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In a bid to save credulous investors from ponzi schemes, the Central government has banned unregulated deposit schemes, a move that may help tackling the menace of illicit deposit-taking activities. Pursuant to Banning of Unregulated Deposit Schemes Ordinance, 2019 now any Individual or group of individuals cannot take any deposit or loan from any person other […]
Q1 What is Banning of Unregulated Deposit Schemes Ordinance, 2019 Answer- The Banning of Unregulated Deposit Schemes Ordinance, 2019 has been promulgated to have a central legislation to tackle the menace of illicit deposits taking activities in the country. Presently, non-banking entities are allowed to raise deposits from the public under the provisions of various […]
Banning of Unregulated Deposit Schemes Ordinance, 2019 provide for a comprehensive mechanism to ban the Unregulated Deposit Schemes and to protect the interest of depositors and for matters connected therewith or incidental thereto. (For example schemes like Sharda Chit Fund and Rose Vally Scam of West Bengal which has cheated 17 Lakhs small depositors to the extent of Rs. 20,000 Crores and which is at present under CBI investigation)
And the day has come when the risk to remain tight in a BUDS has become more painful……. Banning of Unregulated Deposit Scheme Ordinance, 2019 (BUDS) with effect from 21.02.2019 Menace of illicit deposit schemes cracked down Meaning of Deposit A deposit has been defined to mean: An amount of money received by way of […]
In order to put a check on illicit deposit-taking activities like Saradha scam and Rose Valley chit fund scam in the country that dupe poor and the financially illiterate of their hard-earned savings. The President of India promulgated the Banning of Unregulated Deposit Scheme Ordinance, 2019 w.e.f. February 21, 2019 (hereinafter referred to as ‘BUDS’) […]
The Govt passed the Banning of Unregulated Deposit Schemes Ordinance, 2019 on 21st Feb, 2019 to ban unregulated deposits. Article explains Who are Depositor and deposit taker, Banning of Unregulated Deposit schemes (UDS), What is Unregulated Deposit Scheme(UDC) and Regulated Deposit Scheme(RDS), What kind of deposits are considered under the Banning of Unregulated Deposit Schemes […]
Through this article, an attempt has been made to understand the implication of Banning of Unregulated Deposit Schemes Ordinance, 2019. For the sake of better understanding, the author has divided the article into four parts comprising of the definition, the substantive law and the sanctions imposed.
Whether Banning of Unregulated Deposit Schemes Ordinance, 2019 also applicable to deposits, unsecured loans etc. accepted / taken for normal trading, manufacturing etc. activities or for personal needs.
Banning of Unregulated Deposit Ordinance,2019, exempts Individual, Firm, Companies & LLP etc. for taking any loan and deposit for their course of business as per section 2(4) e,f ,l and other provisions. For the purpose of Banning of Unregulated Deposit Schemes Ordinance, 2019 “deposit” means an amount of money received by way of an advance or […]
The President has assented The Banning of Unregulated Deposit Schemes Bill, 2019, which was passed on the 13th day of February, 2019 in the House of the People; The purpose of Banning of Unregulated Deposit Schemes Ordinance, 2019 is to provide for a comprehensive mechanism to ban the unregulated deposit schemes and to protect the interest […]
