In this Act, unless the context otherwise requires;
(a) Act means the Meghalaya Protection of interest of Depositors (in Financial Establishments) Act, 2018;
(b) Competent Authority means the Authority appointed under section 6;
(c) Competent Regulatory Authority means and includes the Reserve Bank of India, Security and Exchange Board of India etc.;
(d) Deposit means and shall be deemed always to have included any receipt of money or acceptance of any valuable commodity by any Financial Establishment to be returned after a specified period of time or otherwise, either in cash or in kind or in the form of a specified service with or without any benefit in the form of interest, bonus, profit, or in any other form, but does not include-
(i) amount raised by way of share capital or by any way of debenture, bond or any other instrument covered under the guidelines given, and regulations made, by the Security and Exchange Board of India established under the Security and Exchange Board of India, Act, 1992;
(ii) amounts contributed as capital by partners of a firm;
(iii) amounts received from a Scheduled bank or Co-operative bank or any banking company as defined in clause (c) of Section 5 of the Banking Regulation Act, 1949;
(iv) any amount received from the Industrial Development Bank of India. or a State Financial Institution or any financial institution specified under clause (39) of Section 2 of the Companies Act, 2013 or any other institution that may be specified by notification by the Government in this behalf;
(v) amounts received from an individual or a firm or land society of individuals, registered under any enactment relating to money lending which is for the time being in force in the State of Meghalaya; and
(vi) any amount received by way of subscription in respect of a chit;
Explanation I: Chit has the meaning as assigned to it in clause (b) of Section 2 of the Chit Funds Act, 1982;
Explanation II: Any credit given by a seller to a buyer on the sale of any property (whether movable or immovable) shall not be deemed to be deposit for the purposes of this clause;
(e) Depositor means a person who has made deposits with financial establishment;
(f) Deputy Commissioner means the Deputy Commissioner and District Magistrate of the District;
(g) financial establishment means an individual or an association of individuals, or a firm or a Company or a Non Banking Financial Company registered under the Companies Act, 2013 and carrying on the business of receiving deposits under any scheme or arrangement or in any other manner but does not include a corporation or a co-operative society owned or controlled by any State Government or the Central Government, or a banking company as defined under clause (c) of Section 5 of the Banking Regulation Act, 1949;
(h) Government means the Government of Meghalaya;
(i) prescribed means prescribed by rules made under this Act.
(j) Special Court means the Special Court constituted vide subsection (1) of Section 11; and
(k) Superintendent of Police of the District means the Police officer in-charge of the District and shall be deemed to have included his subordinate officers.
(a) Act means the Meghalaya Protection of interest of Depositors (in Financial Establishments) Act, 2018;
(b) Competent Authority means the Authority appointed under section 6;
(c) Competent Regulatory Authority means and includes the Reserve Bank of India, Security and Exchange Board of India etc.;
(d) Deposit means and shall be deemed always to have included any receipt of money or acceptance of any valuable commodity by any Financial Establishment to be returned after a specified period of time or otherwise, either in cash or in kind or in the form of a specified service with or without any benefit in the form of interest, bonus, profit, or in any other form, but does not include-
(i) amount raised by way of share capital or by any way of debenture, bond or any other instrument covered under the guidelines given, and regulations made, by the Security and Exchange Board of India established under the Security and Exchange Board of India, Act, 1992;
(ii) amounts contributed as capital by partners of a firm;
(iii) amounts received from a Scheduled bank or Co-operative bank or any banking company as defined in clause (c) of Section 5 of the Banking Regulation Act, 1949;
(iv) any amount received from the Industrial Development Bank of India. or a State Financial Institution or any financial institution specified under clause (39) of Section 2 of the Companies Act, 2013 or any other institution that may be specified by notification by the Government in this behalf;
(v) amounts received from an individual or a firm or land society of individuals, registered under any enactment relating to money lending which is for the time being in force in the State of Meghalaya; and
(vi) any amount received by way of subscription in respect of a chit;
Explanation I: Chit has the meaning as assigned to it in clause (b) of Section 2 of the Chit Funds Act, 1982;
Explanation II: Any credit given by a seller to a buyer on the sale of any property (whether movable or immovable) shall not be deemed to be deposit for the purposes of this clause;
(e) Depositor means a person who has made deposits with financial establishment;
(f) Deputy Commissioner means the Deputy Commissioner and District Magistrate of the District;
(g) financial establishment means an individual or an association of individuals, or a firm or a Company or a Non Banking Financial Company registered under the Companies Act, 2013 and carrying on the business of receiving deposits under any scheme or arrangement or in any other manner but does not include a corporation or a co-operative society owned or controlled by any State Government or the Central Government, or a banking company as defined under clause (c) of Section 5 of the Banking Regulation Act, 1949;
(h) Government means the Government of Meghalaya;
(i) prescribed means prescribed by rules made under this Act.
(j) Special Court means the Special Court constituted vide subsection (1) of Section 11; and
(k) Superintendent of Police of the District means the Police officer in-charge of the District and shall be deemed to have included his subordinate officers.
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More sections of this act
Section 1 · Short title, extent and commencementSection 3 · Attachment of properties on default of return of depositsSection 4 · Authorities to receive complzints and cause inquiry and investigationSection 5 · Offences to be cogn~able and non-bailableSection 6 · Competent AuthoritySection 7 · Punishment for default in repayment of deposits and interestsSection 8 · Report and Return by the Financial EstablishmentsSection 9 · Compounding of offencesIndia Code, Government of India. Text fetched 13 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.