Banning of Unregulated Deposit Schemes Act, 2019

Rules Regulations Notifications Orders Circulars Ordinance Statutes

Act ID:	201921
Act Number:	21
Enactment Date:	2019-07-31
Act Year:	2019
Short Title:	The Banning of Unregulated Deposit Schemes Act, 2019
Long Title:	An Act to provide for a comprehensive mechanism to ban the unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors and for matters connected therewith or incidental thereto.
Ministry:	Ministry of Govt of Maharashtra
Department:	Finance Department
Enforcement Date:	2019-2-21
Type:	CENTRAL ACT (Ministry of Finance, Department of Financial Services)
Location:	Maharashtra
metadata.dc.identifier.refactid:	A2019-21


Schedule 1. THE FIRST SCHEDULE Order Appendix Forms
Schedule 2. THE SECOND SCHEDULE Order Appendix Forms

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Show all section The Banning of Unregulated Deposit Schemes Act, 2019

CHAPTER I

PRELIMINARY

CHAPTER II

BANNING OF UNREGULATED DEPOSIT SCHEMES

CHAPTER III

AUTHORITIES

CHAPTER IV

INFORMATION ON DEPOSIT TAKERS

CHAPTER V

RESTITUTION TO DEPOSITORS

CHAPTER VI

OFFENCES AND PUNISHMENTS

CHAPTER VII

INVESTIGATION, SEARCH AND SEIZURE

CHAPTER VIII

MISCELLANEOUS


Section 1. Short title, extent and commencement.
Section 2. Definitions.
Section 3. Banning of Unregulated Deposit Schemes.
Section 4. Fraudulent default in Regulated Deposit Schemes.
Section 5. Wrongful inducement in relation to Unregulated Deposit Schemes.
Section 6. Certain scheme to be Unregulated Deposit Scheme.
Section 7. Competent Authority.
Section 8. Designated Court.
Section 9. Central database.
Section 10. Information of business by deposit taker.
Section 11. Information to be shared.
Section 12. Priority of depositors' claim.
Section 13. Precedence of attachment.
Section 14. Application for confirmation of attachment and sale of property.
Section 15. Confirmation of attachment by Designated Court.
Section 16. Attachment of property of mala fide transferees.
Section 17. Payment in lieu of attachment.
Section 18. Powers of Designated Court.
Section 19. Appeal to High Court.
Section 20. Power of Supreme Court to transfer cases.
Section 21. Punishment for contravention of section 3.
Section 22. Punishment for contravention of section 4.
Section 23. Punishment for contravention of section 5.
Section 24. Punishment for repeat offenders.
Section 25. Offences by deposit takers other than individuals.
Section 26. Punishment for contravention of section 10.
Section 27. Cognizance of offences.
Section 28. Offences to be cognizable and non-bailable.
Section 29. Competent Authority to be informed of offences.
Section 30. Investigation of offences by Central Bureau of Investigation.
Section 31. Power to enter, search and seize without warrant.
Section 32. Application of Code of Criminal Procedure, 1973 to proceedings before Designated Court.
Section 33. Publication of advertisement of Unregulated Deposit Scheme.
Section 34. Act to have overriding effect.
Section 35. Application of other laws not barred.
Section 36. Protection of action taken in good faith.
Section 37. Power of Central Government to make rules.
Section 38. Power of State Government, etc., to make rules.
Section 39. Laying of rules.
Section 40. Power to amend First Schedule.
Section 41. Act not to apply certain deposits.
Section 42. Amendment to certain enactments.
Section 43. Power to remove difficulties.
Section 44. Repeal and saving.


Schedule 1. THE FIRST SCHEDULE Order Appendix Forms
Schedule 2. THE SECOND SCHEDULE Order Appendix Forms

Schedule 1. THE FIRST SCHEDULE

Schedule 2. THE SECOND SCHEDULE