Section 40
Power to amend First Schedule.
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) The Central Government may, having regard to the
objects of this Act, and if it considers necessary or expedient so to do, by notification, add to, or as the
case may be, omit from the First Schedule, any scheme or arrangement, and on such addition, or
omission, such scheme or arrangement shall become, or cease to be, a Regulated Deposit Scheme, as
the case may be.
(2) A copy of every notification issued under this section shall, as soon as may be after it has been issued, be laid before each House of Parliament.
(2) A copy of every notification issued under this section shall, as soon as may be after it has been issued, be laid before each House of Parliament.