(IN FINANCIAL ESTABLISHMENTS) ACT, 2011
The Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011
This law safeguards public savings by regulating financial establishments operating in Odisha that collect deposits under various schemes, excluding standard banks and government entities. It requires these entities to regularly register and report their financial details to local authorities. If an establishment fraudulently defaults on returning money or paying promised returns, the state government can attach its assets, as well as properties belonging to its management or fraudulent transferees. Special designated courts oversee the auction of attached assets to repay depositors, prioritizing small depositors with savings up to ten thousand rupees. Managers committing default face up to ten years in prison.
- 1. Short title, extent and commencement
- 2. Definitions
- 3. Attachment of properties on default of return of deposit
- 4. Competent Authority.
- 5. Report and return by Financial Establishment
- 6. Default in Repayment of deposits and interests honouring the commitment
- 7. Establishment is also liable for a fine which may extend to two lakh rupees.
- 8. Designated Court
- 9. Powers of Designated Court regarding attachment, sale etc
- 10. Attachment of property of malafide transferees
- 11. Security in lieu of attachment
- 12. Administration of property attached
- 13. Appeal
- 14. Special Public Prosecutor
- 15. Procedure and powers of Designated Court regarding offences
- 16. Act to override other laws
- 17. Protection of action taken in good faith
- 18. Act.
- 19. Power to remove difficulties
PDF: pending for this language.