Ban on unregulated deposit schemes establishes nationwide prohibition and depositor protection with specified commencement. The Act creates a statutory mechanism to prohibit unregulated deposit schemes (excluding deposits taken in the ordinary course of business) and to protect ... Summary
Ban on unregulated deposit schemes establishes nationwide prohibition and depositor protection with specified commencement.
The Act creates a statutory mechanism to prohibit unregulated deposit schemes (excluding deposits taken in the ordinary course of business) and to protect depositors. Titled the Banning of Unregulated Deposit Schemes Act, 2019, it extends to the whole of India except Jammu and Kashmir and is deemed to have commenced on 21 February 2019.
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