Unregulated Deposit Schemes

Analysis of Banning of Unregulated Deposit Schemes Ordinance 2019

Income Tax - MCA has vide its notification dated 21st February, 2019 notified an ordinance for banning the Unregulated Deposit Scheme with immediate effect. Ordinance is named ‘The Banning of Unregulated Deposit Schemes Ordinance, 2019‘. Deposit– Deposit means an amount of money received by way of an advance or loan or in any other...

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Regulating the Unregulated Deposits

Income Tax - In light of various Ponzi/ chit fund schemes, the President of India promulgated the Banning of Unregulated Deposit Schemes Ordinance, 2019 on 21 February, 2019. By bringing this ordinance into effect, the Government has cracked down on unregulated deposit schemes, which lured investors with high interest rates and duped them of their inv...

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Check if Your Deposit is Illegal

Income Tax - President of India has promulgated the BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019 w.e.f. February 21, 2019. This law has been brought to safeguard the hard-earned money of ignorant depositors from scrupulous deposit takers. Scope: – This ordinance is applicable to every person in respect of following three offences: R...

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Note on Banning of Unregulated Deposit Scheme

Income Tax - Objective: Banning of Unregulated Deposit Scheme Ordinance, 2019 is promulgated with the objective of providing mechanism to ban unregulated deposit schemes and protect the interest of depositors. Applicability: Banning of Unregulated Deposit Scheme Ordinance, 2019 applicable to Whole of India except the state of Jammu and Kashmir. What i...

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Unregulated Deposits Scheme Ordinance 2019

Income Tax - THE BANNING OF UNREGULATED DEPOSITS SCHEME ORDINANCE 2019   Introduction:    The Banning of Unregulated Deposit Schemes Bill, 2019, which was passed on the 13th day of February, 2019 in the House of the People and . The Hon’ble President of India, on the aid and advice of the Union Government, on February 21, 2019 […]...

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Menace of illicit deposit schemes cracked down

Income Tax - 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 […]...

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President promulgates four Ordinances on 21.02.2019

Income Tax - President of India on the 21st February, 2019 has promulgated the following four Ordinances, namely:––1. The Muslim Women (Protection of Rights on Marriage) Second Ordinance, 2019 (Ord. 4 of 2019). 2. The Indian Medical Council (Amendment) Second Ordinance, 2019 (Ord. 5 of 2019). 3. The Companies (Amendment) Second Ordinance, 2019 (Or...

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Cabinet approves Banning of Unregulated Deposit Schemes Ordinance, 2019

Income Tax - Cabinet approves Promulgation of the Banning of Unregulated Deposit Schemes Ordinance, 2019 The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Promulgation of Unregulated Deposit Schemes Ordinance, 2019. Benefits: The proposed Ordinance will immediately tackle the menace of illicit deposit taking activities in the ...

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Cabinet approves amendments to Banning of Unregulated Deposit Schemes Bill, 2018

Income Tax - Union Cabinet has given its approval to move official amendments to Banning of Unregulated Deposit Schemes Bill, 2018, pursuant to recommendations of Standing Committee on Finance (SCF). ...

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Banning of Unregulated Deposit Schemes Bill, 2018

Income Tax - Non-banking entities are allowed to raise deposits from the public under the provisions of various statutes enacted by the Central Government and the State Governments. However, the regulatory framework for deposit taking activity in the country is not seamless....

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Banning of Unregulated Deposit Schemes Act, 2019

NO. 21 OF 2019 - (31/07/2019) - THE BANNING OF UNREGULATED DEPOSIT SCHEMES ACT, 2019- NO. 21 OF 2019- An Act to provide for a comprehensive mechanism to ban the unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors and for matters connected therewith or...

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Banning of Unregulated Deposit Schemes Ordinance, 2019

No. 7 or 2019 - (21/02/2019) - (1) This Ordinance may be called the Banning of Unregulated Deposit Schemes Ordinance, 2019. (2) It extends to the whole of India except the State of Jammu and Kashmir. (3) It shall come into force at once....

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Recent Posts in "Unregulated Deposit Schemes"

Banning of Unregulated Deposit Schemes Act, 2019

NO. 21 OF 2019 (31/07/2019)

THE BANNING OF UNREGULATED DEPOSIT SCHEMES ACT, 2019- NO. 21 OF 2019- An Act to provide for a comprehensive mechanism to ban the unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors and for matters connected therewith or incidental thereto....

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Analysis of Banning of Unregulated Deposit Schemes Ordinance 2019

MCA has vide its notification dated 21st February, 2019 notified an ordinance for banning the Unregulated Deposit Scheme with immediate effect. Ordinance is named ‘The Banning of Unregulated Deposit Schemes Ordinance, 2019‘. Deposit– Deposit means an amount of money received by way of an advance or loan or in any other...

Read More
Posted Under: Income Tax |

Regulating the Unregulated Deposits

In light of various Ponzi/ chit fund schemes, the President of India promulgated the Banning of Unregulated Deposit Schemes Ordinance, 2019 on 21 February, 2019. By bringing this ordinance into effect, the Government has cracked down on unregulated deposit schemes, which lured investors with high interest rates and duped them of their inv...

Read More
Posted Under: Income Tax |

Check if Your Deposit is Illegal

President of India has promulgated the BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019 w.e.f. February 21, 2019. This law has been brought to safeguard the hard-earned money of ignorant depositors from scrupulous deposit takers. Scope: – This ordinance is applicable to every person in respect of following three offences: R...

Read More
Posted Under: Income Tax |

Note on Banning of Unregulated Deposit Scheme

Objective: Banning of Unregulated Deposit Scheme Ordinance, 2019 is promulgated with the objective of providing mechanism to ban unregulated deposit schemes and protect the interest of depositors. Applicability: Banning of Unregulated Deposit Scheme Ordinance, 2019 applicable to Whole of India except the state of Jammu and Kashmir. What i...

Read More
Posted Under: Income Tax |

Unregulated Deposits Scheme Ordinance 2019

THE BANNING OF UNREGULATED DEPOSITS SCHEME ORDINANCE 2019   Introduction:    The Banning of Unregulated Deposit Schemes Bill, 2019, which was passed on the 13th day of February, 2019 in the House of the People and . The Hon’ble President of India, on the aid and advice of the Union Government, on February 21, 2019 […]...

Read More
Posted Under: Income Tax |

Unregulated Deposits Scheme – An Analysis

The Banning of Unregulated Deposits Schemes Ordinance 2019 (‘UDS’) is a bold ordinance introduced to comprehensively ban illicit deposit taking schemes. The article has been divided into the following sections – I. Background The need of UDS On the social media platforms, UDS is being viewed as a law to restrict raising of unsecured...

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Posted Under: Income Tax |

Deposit banned & not banned under Deposit Schemes Ordinance

Article explains What is banned under Banning of Unregulated Deposit Schemes Ordinance, 2019, What is an Unregulated Deposit Schemes,  To whom is Banning of Unregulated Deposit Schemes Ordinance, 2019 applicable and Which are the deposits not banned in Banning of Unregulated Deposit Schemes Ordinance, 2019? Presently, non-banking entitie...

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Posted Under: Income Tax |

Scope of ‘Deposits’ under ‘Banning of Unregulated Deposit Scheme Ordinance, 2019’

Now it is pertinent to note here that, restriction / ban has been imposed on only Unregulated Deposit Scheme and not on all deposits. It means that all deposits are not banned, and only those deposits are banned which are classified under the Unregulated Deposit Scheme....

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Posted Under: Income Tax |

Demystifying Banning of Unregulated Deposit Schemes Ordinance, 2019

The Banning of Unregulated Deposits Scheme Ordinance puts a check on illicit deposit schemes that dupe investors and does not prohibit any schemes regulated by statutory authorities as mentioned in Column – 3 of the First Schedule to the Ordinance....

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Posted Under: Income Tax |

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