Banning of Unregulated Deposit Schemes Act, 2019

Recently, President of India gave assent to the Banning of Unregulated Deposit Schemes Act, 2019. It aims to put in place a mechanism to secure poor depositors/investors from Ponzi schemes.

Key Provisions

  • Unregulated Deposit Scheme: The Act bans unregulated deposit schemes. A deposit-taking scheme is defined as unregulated if it is taken for a business purpose and is not registered with the regulators.
  • Deposit: The Act defines a deposit as an amount of money received through an advance, a loan, or in any other form, with a promise to be returned with or without interest.
  • Designated Courts: The Act provides for the ....
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