Standing Order No. 357/2006 of the Finance Department, Government of Maharashtra dated 20th May, 2006 on the business of a financial institution [C1G-189]

Standing Order No. 357/2006

GOVERNMENT OF MAHARASHTRA

Finance Department, Government of Maharashtra

Mumbai, dated the 20th May, 2006

STANDING ORDER

To

All Inspecting Officers,

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 C to the Government of Maharashtra within seven days, accompanied by a fee of fifty thousand rupees.

3. The Inspecting Officer shall ensure that statement of account is dealt with as directed above, and shall report compliance to the Government of Maharashtra within seven 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)