Jammu: The government on Wednesday notified ‘Jammu and Kashmir Banning of Unregulated Deposit Schemes Rules, 2022’.
The rules have been made by the J&K government in the exercise of powers conferred by Section 38 of the Banning of Unregulated Deposit Schemes Act, 2019 (21 of 2019), in consultation with the central government.
As per a notification issued by Financial Commissioner (Additional Chief secretary) Finance Department Vivek Bharadwaj, under sub-section (3) of Section 7 under these rules, if the competent authority or an officer appointed to assist the competent authority “is satisfied that the facts of the case necessitate identification of the properties or assets 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 appointed to assist the competent authority, may procure such details from Police authorities utilising the provisions of sub-section (1) of Section 31 or any other authority as deemed fit or from the public through a public notification seeking the details of properties or assets”.
The rules provide that if the competent authority, after collecting additional information, thinks that some additional properties of the deposit taker require to be attached, it may do so following Section 7 of the act.
Under the power to seize properties, where the competent authority or the officer appointed to assist the competent authority 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 would result in defeating the purpose of the act, it may direct the Police officer to seize such property or where it is not practicable to seize such property make an order to freeze such property and it should not be transferred or otherwise disposed of or dealt with.