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Section 3 - Banning of Unregulated Deposit Schemes Act, 2019

Chapter II

Banning of Unregulated Deposit Schemes

3. Banning of Unregulated Deposit Schemes.-

On and from the date of commencement of this Act,-

(a) the Unregulated Deposit Schemes shall be banned; and

(b) no deposit taker shall, directly or indirectly, promote, operate, issue any advertisement soliciting participation or enrolment in or accept deposits in pursuance of an Unregulated Deposit Scheme.

Related Sections

Section 44: Repeal and saving
Section 6: Certain scheme to be Unregulated Deposit Scheme
Section 14: Application for confirmation of attachment and sale of property
Section 29: Competent Authority to be informed of offences
Section 34: Act to have overriding effect

Related Acts

Repealing and Amending Act, 2015
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
Rights of Persons with Disabilities Act, 2016
Central Goods and Services Tax (Amendment) Act, 2018
Indian Institutes of Information Technology (Amendment) Act, 2017

* Only for reference.