Section 2 in Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004
2. Definitions.
- In this Act unless the context otherwise requires,-(1)"Competent Authority" means the authority appointed under Section 5;(2)"Deposit" includes and shall be deemed always to have included any receipt of money or acceptance of any valuable commodity by any Financial Establishment to be returned after a specified period or otherwise, either in cash or in kind or in the form of a specified service with or without any benefit in the form of interest, bonus, profit or in any other form, but does not include,-(i)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 Security Board of India, established under the Securities and Exchange Board of India Act, 1992;(ii)amounts contributed as capital by partners of a firm;(iii)amounts 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 (Central Act 15 of 1992) ;(iv)any amount received from,-(a)the Industrial Development Bank of India,(b)a State Financial Corporation,(c)any financial institution specified in or under section 4A of the Companies Act, 1956(Central Act 1 of 1956) or(d)any other institution that may be specified by the Government in this behalf;(v)amounts received in the ordinary course of business by way of,-(a)security deposit,(b)dealership deposit,(c)earnest money,(d)advanced against order for goods or services;(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.Explanation I. - "Chit" has the meaning as assigned to it in clause (b) of section 2 of the Chit Funds Act, 1982 (Central Act 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;(3)"Depositor" means a person who has made deposits with Financial Establishment;(4)"Financial Establishment" means any person or a group of individuals accepting deposit under any scheme or arrangement or in any other manner but does not include a corporation or a co-operative society owned or controlled by any State Government or the Central Government or a banking company as defined under clause (c) of section 5 of the Banking Regulation Act, 1949 (Central Act X of 1949);(5)"Government " means the State Government;(6)"Special Court" means court established under section 10.Chapter-II
