Report and return by Financial Establishment

§6

Summary

(1) Every Financial Establishment which carries on its business as such in the State of Uttar Pradesh on or after the commencement of this Act shall make a report to the Director General, Institutional Finance and forward a copy there of to the Collector and the Superintendents of Police of the district, mentioning the details about its authority to carry on such business, the location of the Financial Establishment in the State and its main Branch Office, if any, and permanent address of every person responsible for the management of, or conducting of the business or affairs of the Financial Establishment in the State with such particulars as may be prescribed. (2) The report referred to in sub-section (I) shall be made by the new Financial Establishments within seven days from the date of start of their business in the State and such Financial Establishment as have been carrying on its business as such prior to the commencement of this Act shall make such report within seven days from the date of commencement of this Act. (3) Every Financial Establishment shall furnish a quarterly return within one month of the expiry of each quarter of a financial year to the Director General Institutional Finance in respect of its business and financial position, the area of its investment and the location of investments of moneys made by it within and outside the State, if any, and such other particulars as may be prescribed. (4) Whoever fails to submit report required under sub-section (2) or fails to furnish return under sub-section (3) shall be punishable with fine which may extend to fifty thousand rupees. (5) The Director General, Institutional Finance shall be responsible for enquiring into the business and financial position, details of investment and other particulars of Financial Establishment and ensure that appropriate action is taken against unreported or clandestine activities of Financial Establishment which are brought to light.

(1) Every Financial Establishment which carries on its business as such in the State of Uttar Pradesh on or after the commencement of this Act shall make a report to the Director General, Institutional Finance and forward a copy there of to the Collector and the Superintendents of Police of the district, mentioning the details about its authority to carry on such business, the location of the Financial Establishment in the State and its main Branch Office, if any, and permanent address of every person responsible for the management of, or conducting of the business or affairs of the Financial Establishment in the State with such particulars as may be prescribed. (2) The report referred to in sub-section (I) shall be made by the new Financial Establishments within seven days from the date of start of their business in the State and such Financial Establishment as have been carrying on its business as such prior to the commencement of this Act shall make such report within seven days from the date of commencement of this Act. (3) Every Financial Establishment shall furnish a quarterly return within one month of the expiry of each quarter of a financial year to the Director General Institutional Finance in respect of its business and financial position, the area of its investment and the location of investments of moneys made by it within and outside the State, if any, and such other particulars as may be prescribed. (4) Whoever fails to submit report required under sub-section (2) or fails to furnish return under sub-section (3) shall be punishable with fine which may extend to fifty thousand rupees. (5) The Director General, Institutional Finance shall be responsible for enquiring into the business and financial position, details of investment and other particulars of Financial Establishment and ensure that appropriate action is taken against unreported or clandestine activities of Financial Establishment which are brought to light.

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