Intimation requirement for deposit takers: obligation to notify authority and provide information on suspect deposit schemes. Deposit takers commencing or carrying on deposit business after the Act must intimate the designated authority in prescribed form, manner and time; this applies to entities soliciting or accepting deposits and to companies accepting deposits under the Companies Act. The Competent Authority may direct any deposit taker to furnish statements, information or particulars about deposits where it has reason to believe those deposits are connected to an Unregulated Deposit Scheme.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Intimation requirement for deposit takers: obligation to notify authority and provide information on suspect deposit schemes.
Deposit takers commencing or carrying on deposit business after the Act must intimate the designated authority in prescribed form, manner and time; this applies to entities soliciting or accepting deposits and to companies accepting deposits under the Companies Act. The Competent Authority may direct any deposit taker to furnish statements, information or particulars about deposits where it has reason to believe those deposits are connected to an Unregulated Deposit Scheme.
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