Section 23
Punishment for contravention of section 5.
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.
Any person who contravenes the provisions of
section 5 shall be punishable with imprisonment for a term which shall not be less than one year but
which may extend to five years and with fine which may extend to ten lakh rupees.