Definitions

In this Act, unless the context otherwise requires,— (a) "Competent Authority" means the authority appointed under Section 5; (b) "Deposit" includes and shall be deemed always to have included any receipt of money or acceptance of any valuable commodity by any financial establishment to be returned after a specified period or otherwise, either in cash or any 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,— (i) amounts contributed as capital by the partners of a firm; (ii) amounts received from a scheduled bank or a cooperative bank or any other banking company as defined in Clause (c) of Section 5 of the Banking Regulation Act, 1949 (10 of 1949); (iii) any amount received from— (a) the Industrial Development Bank of India (IDBI) (b) a State Financial Corporation (c) any financial institution specified in or under Section 6A of the Industrial Development Bank of India Act, 1964 (18 of 1964); or, (d) any other institution that may be specified by the Government in this behalf. Explanation.—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 deposit for the purpose of this Clause. (c) "Financial establishment" means an individual, an association of individuals or a firm or a company incorporated under the Companies Act 1956 (1 of 1956) receiving deposits under any scheme or arrangement or in any other manner but does not include, a Corporation or a Co-operative Society owned or controlled by the State Government or the Central Government, or a Banking Company as defined under clause (c) of Section 5 of the Banking Regulation Act, 1949 (No. 10 of 1949).