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 32: Application of Code of Criminal Procedure, 1973 to proceedings before Designated Court.
    (1) The Designated Court may take cognizance of offences under this Act without the accused being committed to it for trial.
     (2) Save as otherwise provided in section 31, the provisions of the Code of Criminal Procedure, 1973 (2 of 1974) shall apply--
         (a) to all arrests, searches and seizures made under this Act;
         (b) to the proceedings under this Act and for the purposes of the said provisions, the Designated Court shall be deemed to be a Court of Session and the persons conducting the prosecution before the Designated Court, shall be deemed to be Public Prosecutors.
Notes:

Scroll to Top