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Panaji, 3rd October, 2022 (Asvina 11, 1944)

SERIES I No. 26

Reg. No. RNP/GOA/32/2021-2023

RNI No. GOAENG/2002/6410

PUBLISHED BY AUTHORITY

Suggestions are welcomed on e-mail: dir–[email protected]

GOVERNMENT OF GOA

Department of Finance

Debt Management Division

Notification

7/27/2020-Fin(DMU)/1088

In exercise of the powers conferred by

section 38 of the Banning of Unregulated

Deposit Schemes Act, 2019 (Central Act No.

21 of 2019), the Government of Goa hereby

makes the following rules, namely:—

1. Short title and commencement.— (1)

These rules may be called the Goa Banning

of Unregulated Deposit Schemes Rules, 2022.

(2) They shall come into force on the date

of their publication in the Official Gazette.

2. Definitions.— (1) In these rules, unless

the context otherwise requires,-

(a) “Act” means the Banning of

Unregulated Deposit Schemes Act, 2019

(Central Act No. 21 of 2019);

(b) “Form” means a form appended to

these rules;

of Goa;

(d) “Officer” means the officer appointed

by the Government under sub-section (2)

of section 7 of the Act.

EXTRAORDINARY

No. 3

3. Words and expressions used herein and

not defined but in the Act shall have the same

meanings respectively assigned to them in

the Act.

Ceiling for self-help group.— The periodic

payment of amount upto Rs. 1000/- per month

shall be the ceiling limit for a member of self-

help groups for the purposes of sub-clause

(j) of clause (4) of section 2.

4. Provisional attachment of property by

Competent Authority under section 7.— (1)

Where the Competent Authority or the Officer

is satisfied that the facts of the case

necessitate identification of the property or

asset acquired either in the name of the

deposit taker or in the name of any other

person on behalf of the deposit taker, the

Competent Authority or the Officer, may

procure such details from police authorities

or any other authority as deemed fit by him

or from public through a public notification

seeking the details of property or asset.

(2) a. Where the information is sought from

the public through the public notification

under sub-rule (1), an advertisement may be

released in two prominent local newspapers

within a period of fifteen days of receipt of

report from the police authorities informing

that a prima facie case exists.

b. If the Competent Authority, after

collecting additional information, is of the

OFFICIAL GAZETTE — GOVT. OF GOA

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(EXTRAORDINARY No. 3)

3RD OCTOBER, 2022

858

opinion that some additional properties of the

deposit taker are required to be attached, he

may do so in accordance with section 7 of

the Act.

(3) In order to conduct investigation or

inquiry under sub-section (4) of section 7 of

the Act the Competent Authority may issue

following notices, namely:—

(i) notice for initiation of action in Form

‘A’ hereto;

(ii) notice for additional information, if

any, in Form ‘B’ hereto;

(iii) final notice for personal attendance

of deposit taker or other persons and

witnesses in Form ‘C’ hereto.

(4) The order of Provisional attachment

shall contain to the extent possible,-

(i) the details of the complaint;

(ii) the details of the deposit taker or

financial entity;

(iii) inquiry report from the police;

(iv) report received from Regulator, if

any;

(v) complaints received from public;

(vi) details of the proceedings, reasons

for attaching the property and effective date

of attachment;

(vii) copies of the notices issued or served

and delivery proof, if any;

(viii) summary of the findings;

(ix) details of property attached, bank

account numbers, money attached,

securities including shares and bonds,

attached movable property, approximate

value of such property, and in case of

immovable property the extent of land,

survey numbers and boundaries of such

property and name of the title holder of

such property; and

(x) conclusion; and

(xi) evidence (attach the evidence or

proof).

(5) The Competent Authority shall conduct

the proceedings under sub-sections (4) and

(5) of section 7 of the Act strictly following

due process of law.

5. Powers relating to absconding persons.—

Where the Competent Authority or the Officer

is satisfied or has reason to believe that a

person in respect of whom action is

contemplated under the Act has absconded

or is concealing himself, the Competent

Authority or the Officer shall make a report

in writing to the Designated Court for further

course of action.

6. Power to seize property.— Where the

Competent Authority or the Officer is satisfied

or has reason to believe that any property

which is liable to be attached under the Act

is likely to be concealed, transferred or dealt

in any manner which will result in defeating

the purposes of the Act, he may direct the

police officer to seize such property or make

an order to freeze such property where it is

not practicable to seize such property and

after such direction or order such property

shall not be transferred or otherwise

disposed of or dealt with by any person.

7. Power to appoint legal practitioner etc.—

The Competent Authority or the officer shall

be entitled to use the services of the

Directorate of Prosecution, Directorate of

Accounts,

Government

Advocates,

Government counsels or any other person

counsels whose services are necessary for

possession and realisation of the assets.

8. Power of the Government to empanel

agencies for forensic or digital audit, valuation

or sale of assets.— (1) The Government may

empanel by Notification,-

(a) agencies for valuation of assets and

for assisting in selling of assets to

prospective buyers; and

(b) forensic auditors and digital auditors

for audit of money trail.

(2) The Competent Authority shall utilise

the services of such agencies and auditors

for valuation of assets, for selling of assets

and for forensic and digital audit of money

trail.

(3) The Competent Authority may also

utilize the services of forensic auditors or

OFFICIAL GAZETTE — GOVT. OF GOA

SERIES I No. 26

(EXTRAORDINARY No. 3)

3RD OCTOBER, 2022

859

digital auditors empanelled by the Indian Banks’ Association for Audit of Money trail till the

Government empanels such agencies, wherever felt required.

9. Valuation reports to be obtained while releasing properties attached.— The Designated

Court while according permission to deposit the fair value of the property in lieu of the

attachment under sub-section (1) of section 17 may obtain valuation reports from at least two

empanelled Valuers.

By order and in the name of the Governor of Goa.

Pranab G. Bhat, Under Secretary, Finance (Budget-II).

Porvorim, 29th September, 2022.

———

FORM ‘A’

[See rule 4 (3)]

Notice for initiation of action

_____________________

Sir/Madam,

Based on the information or reports received it is prima facie apparent that the subject financial entity

or deposit taker is involved in the act which are cognizable under the provisions of Banning of Unregulated

Deposit Scheme Act, 2019,

The Competent Authority/Officer appointed to assist the Competent Authority is under sub-sections

(3) and (4) of the section 7 of the Banning of Unregulated Deposit Scheme Act, 2019 have the same powers

as vested in a civil court under the Code of Civil Procedure, 1908 while conducting investigation or inquiry

in respect of the unauthorised deposit schemes or defaults under the deposit schemes in contravention

of section 3 of the said Act. In exercise of the powers under the said Act the following is ordered:

In connection with the subject, you are required to submit the following:

(a) Details of financial entity, registration of the entity, permissions to accept deposits from regulators

if any, including unique identification number or Registration and PAN.

(b) Details of the Promoters, Managing Directors, Directors, Partners, Management persons, etc.,

including unique identification number or Registration and PAN.

(d) Details of the Regulator and the copy of registration certificates, permissions to undertake the

activity of deposit taking.

(e) Full details of the Scheme of Deposits under which deposits are being collected from public.

(f) List of the Depositors along with deposit accepted, rate of interest, maturity date, terms of

repayment of interest and principle, any other promises or assurances or commissions payable,

etc.

(g) Details of defaults if any in repayment of Deposit or any specified service promised against such

deposit along with date of default.

(h) Total amount in default and number of depositors affected, if any.

(i) Reasons for default, if any.

(j) Steps taken or proposed to repay the amount in default.

(k) Details of the Bank accounts of the financial entity with latest balance in the accounts.

You are hereby required to submit the full details listed above and duly attested, to my office

on___________________at_________________ either in person or through representative duly authorised

in writing in this behalf or produce or cause to be produced at the said time any documents, accounts

and any other evidence you may rely in support of the activity or the acts in the matter.

OFFICIAL GAZETTE — GOVT. OF GOA

SERIES I No. 26

(EXTRAORDINARY No. 3)

3RD OCTOBER, 2022

860

In case you fail to comply with the orders of the undersigned, it will be deemed that you have nothing

to say in the matter and action under the appropriate provisions of the Act will be initiated. Failure to

be present at the hearing granted, or failure to present evidence can result in a Best Judgment Assessment

or an ex-parte order.

(Note: *Strike whichever is not applicable)

( )

Date:

_____

FORM B

(See rule 4)

Notice for additional information

_________________

Sub:- M/s

Sir/Madam,

Ref: Notice in Form-A

dated: ___________.

Based on the information or reports received it is prima facie apparent that the subject financial entity

or deposit taker is involved in the Act which are cognizable under the provisions of section 3 of the Act.

The Competent Authority or the Officers appointed to assist the Competent Authority under sub-

-section (3) and (4) of section 7 of the Act have the same power as vested in a civil court under the Code

of Civil Procedure, 1908 while conducting investigation or inquiry in respect of the unauthorised deposit

schemes or defaults under the deposit schemes under section 3 of the Act. In exercise of the powers under

the Act the following is ordered:

(A) Certain further details or clarifications or additional information listed here below are required in

connection with the Deposit Scheme* or Chitfunds Scheme* or Default in repayment* of Deposit or any

specified service promised against such deposit on which I would call for additional information, under

the deposit scheme/s by the financial entity which please furnish immediately.

ii.

iii.

iv.

(B) You are hereby required to attend my office on___________________________________

at_________________ either in person or through representative duly authorised in writing in this behalf

or produce or cause to be produced at the said time any documents, accounts and any other evidence

you may rely in support of the activity or the acts in the matter.

nothing to say in the matter and action under the appropriate provisions of the Act will be initiated.

Failure to be present at the hearing granted, or failure to present evidence can result in a Best Judgment

Assessment or an ex-parte order.

(Note: *Strike whichever is not applicable)

Date:

Yours faithfully,

OFFICIAL GAZETTE — GOVT. OF GOA

SERIES I No. 26

(EXTRAORDINARY No. 3)

3RD OCTOBER, 2022

861

FORM C

(See rule 4)

Final Notice

__________________

Sir /Madam,

Sub: M/s

Ref: Notice in Form A dated: __________.

Notice in Form B dated:___________.

Based on the information or reports received it is prima facie apparent that the subject financial entity

or deposit taker is involved in the Act which are cognizable under the provisions of section 3 of the Act.

The Competent Authority of the Officers appointed to assist the Competent Authority are under sub-

-section (3) and (4) of section 7 of the Act have the same power as vested in a civil court under the Code

of Civil Procedure, 1908 while conducting investigation or inquiry in respect of the unauthorised deposit

schemes or defaults under the deposit schemes under Section 3 of the Act. In exercise of the powers under

the Act, the following is ordered:

(A) As per Notice in Form A calling details and documents No. ______________dated ______________you

were asked to submit the details and documents but you have failed to submit the details in document

called for.

and/or

(B) As per Notice in Form B you were asked to furnish certain additional documents or details and also

to attend my office on __________at ___________ either in person or through are presentative duly

authorised in writing on his/her behalf or produce or cause to be produced at the said time any documents,

accounts and any other evidence you may rely in support of the activity or the acts in the matter, but you

have failed to appear before me along with the details and document called for.

to you to submit the details and document called for and/or appear before me along with the details and

document called for on at _________________ failing which it will be deemed that you have nothing to

say in the matter and action under the appropriate provisions of the Act will be initiated. Failure to be

present at the hearing granted, or failure to present evidence can result in a Best Judgment Assessment

or an ex-parte order.

(Note: *Strike whichever is not applicable)

Yours faithfully,

Date:

By Order and etc..……

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