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This Act protects citizens from fraudulent financial schemes that fail to return deposits or promised interest. It empowers the District Magistrate to attach the assets of defaulting financial establishments—including the personal assets of promoters, directors, and managers—to ensure depositors are repaid. The law establishes a dedicated "Designated Court" to handle these cases, ensuring faster resolution than standard civil courts. It applies to any entity accepting deposits that defaults on its promises. For ordinary citizens, this legislation provides a legal pathway to recover lost savings when a company or firm deceptively fails to honor its financial commitments.
Official Legislative Text
Educational Study Layer
Chronological legislative evolution of The Haryana Protection of Interest of Depositors in Financial Establishment Act, 2013 across statutory gazettes and amending Acts.