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Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act, 1983 Complete Act

Title: Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act, 1983

State: Central

Year: 1983

Preamble1 - PUBLIC FINANCIAL INSTITUTIONS (OBLIGATION AS TO FIDELITY AND SECRECY) ACT, 1983 Section1 - Short title Section2 - Definitions Section3 - Obligation as to fidelity and secrecy Section4 - Declaration of fidelity and secrecy Section5 - Amendment of Act 15 of 1948 Section6 - Amendment of Act 63 of 1951 ScheduleI - SCHEDULE

Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act, 1983 Preamble 1

Title: Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act, 1983

State: Central

Year: 1983

THE PUBLIC FINANCIAL INSTITUTIONS (OBLIGATION AS TO FIDELITY AND SECRECY) ACT, 1983 [Act, No. 48 of 1983] [30th December, 1983] PREAMBLE An Act to provide for the obligation of public financial institutions as to fidelity and secrecy. BE it enacted by Parliament in the Thirty-fourth Year of the Republic of India as follows:-

West Bengal Nongovernment Educational Institutions and Local Authorities (Control of Provident Fund of Employees) Act, 1983 Complete Act

State: West Bengal

Year: 1983

.....University Act, 1981, or (vi) the North Bengal University Act, 1981, or (vii) the Rabindra Bharati Act, 1981, or (viii) the Kalyani University Act, 1981. Section 3 All standing balances in provident fund to be transferred to Treasury (1) All balances in the provident fund on the appointed day held in cash or in time deposits, Government securities, savings certificates, bank accounts, postal savings accounts, debentures or in any other form of financial instrument shall be transferred to the State Government in such manner as may be prescribed: Provided that the portion or portions of the provident fund invested in time deposits, debentures, Government securities, savings certificates or in any other form of financial instrument shall be endorsed to the State Government or to any agent appointed by the State Government in this behalf in such manner as may be prescribed. (2) On and from the appointed day no non-Government educational institution or local authority shall deposit any portion of the balance of provident fund or accruals thereto in any postal savings account, bank account or any other agency except the Treasury. (3) Notwithstanding anything to the contrary.....

Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act, 1983 Complete Act

State: Central

Year: 1983

.....date on which this Act became applicable to such institution, make a declaration of fidelity and secrecy in the form set out in the Schedule to this Act. SECTION 05: AMENDMENT OF ACT 15 OF 1948 [Repealed by Repealing and Amending Act (19 of 1988), Sch. (31 -3-1988)]. SECTION 06: AMENDMENT OF ACT 63 OF 1951 [Repealed by Repealing and Amending Act (19 of 1988), Sch. (31-3-1988)]. SCHEDULE 1 THE SCHEDULE (See section 4-) DECLARATION OF FIDELITY AND SECRECY I, , do hereby declare that I will faithfully, truly find to the best of my skill and ability, execute and perform the duties required of me as director, member of any Committee, auditor, officer or other employee (as the case may be) of the ___ and which properly relate to the office or position held by me in, or in relation to, the___ I further declare that I will not communicate or allow to be communicated to any person not legally entitled thereto any information relating to the affairs of the ___or to the affairs of any person having any dealing with the ___nor will I allow any such person to inspect, or have access to, any books or documents belonging to, or in the possession of the ___or the business of any person having.....

Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act, 1983 Section 3

Title: Obligation as to Fidelity and Secrecy

State: Central

Year: 1983

.....Banks) Act, 1959(38 of 1959), any corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970( 5 of 1970) or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, any other scheduled bank within the meaning of the Reserve Bank of India Act, 1934(2 of 1934); or (c) any other public financial institution, such credit information or other information as it may consider useful for the purpose, in such manner and at such time as it may think fit. 1(3) Nothing contained in this section shall apply to the credit information disclosed under the Credit Information Companies (Regulation) Act, 2005.". Explanation.- For the purposes of this sub-section, the expression "credit information" shall have the same meaning as in clause (c) of section 45A of the Reserve Bank of India Act, 1934(2 of 1934) subject to the modification that the banking company referred to therein shall mean a bank referred to in clause (b) of this sub-section or a public financial institution. _______________________ 1 . Inserted vide Credit Information Companies (Regulation) Act, 2005.

Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act, 1983 Section 2

Title: Definitions

State: Central

Year: 1983

(1) In this Act, "public financial institution" means- (a) the industrial Credit and Investment Corporation of India Limited, a company formed and registered under the Indian Companies Act, 1913(7 of 1913); (b) the industrial Reconstruction Corporation of India Limited, a company formed and registered under the Companies Act, 1956(1 of 1956); or (c) any other institution, being a company as defined in section 617 of the Companies Act, 1956(1 of 1956) or a company to which the provisions of section 619 of that Act apply, which the Central Government may, having regard to the nature of the business carried on by such institution, by notification in the Official Gazette, specify to be a public financial institution for the purposes of this Act. (2) Every notification issued under clause (c) of sub-section (1) shall, as soon as may be, after it is issued, be laid before each House of Parliament.

Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act, 1983 Section 4

Title: Declaration of Fidelity and Secrecy

State: Central

Year: 1983

Every director, member of any committee, auditor or officer or any other employee of a public financial institution to which this Act applies, shall,- (a) before entering upon his duties; or (b) where he has entered upon his duties as such before the date on which this Act became applicable to such institution, within thirty days from the date on which this Act became applicable to such institution, make a declaration of fidelity and secrecy in the form set out in the Schedule to this Act.

Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act, 1983 Section 1

Title: Short Title

State: Central

Year: 1983

This Act may be called the Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act, 1983.

Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act, 1983 Schedule I

Title: Schedule

State: Central

Year: 1983

THE SCHEDULE (See section 4) DECLARATION OF FIDELITY AND SECRECY I, do hereby declare that I will faithfully, truly and to the best of my skill and ability, execute and perform the duties required of me as director, member of any Committee, auditor, officer or other employee (as the case may be) of the * and which properly relate to the office or position held by me in, or in relation to, the* I further declare that I will not communicate or allow to be communicated to any person not legally entitled thereto any information relating to the affairs of the * or to the affairs of any person having any dealing with the *nor will I allow any such person to inspect, or have access to, any books or documents belonging to, or in the possession of, the *and relating to the business of the *or the business of any person having any dealing with the* Signed before me. Signature. *Here insert the name of the public financial institution concerned.

Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act, 1983 Section 6

Title: Amendment of Act 63 of 1951

State: Central

Year: 1983

...... Repealed by Repealing and Amending Act 1988 w.e.f 31-3-1988. Prior to repeal Section 6 stood as follows. "[ In the State Financial Corporations Act, 1951,- (a) section 40 shall be re-numbered as sub-section (3) thereof, and before sub-section (3) as so re-numbered, the following sub-sections shall be inserted, namely:- (1) The Financial Corporation shall not, except as otherwise required by this Act or any other law for the time being in force, divulge any information relating to, or to the affairs of, its constituents except in circumstances in which it is, in accordance with the law or practice and usage, customary among bankers, necessary or appropriate for the Financial Corporation to divulge such information. (2) The Financial Corporation may, for the purpose of efficient discharge of its functions under this Act, collect from, or furnish to- (a) the Central Government; (b) The State Bank of India constituted under section 3 of the State Bank of India Act, 1955(23 of 1955), any subsidiary bank within the meaning of the State Bank of India (Subsidiary Banks) Act, 1959(38 of 1959), any corresponding new bank constituted under section 3 of the Banking Companies.....