section 5
Report and return by Financial Establishment
The Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011General201119 sections
Statutory text
- (1) Every Financial Establishment which commences or carries on its business as such in the State of Odisha on or after the commencement of this Act shall make a report to the Collector and the Superintendent of Police of the district, mentioning the details about its authority to carry on such business, the location of the Financial Establishment in the State and its main Branch Office, if any, wherever situated, permanent address of every person responsible for the management of, or conducting of the business or affairs of, the financial Establishment in the State and such other particulars as may be prescribed.
- (2) Such report shall be made within seven days from the date on which a Financial Establishment commences or carries on its business as such in the State: Provided that a Financial Establishment which has been carrying on its business as such prior to the commencement of this Act shall make such report within seven days from the date of such commencement.
- (3) Every Financial Establishment shall furnish a quarterly return within one month of the expiry of each quarter of a financial year to the Collector and the Superintendent of Police of the district in respect of its business and financial position, the area of its investment and the location of investments of moneys made by it within and outside the State, if any, and such other particulars as may be prescribed.
- (4) Whoever fails to submit report required under sub-section (2) or fails to furnish return under sub-section
- (3) shall be punishable with fine which may extend to fifty thousand rupees.
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