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          <h1>Unregulated Deposit Schemes Act 2019: Prohibits promotion, operation, or advertisement of unregulated deposit schemes to protect depositors.</h1> The Banning of Unregulated Deposit Schemes Act, 2019, prohibits all unregulated deposit schemes from the date of its commencement. It mandates that no individual or entity involved in deposit-taking activities shall promote, operate, or advertise any unregulated deposit schemes, nor accept deposits related to such schemes, whether directly or indirectly. This legislation aims to protect depositors from schemes that are not officially regulated.

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