Section 2 in West Bengal Protection of Interest of Depositors in Financial Establishments Act, 2013
2. Definitions.
- In this Act, unless there is anything repugnant in the subject or context,-(a)"Administrator" means an administrator appointed under sub-section (5) of section 7;(b)"Competent Authority" means the authority mentioned in section 8;(c)"deposit includes and shall be deemed always to have included any receipt of money, or acceptance of any valuable commodity, to be returned after a specified period or otherwise, either in cash or in kind or in the form of a specified service, by any financial establishment, with or without any benefit in the form of interest, bonus, profit or in any other form, but does not include-(i)any amount raised by way of share capital or by way of debenture, bond or any other instrument covered under the guidelines given, and regulations made, by the Securities and Exchange Board of India, established under the Securities and Exchange Board of India Act, 1992 (15 of 1992);(A)the Industrial Development Bank of India, or(B)a State Financial Corporation, or Page 3 of 15(C)any financial institution specified in or under section 4A of the Companies Act, 1956,(1 of 1956) or(D)any other institution that may be specified by the Government in this behalf;(v)any amount received in the ordinary course of business by way of,-(A)security deposit, or(B)dealership deposit, or(C)earnest money, or(D)advances against order for goods or service;(vi)any amount received from an individual or a firm or an association of individuals registered under any enactment relating to money lending which is for the time being in force in the State; and(vii)any amount received by way of subscriptions in respect of a Chit.(ii)any amount received by way of contribution towards capital from the partners of a firm;(iii)any amount received from a scheduled bank or a co-operative bank or any other banking company as defined in clause (c) of section 5 of the Banking Regulation Act. 1949 (10 of 1949);(iv)any amount received from,-Explanation I. - "Chit" has the meaning as assigned to it in clause (b) of section 2 of the Chit Funds Act, 1982 (40 of 1982);Explanation II. - Any credit given by a seller to a buyer on the sale of any property (whether movable or immovable) shall not be deemed to be deposit for the purposes of this clause;(d)"Designated Court" means the Designated Court specified under section 12;(e)"financial establishment" means any person or a group of individuals or a corporate body or a partnership firm including the director, promoter, partner, manager or member of the said establishment accepting deposit under any scheme or arrangement or in any other manner but does not include-(i)a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949); or(ii)a corporation incorporated by an Act of any Legislature; or(iii)a co-operative society owned or controlled by any Government; or(iv)any institution as the State Government may, by notification, specify;(f)"notification" means notification published in the Official Gazette;(g)"prescribed" means prescribed by rules made under this Act;(h)" State Government" means the Government of West Bengal.
