

is required for repayment to the depositors of such financial establishment. 9.Sub-section 7,8 and 9 inserted vide Amendment Act 13 of 2017.