The Meghalaya Protection of Interest of Depositors (in Financial Establishments) Act, 2018
The Meghalaya Protection of Interest of Depositors (in Financial Establishments) Act, 2018
This Act protects citizens who deposit money in financial establishments that subsequently fail to return the principal or promised interest. It empowers the Meghalaya Government to attach the assets of fraudulent firms, their promoters, and directors to ensure depositors are repaid. The law establishes Special Courts for the speedy trial of these offences and appoints Competent Authorities to manage seized properties. It applies to any non-banking financial entity operating in the state. By making these offences cognizable and non-bailable, the Act serves as a deterrent against financial fraud, ensuring that ordinary citizens have a legal mechanism to recover their hard-earned savings.
- 1. Short title, extent and commencement
- 2. Definitions
- 3. Attachment of properties on default of return of deposits
- 4. Authorities to receive complaints and cause inquiry and investigation
- 5. Offences to be cognizable and non-bailable
- 6. Competent Authority
- 7. Punishment for default in re-payment of deposits and interests
- 8. Report and Return by the Financial Establishments
- 9. Compounding of offences
- 10. Special Courts
- 11. Powers of the Special Courts regarding attachment, sale, realization and distribution etc
- 12. Attachment of property of malafide transferees
- 13. Security in lieu of attachment
- 14. Administration of property attached
- 15. Appeal
- 16. Special Public Prosecutor
- 17. Procedure and Powers of Special Courts regarding offences
- 18. Act to override other laws
- 19. Protection of action taken in good faith
- 20. Power to make rules
- 21. Power to remove difficulties
- 22. Repeal and savings
PDF: pending for this language.