Unregulated deposit scheme: prize chits and money circulation schemes are treated as unregulated deposits under the statute. A statutory deeming provision treats any prize chit or money circulation scheme banned under the earlier prize chits and money circulation scheme ... Summary
Unregulated deposit scheme: prize chits and money circulation schemes are treated as unregulated deposits under the statute.
A statutory deeming provision treats any prize chit or money circulation scheme banned under the earlier prize chits and money circulation scheme legislation as an Unregulated Deposit Scheme under the current Act, thereby bringing those banned arrangements within the Act's regulatory and enforcement purview.
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