of Ladakh by vide notification No. S.O.
3912 (E), dated 30th October, 2019.
.
4
(c) amounts received from the appropriate Government, or any amount received from any other source
whose repayment is guaranteed by the appropriate Government, or any amount received from a statutory
authority constituted under an Act of Parliament or a State Legislature;
(d) amounts received from foreign Governments, foreign or international banks, multilateral
financial institutions, foreign Government owned development financial institutions, foreign export
credit collaborators, foreign bodies corporate, foreign citizens, foreign authorities or person resident
outside India subject to the provisions of the Foreign Exchange Management Act, 1999 (42 of 1999)
and the rules and regulations made thereunder;
(e) amounts received by way of contributions towards the capital by partners of any partnership
firm or a limited liability partnership;
(f) amounts received by an individual by way of loan from his relatives or amounts received by any
firm by way of loan from the relatives of any of its partners;
(g) amounts received as credit by a buyer from a seller on the sale of any property (whether
movable or immovable);
(h) amounts received by an asset re-construction company which is registered with the Reserve
Bank of India under section 3 of the Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 (54 of 2002);
(i) any deposit made under section 34 or an amount accepted by a political party under section 29B
of the Representation of the People Act, 1951 (43 of 1951);
(j) any periodic payment made by the members of the self-help groups operating within such
ceilings as may be prescribed by the State Government or Union territory Government;
(k) any other amount collected for such purpose and within such ceilings as may be prescribed by
the State Government;
(l) an amount received in the course of, or for the purpose of, business and bearing a genuine
connection to such business including—
(i) payment, advance or part payment for the supply or hire of goods or provision of services and
is repayable in the event the goods or services are not in fact sold, hired or otherwise provided;
(ii) advance received in connection with consideration of an immovable property under an
agreement or arrangement subject to the condition that such advance is adjusted against such
immovable property as specified in terms of the agreement or arrangement;
(iii) security or dealership deposited for the performance of the contract for supply of goods or
provision of services; or
(iv) an advance under the long-term projects for supply of capital goods except those specified
in item (ii):
Provided that if the amounts received under items (i) to (iv) become refundable, such amounts
shall be deemed to be deposits on the expiry of fifteen days from the date on which they become
due for refund:
5
Provided further that where the said amounts become refundable, due to the deposit taker not
obtaining necessary permission or approval under the law for the time being in force, wherever
required, to deal in the goods or properties or services for which money is taken, such amounts
shall be deemed to be deposits.
Explanation.—For the purposes of this clause,—
(i) in respect of a company, the expression “deposit” shall have the same meaning as assigned
to it under the Companies Act, 2013 (18 of 2013);
(ii) in respect of a non-banking financial company registered under the Reserve Bank of India
Act, 1934 (2 of 1934), the expression “deposit” shall have the same meaning as assigned to it in
clause (bb) of section 45-I of the said Act;
(iii) the expressions “partner” and “firm” shall have the meanings respectively assigned to them
under the Indian Partnership Act, 1932 (9 of 1932);
(iv) the expression “partner” in respect of a limited liability partnership shall have the same
meaning as assigned to it in clause (q) of sub-section (1) of section 2 of the Limited Liability
Partnership Act, 2008 (6 of 2009);
(v) the expression “relative” shall have the same meaning as assigned to it in the Companies
Act, 2013 (18 of 2013);
(5) “depositor” means any person who makes a deposit under this Act;
(6) “deposit taker” means—
(i) any individual or group of individuals;
(ii) a proprietorship concern;
(iii) a partnership firm (whether registered or not);
(iv) a limited liability partnership registered under the Limited Liability Partnership Act, 2008 (6 of
2009);
(v) a company;
(vi) an association of persons;
(vii) a trust (being a private trust governed under the provisions of the Indian Trusts Act, 1882 (2 of
1882) or a public trust, whether registered or not);
(viii) a co-operative society or a multi-State co-operative society; or
(ix) any other arrangement of whatsoever nature, receiving or soliciting deposits, but does not
include—
(i) a Corporation incorporated under an Act of Parliament or a State Legislature;
(ii) a banking company, a corresponding new bank, the State Bank of India, a subsidiary bank, a
regional rural bank, a co-operative bank or a multi-State co-operative bank as defined in the
Banking Regulation Act,1949 (10 of 1949);
6
(7) “Designated Court” means a Designated Court constituted by the appropriate Government under
section 8;
(8) “insurer” shall have the same meaning as assigned to it in clause (9) of section 2 of the Insurance
Act, 1938 (4 of 1938);
(9) “notification” means a notification published in the Official Gazette and the expression “notify”
shall be construed accordingly;
(10) “person” includes—
(i) an individual;
(ii) a Hindu Undivided Family;
(iii) a company;
(iv) a trust;
(v) a partnership firm;
(vi) a limited liability partnership;
(vii) an association of persons;
(viii) a co-operative society registered under any law for the time being in force relating to
co-operative societies; or
(ix) every artificial juridical person, not falling within any of the preceding sub-clauses;
(11) “prescribed” means prescribed by the rules made by the Central Government or, as the case may
be, the State Government under this Act;
(12) “property” means any property or assets of every description, whether corporeal or incorporeal,
movable or immovable, tangible or intangible, and includes deeds and instruments evidencing title to, or
interest in, such property or assets, wherever located;
(13) “public financial institution” shall have the same meaning as assigned to it in clause (72) of
section 2 of the Companies Act, 2013 (18 of 2013);
(14) “Regulated Deposit Scheme” means the Schemes specified under column (3) of the First
Schedule;
(15) “Regulator” means the Regulator specified in column (2) of the First Schedule;
(16) “Schedule” means the Schedule appended to this Act;
(17) “Unregulated Deposit Scheme” means a Scheme or an arrangement under which deposits are
accepted or solicited by any deposit taker by way of business and which is not a Regulated Deposit
Scheme, as specified under column (3) of the First Schedule.
7
STATE AMENDMENT
Union Territory of Jammu and Kashmir
Section 2.—In clause (1), in sub-clause (iii), omit "and" and after sub-clause (iii) as so omitted,
insert—
“(iiia) the Union territory of Jammu and Kashmir, the Government of that Union territory; and”.
[Vide Union Territory of Jammu and Kashmir Reorganisation (Adaptation of Central Laws) Second
Order, 2020, Notification No. S.O. 3465(E), dated (5-10-2020).]