TaxTMI 
TaxTMI 
Banning of Unregulated Deposit Schemes Rules, 2020
X X X X Extracts X X X X
X X X X Extracts X X X X
....s the context otherwise requires,- a) "Act" means the Banning of Unregulated Deposit Schemes Act, 2019 (21 of 2019); b) "application" means an application filed by the Competent Authority under section 14 of the Act; c) "authority" means the authority designated under section 9 of the Act; d) "Competent Authority" means an authority appointed by the appropriate Government under section 7 of the Act; and e) "Designated Court" means a Designated Court constituted by the appropriate Government under section 8 of the Act. (2) The words and expressions used herein and not defined but defined in the Act shall have the meanings assigned to them in the Act. 3. Information and particulars to be cons....
X X X X Extracts X X X X
X X X X Extracts X X X X
....on in the area or jurisdiction in which the deposit taker is located. (3) Where the Competent Authority is not able to serve the order of provisional attachment to a person specified in sub-rule (1), then such person shall be deemed to be served the order by the publication of the order in the manner provided under sub-rule (2). (4) The Competent Authority shall take possession of the immoveable property by affixing the order of provisional attachment at a conspicuous place of such immoveable property. (5) Where the property to be attached is a moveable property, the Competent Authority shall take actual physical possession of such property and retain it in his custody or the custody of any other officer appointed to assist him. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....pto three months, and if the records are necessary to be retained beyond the said period, approval of the Competent Authority shall be required. (3) If the person from whose custody records are impounded objects for any reason to the records being impounded, he may make an application to the Competent Authority stating therein the reasons for such objection and requesting for the return of the records, and the Competent Authority may, after giving the applicant an opportunity of being heard, pass such orders as he thinks fit. (4) The officer shall ensure the safe custody of the records impounded and retained in his custody. 6. Central Database.- (1) The authority may require any Regulator or the Competent Authority or any other ent....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y person who claims to be in possession of the property, and any other person who has an interest in the said property; (c) the record of the provisionally attached property specified in sub-rule (6) of rule 4 and the valuation report, if any, specified in sub-rule (8) of rule 4; (d) a list of the depositors from whom the deposit taker has accepted or collected deposits; and (e) a list of dues owed to depositors including amounts that may be realised from sale of any attached property of the deposit taker. 9. Procedure to be adopted by Designated Court.- (1) The Designated Court may regulate its own procedure and shall be guided by the principles of natural justice and the procedure contained in the Code of Civ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y account with a bank or financial or market establishment, which is suspected to be used in connection with an Unregulated Deposit Scheme; and (g) any other thing which is suspected to be used in connection with an Unregulated Deposit Scheme. 11. Retraction of advertisement.- (1) The appropriate Government shall direct the owner of any newspaper or other publication of any nature either in print or in electronic form, to publish a full and fair retraction, unequivocally withdrawing any offer, promotion or inducement made earlier in any advertisement, statement or information to any person to become a member of any Unregulated Deposit Scheme. (2) The retraction shall be as prominent as the original advertisement, statement or....