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Banning of Unregulated Deposit Schemes
July 31 , 2019
1859 days
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- Both houses of the Parliament have passed the Banning of Unregulated Deposit Schemes Bill 2019.
- A deposit-taking scheme is defined as “Unregulated”, if
- It is taken for a business purpose
- It not registered with the regulators listed in the bill.
- Competent Authority not under the rank of State/Central Secretary will be appointed as government officers who regulate such schemes.
- It aims to create a centralised database of all deposit takers.
- Designated Courts will try cases relating to any offences.
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