Section 1
Short title, extent and commencement.
The Banning of Unregulated Deposit Schemes Act, 2019
About this Act
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.
(1) This Act may be called the Banning of
Unregulated Deposit Schemes Act, 2019.
(2) It extends to the whole of India *except the State of Jammu and Kashmir.
(3) It shall be deemed to have come into force on the 21st day of February, 2019
(2) It extends to the whole of India *except the State of Jammu and Kashmir.
(3) It shall be deemed to have come into force on the 21st day of February, 2019
Notes
*. Now applicable to the Union territory of Jammu and Kashmir and the Union territory of Ladakh by vide notification No. S.O.
3912 (E), dated 30th October, 2019.