Section 5 in The Goa Protection of Interests of Depositors (in Financial Establishments) Act, 1999
5. Default in repayment of deposits and interests honouring the commitment.
- Notwithstanding anything contained in Chapter II, where any financial establishment defaults the return of the deposit or defaults the payment of interest on the deposit, every person responsible for the management of the affairs of the financial establishment shall be punished with imprisonment for a term which may extend to ten years and with fine which may extend to one lakh of rupees and such financial establishment shall also be liable for fine which may extend to one lakh of rupees.
