https://www.taxtmi.com/caselaws?id=791770 A money advance repayable after a specified period with promised quarterly interest can constitute a "deposit" under the MPID Act, because the statutory definition turns on the real character of the transaction rather than its label. Once such deposits are accepted, the recipient may fall within "financial establishment" under Section 2(d) and be subject to proceedings under Section 3 for default in repayment. The availability of MPID Act proceedings is not barred merely because IPC offences are not established or because the dispute also has a civil complexion, so long as the statutory ingredients are otherwise satisfied. en-us Fri, 15 May 2026 00:00:00 +0530 Mon, 18 May 2026 08:40:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791770 A money advance repayable after a specified period with promised quarterly interest can constitute a "deposit" under the MPID Act, because the statutory definition turns on the real character of the transaction rather than its label. Once such deposits are accepted, the recipient may fall within "financial establishment" under Section 2(d) and be subject to proceedings under Section 3 for default in repayment. The availability of MPID Act proceedings is not barred merely because IPC offences are not established or because the dispute also has a civil complexion, so long as the statutory ingredients are otherwise satisfied. Case-Laws Indian Laws Fri, 15 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791770