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 4: Fraudulent default in Regulated Deposit Schemes.
    No deposit taker, while accepting deposits pursuant to a Regulated Deposit Scheme, shall commit any fraudulent default in the repayment or return of deposit on maturity or in rendering any specified service promised against such deposit.
Notes:

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