Last modified at 03/06/2016 10:44 by System Account

Revenue Department, Government of Karnataka

The Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004, is enforced by the Revenue Department, Government of Karnataka through the District Commissioners / Assistant Commissioners.

Under Section 3 of the Act, the Government or the District Magistrates in their respective jurisdiction, suo moto or on receipt of any complaint may cause investigation of a complaint or fraudulent transaction referred to in this section.

If the Government is satisfied that any Financial Establishment has failed - (a) to return the deposit after maturity or on demand by depositor: or (b) to pay interest or other assured benefit: or (c) to provide the service against such deposit; or: Where the Government has reason to believe that any Financial Establishment is acting in and detrimental to the interest of the depositors with an intention to defraud them; or Where the Government is satisfied that such Financial Establishment is not likely to return the deposits or make payment of interest or other benefits assured or to provide the services against which the deposit is received, the Government may, in order to protect the interests of the depositors of such Financial Establishments, after recording reasons in writing, issue an order by publishing it in the official gazette, attaching the money or property believed to have been acquired by such financial establishment either in its own name or in the name of any other person from and out of the deposits collected by the financial establishments.  The Government shall, by notification, appoint an officer not below the rank of an Assistant Commissioner to be the Competent Authority for the purpose of this Act.

For further details, please see the Act in the section Important Legislation.



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