The Himachal Pradesh Regulation of Public Deposits Act, 1999
The Himachal Pradesh Regulation of Public Deposits Act, 1999
The Himachal Pradesh Regulation of Deposits Act, 1999 protects depositors from financial fraud by non-banking financial entities operating within the state. It applies to individuals, firms, and associations taking money deposits under any arrangement, while excluding government institutions and traditional commercial banks. The law empowers state authorities to attach properties acquired through deposit money or belonging to defaulting entities, their managers, or fraudulent transferees. It establishes Special Courts to oversee property attachments, ensure fair distribution of recovered assets to affected depositors, and sentence defaulting operators to imprisonment and hefty fines. This law safeguards public savings from illegal financial schemes.
- 1. Short title and commencement
- 2. Definitions
- 3. Attachment of properties on default of returns of deposits
- 4. Competent Authority
- 5. Default in repayment of deposit and interests honouring the commitment
- 6. Special Court
- 7. Powers of Special Court regarding attachment
- 8. Attachment of property of malafide transferees
- 9. Security in lieu of attachment
- 10. Administration of property attached
- 11. Appeal
- 12. Appointment of Special Public Prosecutor
- 13. Procedure and powers of Special Court regarding offences
- 14. II of 1974), shall, so far as may be, apply to the proceedings before a Special Court and for the purpose of the said provisions a Special Court shall be deemed to be a Magistrate.
- 15. Power to make rules
PDF: pending for this language.