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of <h1>Prize chits classified as Unregulated Deposit Schemes under 2019 Act; subject to penalties for fraudulent practices.</h1> A prize chit or money circulation scheme prohibited under the Prize Chits and Money Circulation Scheme (Banning) Act, 1978, is classified as an Unregulated Deposit Scheme according to the Banning of Unregulated Deposit Schemes Act, 2019. This classification subjects such schemes to the regulatory framework and penalties outlined in the 2019 Act, aiming to protect individuals from fraudulent financial practices.
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