Unregulated deposit scheme defined broadly; deposits, statutory exclusions and deemed deposit triggers clarified under the Act. The Act defines deposit broadly as money received as advance, loan or otherwise with a promise to return, and lists specific exclusions (bank and public financial institution loans, government or guaranteed receipts, foreign receipts subject to foreign exchange law, partner/relative and buyer credit, certain institutional receipts, political receipts, prescribed self help group or limited collections, and business connected advances). Specified business receipts are excluded but become deemed deposits if refundable after fifteen days or if necessary legal permissions are not obtained. It also defines deposit taker, depositor, Regulated Deposit Scheme, Regulator, and related terms.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Unregulated deposit scheme defined broadly; deposits, statutory exclusions and deemed deposit triggers clarified under the Act.
The Act defines deposit broadly as money received as advance, loan or otherwise with a promise to return, and lists specific exclusions (bank and public financial institution loans, government or guaranteed receipts, foreign receipts subject to foreign exchange law, partner/relative and buyer credit, certain institutional receipts, political receipts, prescribed self help group or limited collections, and business connected advances). Specified business receipts are excluded but become deemed deposits if refundable after fifteen days or if necessary legal permissions are not obtained. It also defines deposit taker, depositor, Regulated Deposit Scheme, Regulator, and related terms.
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