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Bare Acts

The Banning of Unregulated Deposit Schemes Act, 2019

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.

अविनियमित निक्षेप स्कीीम पाबंदी अधिनियम, 2019

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Act Details

Act Number:

21

Act Year:

2019

Location:

Enactment Date:

7/31/2019

Enforcement Date:

21-02-2019

Ministry:

Ministry of Finance

Department:

Department of Financial Services

All Section List

PRELIMINARY

Section 1 to Section 2

Section 1

Short title, extent and commencement.

Section 2

Definitions.

BANNING OF UNREGULATED DEPOSIT SCHEMES

Section 3 to Section 6

Section 3

Banning of Unregulated Deposit Schemes.

Section 4

Fraudulent default in Regulated Deposit Schemes.

Section 5

Wrongful inducement in relation to Unregulated Deposit Schemes.

Section 6

Certain scheme to be Unregulated Deposit Scheme.

AUTHORITIES

Section 7 to Section 8

Section 7

Competent Authority.

Section 8

Designated Court.

INFORMATION ON DEPOSIT TAKERS

Section 9 to Section 11

Section 9

Central database.

Section 10

Information of business by deposit taker.

Section 11

Information to be shared.

RESTITUTION TO DEPOSITORS

Section 12 to Section 20

Section 12

Priority of depositors' claim.

Section 13

Precedence of attachment.

Section 14

Application for confirmation of attachment and sale of property.

Section 15

Confirmation of attachment by Designated Court.

Section 16

Attachment of property of mala fide transferees.

Section 17

Payment in lieu of attachment.

Section 18

Powers of Designated Court.

Section 19

Appeal to High Court.

Section 20

Power of Supreme Court to transfer cases.

OFFENCES AND PUNISHMENTS

Section 21 to Section 27

Section 21

Punishment for contravention of section 3.

Section 22

Punishment for contravention of section 4.

Section 23

Punishment for contravention of section 5.

Section 24

Punishment for repeat offenders.

Section 25

Offences by deposit takers other than individuals.

Section 26

Punishment for contravention of section 10.

Section 27

Cognizance of offences.

INVESTIGATION, SEARCH AND SEIZURE

Section 28 to Section 32

Section 28

Offences to be cognizable and non-bailable.

Section 29

Competent Authority to be informed of offences.

Section 30

Investigation of offences by Central Bureau of Investigation.

Section 31

Power to enter, search and seize without warrant.

Section 32

Application of Code of Criminal Procedure, 1973 to proceedings before Designated Court.

MISCELLANEOUS

Section 33 to Section 44

Section 33

Publication of advertisement of Unregulated Deposit Scheme.

Section 34

Act to have overriding effect.

Section 35

Application of other laws not barred.

Section 36

Protection of action taken in good faith.

Section 37

Power of Central Government to make rules.

Section 38

Power of State Government, etc., to make rules.

Section 39

Laying of rules.

Section 40

Power to amend First Schedule.

Section 41

Act not to apply certain deposits.

Section 42

Amendment to certain enactments.

Section 43

Power to remove difficulties.

Section 44

Repeal and saving.
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