Standing Order No. 3300/2012 of the Industries and Commerce Department, Government of Maharashtra dated 2nd June, 2012 on the business of a non-banking financial company [C1M-9W4]

Standing Order No. 3300/2012

GOVERNMENT OF MAHARASHTRA

Industries and Commerce Department, Government of Maharashtra

Mumbai, dated the 2nd June, 2012

STANDING ORDER

To

All Inspectors of Moneylenders,

Subject: The business of a non-banking financial company by non-banking financial companies 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 Industries and Commerce 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 non-banking financial company by non-banking financial companies.

2. The matter has been examined. Every non-banking financial company carrying on the business of a non-banking financial company shall make an application in Form A to the Financial Redress Agency within fourteen days, accompanied by a fee of five thousand rupees.

3. The Inspector of Moneylenders shall ensure that bank note is dealt with as directed above, and shall report compliance to the Financial Redress Agency within fourteen days.

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

(Secretary to Government)