The State Government will create an office of the Registrar of Chits under the Chit Funds Act, 1982 as it prepares to sensitise the Intelligence machinery for collection of inputs on economic offences so that early warning signals can be picked up and timely action can be taken to protect the interest of the common man.
The decisions were taken in the 17th State level Coordination Committee meeting for Jharkhand convened here at Nepal House Secretariat on Wednesday by the Regional Director for Bihar and Jharkhand, Reserve Bank of India Patna, Manoj Kumar Verma and Development Commissioner RS Poddar who represented the Chief Secretary.
It was also stated in the meeting that the State Government is in the final stages of finalizing the Rules under the Protection of Interest of Depositors (in Financial Establishment) Act, 2011 (PID Act). It will also issue a notification on Competent Authority under the Act and will take up the matter of setting up of Designated Courts under the Act with the Jharkhand High Court.
Three Sub-Committees namely –(i) A Sub-Committee of the SlCC headed by Principal Secretary, Finance to monitor the NBFC related issues during the period intervening the SlCC meetings. (ii) Training Sub-Committee headed by Additional Director General of Police, Criminal Investigation Department, Jharkhand to monitor Training of law Enforcement Agencies dealing with NBFC sector and (iii) Public Awareness Sub-Committee headed by Secretary, IPRD to take care of public awareness issues related to the sector, have been constitued by the State Government. These Committees to be operational soon by convening inaugural meetings;
Interface programmes for Government officers at grassroots level will be conducted in the State for dissemination of awareness among law enforcement agencies and initiating coordinated action against delinquent NBFCs and Un-incorporated Bodies.
The SlCC is a forum for coordination among various regulators of Non Banking sector such as the RBI, concerned departments of the State Government, Securities and Exchange Board of Inida, Registrar of Companies and National Housing Bank and meets every quarter. The meeting was attended by the senior officers of these regulators and representatives of Home, Finance, law, Cooperation Departments of the State Government and Economic Offences Wing.