Act Number: 21

Act Name: The Banning of Unregulated Deposit Schemes Act, 2019

Year: 2019

Enactment Date: 2019-07-31

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 Finance

Department: Department of Financial Services

Section 1: Short title, extent and commencement.
    (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
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.
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