Definitions

Unless the context otherwise requires, in this Act - (1) "Competent Authority" means the Competent Authority appointed under Section 5. (2) "Designated Court" means the Designated Court notified under Section 7. (3) "Deposit" includes and shall be deemed to have always included any receipt of money or acceptance of any valuable commodity by a Financial Establishment to be returned after a specified period or otherwise, either in cash or in kind or in the form of a specified service with or without any benefit in the form of interest, bonus, profit or in any other form, but does not include the following - (i) amount raised by way of share capital or by way of debenture, bond or any other instrument covered by the guidelines issued and regulations made by the SEBI established under the Securities and Exchange Board of India Act, 1992 (15 of 1992); (ii) amount contributed as capital by the partners of a firm; (iii) amount received from a scheduled bank or a co-operative bank or any other banking company as defined in clause (c) of Section 5 of the Banking Regulation Act, 1949 (10 of 1949); (iv) any amount received from: (a) Industrial Development Bank of India, (b) State Financial Corporation, (c) any financial institution specified in or under Section 6A of the Industrial Development Bank of India Act, 1964; (v) amount received in the ordinary course of business by way of: (a) security deposit, (b) dealership deposit, (c) earnest money, (d) advance against order for goods or services; (vi) any amount received from a person or firm or association of persons, not being a corporate body, registered under any act related to money lending for the time being in force in the State; and (vii) any amount received as subscription in respect of a chit. Explanation I - "Chit" has the same meaning as defined in clause (6) of Section 2 of the Chit Funds Act, 1982. Explanation II - Any credit given by a seller to a buyer on the sale of any property (whether movable or immovable) shall not be deemed to be a deposit for the purposes of this clause. (4) "Financial Establishment" means any person/association of persons in any form or manner of operation, firm or company, which accepts any deposit under any scheme or arrangement or in any other manner, but does not include a corporation/co-operative society owned or controlled by the State Government, Central Government or banking company as defined under clause (c) of Section 5 of the Banking Regulation Act, 1949. (5) "Government" means Government of Jharkhand. (6) "Prescribed" means prescribed under this Act.