Definitions

§2

Summary

In this Act, unless the context otherwise requires,- (a) "Competent Authority" means the Competent Authority appointed under section 5; (b) "Designated Court" means a Designated Court constituted under section 7; (c) "Deposit" includes any receipt of money or acceptance of any valuable commodity whether before, on or after the commencement of this Act, by any Financial Establishment returnable 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 instruments covered under the guidelines given and regulations made by the Securities and Exchange Board of India, established under the Securities and Exchange Board of India Act, 1992; (ii) any amount contributed as capital by partners of a firm; (iii) any amount received from a scheduled bank or a co-operative bank or any other banking company as defined in clause (c) of sections 5 of the Banking Regulation Act, 1949; (iv) any amount received from, (1) a State Financial corporation; (2) any other institution that may be specified by notification issued by the State Government in this behalf; (v) any amount received in the ordinary course of business by way of security deposit, dealership deposit, earnest money or advance against order for goods or services; (vi) any amount received from an individual or a firm or an association of individuals not being a body corporate, 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) section 2 of the Chit Funds Act, 1982 (Act no. 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 a deposit for the purposes of this clause. Explanation III- Any amount collected by builders/real estate companies or any person for sale of plot or flat or house or any such arrangement within the State of Uttar Pradesh shall be deemed to be a deposit for the purposes of this clause. (viii) Amount raised by unlisted companies by way of share capital or debenture/bonds in compliance with provisions of Chapters III and IV of the Companies Act, 2013; (ix) Deposits raised by companies in compliance with provisions of sections 73,74,75 & 76 of the Companies Act, 2013. (d) "Financial Establishment" means any person accepting deposit under any scheme or arrangement or in any other manner and shall include a company or association or body of individuals, whether incorporated or not but does not include a corporation or a co-operative society owned or controlled by any State Government or the Central Government or banking company as defined under clause(c) of section 5 of the Banking Regulation Act, 1949.

In this Act, unless the context otherwise requires,- (a) "Competent Authority" means the Competent Authority appointed under section 5; (b) "Designated Court" means a Designated Court constituted under section 7; (c) "Deposit" includes any receipt of money or acceptance of any valuable commodity whether before, on or after the commencement of this Act, by any Financial Establishment returnable 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 instruments covered under the guidelines given and regulations made by the Securities and Exchange Board of India, established under the Securities and Exchange Board of India Act, 1992; (ii) any amount contributed as capital by partners of a firm; (iii) any amount received from a scheduled bank or a co-operative bank or any other banking company as defined in clause (c) of sections 5 of the Banking Regulation Act, 1949; (iv) any amount received from, (1) a State Financial corporation; (2) any other institution that may be specified by notification issued by the State Government in this behalf; (v) any amount received in the ordinary course of business by way of security deposit, dealership deposit, earnest money or advance against order for goods or services; (vi) any amount received from an individual or a firm or an association of individuals not being a body corporate, 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) section 2 of the Chit Funds Act, 1982 (Act no. 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 a deposit for the purposes of this clause. Explanation III- Any amount collected by builders/real estate companies or any person for sale of plot or flat or house or any such arrangement within the State of Uttar Pradesh shall be deemed to be a deposit for the purposes of this clause. (viii) Amount raised by unlisted companies by way of share capital or debenture/bonds in compliance with provisions of Chapters III and IV of the Companies Act, 2013; (ix) Deposits raised by companies in compliance with provisions of sections 73,74,75 & 76 of the Companies Act, 2013. (d) "Financial Establishment" means any person accepting deposit under any scheme or arrangement or in any other manner and shall include a company or association or body of individuals, whether incorporated or not but does not include a corporation or a co-operative society owned or controlled by any State Government or the Central Government or banking company as defined under clause(c) of section 5 of the Banking Regulation Act, 1949.

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