Delhi Govt. appoints Principal Secretary and District Magistrate as officers to assist Competent Authority in respect of Unregulated Deposit Schemes [Read Notification]
Delhi Govt. – Principal Secretary – District Magistrate – Competent Authority – Unregulated Deposit Schemes – Taxscan
Delhi Govt. – Principal Secretary – District Magistrate – Competent Authority – Unregulated Deposit Schemes – Taxscan
The Delhi Government has notified the appointment of Principal Secretary and District Magistrate as officers to assist Competent Authority in respect of Unregulated Deposit Schemes.
“In exercise of the powers conferred by sub-section (1) and (2) of section 7 of The Banning of Unregulated Deposit Schemes Act, 2019 (No.21 of 2019), the Lieutenant Governor of the National Capital Territory of Delhi, is pleased to appoint Principal Secretary / Secretary (Revenue), Government of National Capital Territory of Delhi, as the Competent Authority and District Magistrate of Revenue Department, Government of National Capital Territory of Delhi in their respective Jurisdictions, as officers to assist the Competent Authority under section 7 of The Banning of Unregulated Deposit Schemes Act, 2019,” the notification said.
As per Section 7, the appropriate Government shall, by notification, appoint one or more officers not below the rank of Secretary to that Government, as the Competent Authority for the purposes of this Act. The appropriate Government may, by notification, appoint such other officers or officers as it thinks fit, to assist the Competent Authority in discharging its functions under this Act. Where the Competent Authority or officers appointed under sub-section (2), for the purposes of this section, has reason to believe (the reason for such belief to be recorded in writing), on the basis of such information and particulars as may be prescribed, that any deposit taker is soliciting deposits in contravention of section 3, he may, by an order in writing, provisionally attach the deposits held by the deposit taker and the money or other property acquired either in the name of the deposit taker or in the name of any other person on behalf of the deposit taker from the date of the order, in such manner as may be prescribed.
Further Section 3 of the Banning of Unregulated Deposit Schemes Act, 2019 pertains to the Banning of Unregulated Deposit Schemes.
To Read the full text of the Notification CLICK HERE
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