https://www.taxtmi.com/news?id=21065 A central legislative scheme imposes a ban on unregulated deposit-taking by prohibiting promotion, operation, advertisement or acceptance of deposits in Unregulated Deposit Schemes, creates distinct offences for running such schemes, fraudulent default and wrongful inducement, and provides for deterrent punishments. It establishes mechanisms for disgorgement and repayment, attachment and realization of assets by a designated Competent Authority, clear timelines for restitution, a central database for deposit information, and state-led implementation with a list of Regulated Deposit Schemes that the Central Government may alter. en-us Thu, 07 Feb 2019 09:58:49 +0530 Thu, 07 Feb 2019 10:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=21065 A central legislative scheme imposes a ban on unregulated deposit-taking by prohibiting promotion, operation, advertisement or acceptance of deposits in Unregulated Deposit Schemes, creates distinct offences for running such schemes, fraudulent default and wrongful inducement, and provides for deterrent punishments. It establishes mechanisms for disgorgement and repayment, attachment and realization of assets by a designated Competent Authority, clear timelines for restitution, a central database for deposit information, and state-led implementation with a list of Regulated Deposit Schemes that the Central Government may alter. News - Thu, 07 Feb 2019 09:58:49 +0530 https://www.taxtmi.com/news?id=21065