THE BIHAR PROTECTION OF INTEREST OF DEPOSITORS (IN FINANCIAL ESTABLISHMENTS) (AMENDMENT) ACT, 2017

{
    "id": 3667,
    "slug": "bihar-protection-of-interest-of-depositors-in-financial-establishments-amendment-act-2017",
    "title": "THE BIHAR PROTECTION OF INTEREST OF DEPOSITORS (IN FINANCIAL ESTABLISHMENTS) (AMENDMENT) ACT, 2017",
    "short_title": "The Bihar Protection of Interest of Depositors (In Financial Establishments) (Amendment) Act, 2017",
    "act_number": "7",
    "act_year": 2017,
    "act_type": "STATE",
    "location": "Bihar",
    "law_status": "valid",
    "enactment_date": "2017-04-12",
    "description": "The Bihar Protection of Interest of Depositors (In Financial Establishments) (Amendment) Act, 2017",
    "preamble": "",
    "section_label": "Section",
    "sections": [
        {
            "number": "1",
            "title": "An ACT",
            "chapter": null,
            "content": "AN ACT To Amend The Bihar Protection of Interest of Depositors (In Financial Establishments) Act, 2002 [Bihar Act, 18 of 2002]\nBe it enacted by the legislature of the State of Bihar in the sixty-eighth year of the Republic of India as follows .-",
            "footnote": "18 of 2002",
            "is_definition": false,
            "sort_order": 0
        },
        {
            "number": "1",
            "title": "Section 1. Short title, extent and commencement",
            "chapter": null,
            "content": "Short title, extent and commencement.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 10
        },
        {
            "number": "1",
            "title": "Section 1(1)",
            "chapter": null,
            "content": "(1) This Act may be called The Bihar Protection of Interest of Depositors (In Financial Establishments) (Amendment) Act, 2017.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 20
        },
        {
            "number": "1",
            "title": "Section 1(2)",
            "chapter": null,
            "content": "(2) It shall extend to the whole of the State of Bihar.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 30
        },
        {
            "number": "1",
            "title": "Section 1(3)",
            "chapter": null,
            "content": "(3) It shall come into force at once.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 40
        },
        {
            "number": "2",
            "title": "Section 2. Amendment in section-3 of Bihar Act, 18 of 2002",
            "chapter": null,
            "content": "Amendment in section-3 of Bihar Act, 18 of 2002. Proviso of sub-section (2) of section-3 of the said Act, 2002 shall be substituted by the following:-",
            "footnote": "18 of 2002",
            "is_definition": false,
            "sort_order": 50
        },
        {
            "number": "3",
            "title": "Proviso to Section 3(2)",
            "chapter": null,
            "content": "\"Provided that Deputy Superintendent of Police or equivalent officer along with Police Inspector not below the rank of an Inspector of Police may also investigate any such offence under his jurisdiction without the order of Metropolitan Magistrate or a Magistrate of first class, as the case may be, or may arrest therefor without warrant.\"",
            "footnote": "",
            "is_definition": false,
            "sort_order": 60
        },
        {
            "number": "3",
            "title": "Section 3. Insertion of new section-3C in the Bihar Act, 18 of 2002",
            "chapter": null,
            "content": "Insertion of new section-3C in the Bihar Act, 18 of 2002.-The following new section-3C shall be inserted after section-3B of the said Act 2002 :-",
            "footnote": "18 of 2002",
            "is_definition": false,
            "sort_order": 70
        },
        {
            "number": "3C",
            "title": "Section 3C. Compounding of offence",
            "chapter": null,
            "content": "3C Compounding of offence .-",
            "footnote": "",
            "is_definition": false,
            "sort_order": 80
        },
        {
            "number": "3C",
            "title": "Section 3C(1)",
            "chapter": null,
            "content": "(1) An offence punishable under section-3 may, after the institution of the prosecution by the Competent Authority with the permission of the Designated Court on payment of the entire amount due to the depositors with interest at the rate of 1% per month or at the rate of interest notified by Reserve Bank of India for the time being in force, whichever is higher.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 90
        },
        {
            "number": "3C",
            "title": "Section 3C(2)",
            "chapter": null,
            "content": "(2) Where an offence has been compounded under sub-section (1), no further proceeding shall continue against the offender in respect of the offence so compounded and the offender, if in custody, shall be discharged forthwith.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 100
        },
        {
            "number": "4",
            "title": "Section 4. Amendment in section-9 of the Bihar Act, 18 of 2002",
            "chapter": null,
            "content": "Amendment in section-9 of the Bihar Act, 18 of 2002.- The following new clause (g) shall be added after clause (f) of sub section (2) of section-9 of the said Act:-",
            "footnote": "18 of 2002",
            "is_definition": false,
            "sort_order": 110
        },
        {
            "number": "9",
            "title": "Section 9(2)(g)",
            "chapter": null,
            "content": "\"(g) In case the money realized from sale of property attached is not enough to cover the shortfall, the Designated Court may impose fine on every person, including the promoter, partner, director, manager or any other person or an employee responsible for the management of or conducting of the business of the affairs of such Financial Establishment to cover the shortfall as may be necessary for the purpose of repayment to the depositors.\"",
            "footnote": "",
            "is_definition": false,
            "sort_order": 120
        }
    ],
    "metadata": {
        "Act ID": "201707",
        "Act Number": "7",
        "Enactment Date": "2017-04-12",
        "Act Year": "2017",
        "Short Title": "The Bihar Protection of Interest of Depositors (In Financial Establishments) (Amendment) Act, 2017",
        "Department": "Law Department",
        "Type": "STATE",
        "Location": "Bihar"
    },
    "updated_at": "2026-09-29 21:52:24"
}