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21/2019 - The Banning of Unregulated Deposit Schemes Act, 2019 ▶

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 Number	Title	Actions
1	Short title, extent and commencement.
2	Definitions.
3	Banning of Unregulated Deposit Schemes.
4	Fraudulent default in Regulated Deposit Schemes.
5	Wrongful inducement in relation to Unregulated Deposit Schemes.
6	Certain scheme to be Unregulated Deposit Scheme.
7	Competent Authority.
8	Designated Court.
9	Central database.
10	Information of business by deposit taker.
11	Information to be shared.
12	Priority of depositors' claim.
13	Precedence of attachment.
14	Application for confirmation of attachment and sale of property.
15	Confirmation of attachment by Designated Court.
16	Attachment of property of mala fide transferees.
17	Payment in lieu of attachment.
18	Powers of Designated Court.
19	Appeal to High Court.
20	Power of Supreme Court to transfer cases.
21	Punishment for contravention of section 3.
22	Punishment for contravention of section 4.
23	Punishment for contravention of section 5.
24	Punishment for repeat offenders.
25	Offences by deposit takers other than individuals.
26	Punishment for contravention of section 10.
27	Cognizance of offences.
28	Offences to be cognizable and non-bailable.
29	Competent Authority to be informed of offences.
30	Investigation of offences by Central Bureau of Investigation.
31	Power to enter, search and seize without warrant.
32	Application of Code of Criminal Procedure, 1973 to proceedings before Designated Court.
33	Publication of advertisement of Unregulated Deposit Scheme.
34	Act to have overriding effect.
35	Application of other laws not barred.
36	Protection of action taken in good faith.
37	Power of Central Government to make rules.
38	Power of State Government, etc., to make rules.
39	Laying of rules.
40	Power to amend First Schedule.
41	Act not to apply certain deposits.
42	Amendment to certain enactments.
43	Power to remove difficulties.
44	Repeal and saving.