Bare Act
The Tripura Protection of Interests of Deposits (In Financial Establishments) (amendment) Act, 2000
This law protects public investors in Tripura from fraudulent financial entities that collect money or valuables under the promise of returning them with interest, profits, or services, but then default. It applies to private financial establishments accepting public deposits, while excluding regulated banks, government corporations, and standard commercial transactions. It requires deposit-taking entities to report their operations to state authorities and empowers the government to inspect records, freeze accounts, attach assets of defaulting companies and their managers, and distribute recovered funds to victimized depositors. This legislation matters because it provides swift legal remedies and dedicated courts to prevent financial fraud and safeguard public savings.
- 1. Short title, extent & commencement
- 2. Definition
- 3. Conviction for Fraudulent default
- 3A. Regulation of Financial Establishment operations
- 4. Attachment of Properties on default
- 5. Competent Authority
- 6. Designated Court
- 7. Powers of Designated Court Regarding attachment
- 8. Attachment of Property of malafide transferees
- 9. Security in lieu of attachment
- 10. Administration of Property attached
- 11. Appeal
- 12. Special Public Prosecutor
- 13. Procedure and Powers of Designated Court regarding Offences
- 14. Act to override Other laws
- 15. Protection of action taken in good faith
- 16. Power to Make Rules
- 17. Power to Remove difficulties
PDF: pending for this language.