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of <h1>Key Terms Defined in the Banning of Unregulated Deposit Schemes Act, 2019: Roles, Definitions, and Exclusions Explained</h1> The Banning of Unregulated Deposit Schemes Act, 2019 defines key terms related to deposit schemes. It outlines the roles of the appropriate government, which varies depending on the region, and specifies what constitutes a 'company' and 'competent authority.' A 'deposit' is broadly defined but excludes certain financial transactions, such as loans from banks or amounts guaranteed by the government. The Act also defines 'depositor,' 'deposit taker,' and 'designated court,' among other terms. It distinguishes between regulated and unregulated deposit schemes, with the latter being those not specified in the First Schedule of the Act.
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