Govt to notify rules for J&K Chit Funds Act soon

CS chairs 30th SLCC on NBFCs, UIBs

GK NEWS NETWORK
Jammu, Publish Date: Jan 11 2019 12:43AM | Updated Date: Jan 11 2019 12:43AM
Govt to notify rules for J&K Chit Funds Act soonInfo Deptt

 Government has formulated the the rules of J&K Chit Funds Act, 2016 and will notify them soon. 

According to an official spokesperson, this was revealed on Thursday during the 30th meeting of the State Level Coordination Committee (SLCC) on Non-Banking Financial Companies (NBFCs) and Un-incorporated Bodies (UIBs) convened by the Reserve Bank of India (RBI) and chaired by Chief Secretary BV R Subrahmanyam. 

Regional Director RBI Jammu, Principal Secretary Home, ADGP CID, IGP (CIV), PHQ and senior officers from RBI, SEBI and Government participated in the meeting.

The SLCC reviewed the progress regarding notification of the rules in terms of the Jammu and Kashmir Chit Funds Act, 2016, appointment of nodal officer under the Jammu and Kashmir Protection of Interests of Depositors (in Financial Establishment) Act, 2018, sharing of Market Intelligence (MI) on NBFI activities, SOP for dealing with public complaint, issuance of notification under Section 45 T and 58 E of the RBI Act, 1934 and other issues.

The SLCC was informed that the rules in terms of the Jammu and Kashmir Chit Funds Act, 2016 have been finalised and will be notified shortly. Further, it was informed that under the Jammu and Kashmir Protection of Interests of Depositors (in Financial Establishment) Act, 2018; Additional District Magistrate shall be the Competent Authority within their territorial jurisdiction for carrying out the purpose of the said Act. The order to this effect was issued by the State Finance Department on 8th January, 2018.

The SLCC also reviewed the progress in regard to the cases referred to the Crime Branch by the RBI and action taken on the public complaints against delinquent entities.

Chief Secretary impressed upon forging greater co-ordination between the regulators and law enforcement agencies to prevent unscrupulous companies from duping the investors of their hard earned money. For this purpose, a Committee of officers drawn from Crime Branch, RBI, SEBI and RoC will meet on a fortnightly basis and exchange information.

Latest News

  1. Mehbooba hits out at Omar, says J&K is not NC's personal estate
  2. Mehbooba hits out at Omar, says J&K is not NC's personal estate
  1. Aseemanand, 3 others acquitted in Samjhauta blast case
  2. Aseemanand, 3 others acquitted in Samjhauta blast case
  1. Militants fire at joint team of police, army in Baramulla; search operation underway
  2. Militants fire at joint team of police, army in Baramulla; search operation underway
  1. GCC will continue to pursue its objectives with fervour: Justice Hasnain Masoodi in parting message
  2. GCC will continue to pursue its objectives with fervour: Justice Hasnain Masoodi in parting message
  1. Thief involved in stealing cell phones of patients, attendants at SKIMS held: Police
  2. Thief involved in stealing cell phones of patients, attendants at SKIMS held: Police
  1. Two Palestinians killed by Israeli army in West Bank clashes: health ministry
  2. Two Palestinians killed by Israeli army in West Bank clashes: health ministry
  1. No ‘Holi’ celebrations at Raj Bhavan this year: Governor
  2. No ‘Holi’ celebrations at Raj Bhavan this year: Governor
  1. Piping hot tea, coffee may up oesophageal cancer risk: Study
  2. Piping hot tea, coffee may up oesophageal cancer risk: Study
  1. National Conference, Congress announce seat-sharing pact for Lok Sabha polls
  2. National Conference, Congress announce seat-sharing pact for Lok Sabha polls
  1. Army men open fire after noticing suspicious movement in Shopian, area cordoned off
  2. Army men open fire after noticing suspicious movement in Shopian, area cordoned off
  1. Evidence of water, particle plumes discovered on asteroid Bennu: NASA
  2. Evidence of water, particle plumes discovered on asteroid Bennu: NASA
  1. Moderate earthquake hits Turkey; 3 people injured
  2. Moderate earthquake hits Turkey; 3 people injured
  1. Nirav Modi arrested, to appear in UK court
  2. Nirav Modi arrested, to appear in UK court
  1. Awantipora teacher’s custodial death: NC demands murder case lodged against guilty
  2. Awantipora teacher’s custodial death: NC demands murder case lodged against guilty
  1. India signals to boycott China's Belt and Road Forum for 2nd time
  2. India signals to boycott China's Belt and Road Forum for 2nd time
  1. New Zealand PM urges global action on social media perils
  2. New Zealand PM urges global action on social media perils
  1. Fresh snowfall, rains in Kashmir
  2. Fresh snowfall, rains in Kashmir
  1. Roads leading to border areas closed after fresh snowfall, rains in Kupwara
  2. Roads leading to border areas closed after fresh snowfall, rains in Kupwara
  1. Jammu and Kashmir Governor Satya Pal Malik greets people on Nauroz, Holi
  2. Jammu and Kashmir Governor Satya Pal Malik greets people on Nauroz, Holi
  1. Kashmir shuts against custodial death of Awantipora teacher
  2. Kashmir shuts against custodial death of Awantipora teacher
  1. Fresh landslides block Jammu-Srinagar highway
  2. Fresh landslides block Jammu-Srinagar highway
  1. Heavy snow accumulation likely to delay Zojilla re-opening
  2. Heavy snow accumulation likely to delay Zojilla re-opening
  1. Uri resident injured in cross-border firing succumbs at Srinagar hospital
  2. Uri resident injured in cross-border firing succumbs at Srinagar hospital
  1. Teacher’s custodial death: Mobile Internet speed throttled in Srinagar, Budgam
  2. Teacher’s custodial death: Mobile Internet speed throttled in Srinagar, Budgam
  1. Funerals begin for New Zealand terror attack victims
  2. Funerals begin for New Zealand terror attack victims
  1. Goa’s BJP-led coalition government faces floor test
  2. Goa’s BJP-led coalition government faces floor test
  1. 2 feared dead, 50 trapped in Karnataka building crash
  2. 2 feared dead, 50 trapped in Karnataka building crash
x
This site uses cookies to deliver our services and to show you relevant news and ads. By using our site, you acknowledge that you have read and understand our Cookie Policy, Privacy Policy, and our Terms of Service.That's Fine