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Unregistered NBFC in Jharkhand to be penalised

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Jamshedpur, August 12: The ropes have been tightened across all Non-banking financial companies (NBFC) throughout the state.

This was stated in a meeting of administrative officials presided over by the Deputy Commissioner Amitabh Kaushal. He at a conference issued a notice of warning to the NBF institutions.

He said,” The police has started investigations and are closely keeping a watch over all finance companies. Those found unregistered will be heavily penalised.” This step has been taken by the govt. in view of several frauds & financial abscondment cases reported across the state.

The meeting was attended by SSP (East Singhbhum) Anoop T. Mathew, all DSPs, SDOs of both Ghatsila and Dhalbhum blocks and several other development authorities.

The govt. has formed a team of observers in order to protect the hard earned money of the common people. The govt. had already issued notification in this regard on August 5, now the team will try to implement the procedures within a couple of days.

It was informed that if an NBF institution is found guilty of not complying with the norms then their license will be cancelled and they will be subjected to a fine of one lakh rupees and rigorous imprisonment of upto 10 years. Also twice the amount of money laundered has to be paid back to the depositers as penalty.

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