Section 6Central Act

Section 6: Certain scheme to be Unregulated Deposit Scheme.

The Banning of Unregulated Deposit Schemes Act, 2019

A prize chit or a money circulation scheme banned under the provisions of the Prize Chits and Money Circulation Scheme (Banning) Act, 1978 (43 of 1978) shall be deemed to be an Unregulated Deposit Scheme under this Act.

Sec 5 — Wrongful inducement in relation to Unregulated Deposit Schemes.

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