Duties and powers of Competent Authority

(1) Without prejudice of the generalities of sub-section (1) of section 5, the Competent Authority may carry out the purpose of this Act. (2) (i) on receipt of order of appointment, the Competent Authority shall take such necessary actions as it is necessary or expedient for taking physical possession of all the monies and assets of the concerned financial establishment expeditiously and the competent Authority shall have all the powers which are necessary for the aforesaid purpose. (ii) Without prejudice to the generality of the powers vested under clause (i), the Competent Authority shall be entitled to--- (a) require assistance of any police authority or any other authority or person and on such requisition it shall be the duty of the police authority or such other authority or person to extend necessary assistance; (b) open bank accounts in any scheduled commercial bank and credit all monies realized and operate the bank accounts while dealing with the money received in his capacity as Competent Authority; (c) require any person believed to be in possession or control over any money or assets of the Financial Establishment,