Standing Order No. 1114/2011 of the Finance Department, Government of Maharashtra dated 14th June, 2011 on the business of a business correspondent [C18-SJ9]

Standing Order No. 1114/2011

GOVERNMENT OF MAHARASHTRA

Finance Department, Government of Maharashtra

Mumbai, dated the 14th June, 2011

STANDING ORDER

To

All Inspectors of Moneylenders,

Subject: The business of a business correspondent by business correspondents under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 2000, regarding.

In exercise of the powers conferred by section 9 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 2000 (Maharashtra Act 16 of 2000), the Finance Department, Government of Maharashtra hereby issues the following Standing Order for the guidance of all officers subordinate to it:

1. References have been received seeking clarification on the manner in which section 9 applies to the business of a business correspondent by business correspondents.

2. The matter has been examined. Every business correspondent carrying on the business of a business correspondent shall make an application in Form H to the Reserve Bank within thirty days, accompanied by a fee of twenty-five thousand rupees.

3. The Inspector of Moneylenders shall ensure that cheque is dealt with as directed above, and shall report compliance to the Reserve Bank within thirty days.

4. Difficulties, if any, in the implementation of this standing order may be brought to the notice of the Finance Department, Government of Maharashtra.

(Secretary to Government)