Finance : MCA has vide its notification dated 21st February, 2019 notified an ordinance for banning the Unregulated Deposit Scheme with imme...
Finance : In light of various Ponzi/ chit fund schemes, the President of India promulgated the Banning of Unregulated Deposit Schemes Ordina...
Finance : President of India has promulgated the BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019 w.e.f. February 21, 2019. This law h...
Finance : Objective: Banning of Unregulated Deposit Scheme Ordinance, 2019 is promulgated with the objective of providing mechanism to ban u...
Finance : THE BANNING OF UNREGULATED DEPOSITS SCHEME ORDINANCE 2019 Introduction: The Banning of Unregulated Deposit Schemes Bill, 2...
Income Tax : And the day has come when the risk to remain tight in a BUDS has become more painful……. Banning of Unregulated Deposit...
Corporate Law : President of India on the 21st February, 2019 has promulgated the following four Ordinances, namely:––1. The Muslim Women (Pro...
Income Tax : Cabinet approves Promulgation of the Banning of Unregulated Deposit Schemes Ordinance, 2019 The Union Cabinet chaired by Prime Min...
Income Tax : Union Cabinet has given its approval to move official amendments to Banning of Unregulated Deposit Schemes Bill, 2018, pursuant to...
Corporate Law : Non-banking entities are allowed to raise deposits from the public under the provisions of various statutes enacted by the Central...
Income Tax : THE BANNING OF UNREGULATED DEPOSIT SCHEMES ACT, 2019- NO. 21 OF 2019- An Act to provide for a comprehensive mechanism to ban the u...
Finance : (1) This Ordinance may be called the Banning of Unregulated Deposit Schemes Ordinance, 2019. (2) It extends to the whole of India ...
Q.1 To whom the ordinance is applicable?A1 .The Ordinance is applicable to all persons receiving or soliciting deposits, working in any legal capacity, namely:(i) Individual or group of individuals(ii) A proprietorship concern(iii) A partnership firm (Registered or not )(iv) A Limited Liability Partnership Firm(v) A Company(vi) A trust (Public or Private Trust, whether Registered or not)(vii) A cooperative society or multi state cooperative society(viii) Any other arrangement of whatsoever nature
Introduction: The Banning of Unregulated Deposit Schemes Bill, 2019 was passed by the Lok Sabha on 13.02.2019 but could not be passed by the Rajya Sabha. Since the Parliament is not in session, the BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019 has been issued by the President of India vide Notification dt. 21.02.2019. According to […]
The Act comes in force at once with effect from 21st February, 2019 (Section 1(3)). This will mean that the Ordinance shall not have retrospective application and shall not apply to transactions which have taken place prior to the Act coming in force which shall continue to be governed by the law as it existed prior to the Act coming in force.
Banning of Unregulated Deposit Schemes Ordinance 2019 (Applicable from 13th Feb 2019) Meanings Deposit: an amount of money received by way of an advance or loan or in any other form, by any deposit taker with a promise to return whether after a specified period or otherwise, either in cash or in kind or in […]
Banning of Unregulated Deposit Schemes Ordinance, 2019 does not ban small and medium enterprises (SMEs) from receiving loans in the course of, or for the purpose of, business, the government has clarified. The ministry was responding to an ET story tilted ‘Unregulated deposits rule may have collateral damage’ on Monday which said that the law […]
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’) […]
