Standing Order No. 901/2019 of the Finance Department, Government of Maharashtra dated 13th September, 2019 on the business of a financial institution [C1F-5YK]

Standing Order No. 901/2019

GOVERNMENT OF MAHARASHTRA

Finance Department, Government of Maharashtra

Mumbai, dated the 13th September, 2019

STANDING ORDER

To

All Inspectors of Moneylenders,

Subject: The business of a financial institution by financial institutions 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 financial institution by financial institutions.

2. The matter has been examined. Every financial institution carrying on the business of a financial institution shall make an application in Form G to the Registrar of Co-operative Societies within twenty-one days, accompanied by a fee of one thousand rupees.

3. The Inspector of Moneylenders shall ensure that bank note is dealt with as directed above, and shall report compliance to the Registrar of Co-operative Societies within twenty-one 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)