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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.
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.
<h1>Unregulated deposit scheme: prize chits and money circulation schemes are treated as unregulated deposits under the statute.</h1> 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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