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Corporate Laws Central Ministry of Finance Deposit Insurance and Credit Guarantee Corporation Act, 1961

Issuance of enforcement date of Jan Vishwas act related to the Deposit Insurance and Credit Guarantee Corporation Act, 1961

22-Jan-2024 | S.O. 317(E).

The Ministry of Law and Justice has issued enforcement date under the Jan Vishwas (Amendment of Provisions) Act, 2023 related to the Deposit Insurance and Credit Guarantee Corporation Act, 1961. The effective date of the provisions is 22nd January, 2024. Highlights of the amendment under the Deposit Insurance and Credit Guarantee Corporation Act, 1961 are: 1. Increase in penalties for non-production of required documents, with a penalty of up to rupees 1,50,000 per failure and an additional rupees 7,500 per day for ongoing failure. The penalty process now includes a formalized show-cause notice, hearing opportunity, and court enforcement. Prior to this failing to produce required documents or information was punishable with a fine of up to Rs. 2,000 per offense, plus an additional Rs. 100 per day for ongoing failure. Please refer to the attached documents for more information.

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