New Delhi: The ordinance issued by the government on Thursday to ban unregulated deposit schemes does not stop any entity from seeking funds for its business or an individual raising a quick loan from relatives to tide over a crisis. gullible investors, to provide a comprehensive mechanism to ban unregulated Deposit schemes and to protect the interests of Depositors, the President of India on 21 February 2019, promulgated the Banning of Unregulated Deposit Schemes Ordinance, 2019 (UDS Ordinance). This act also aims to provide system for deposits taken in the ordinary course of business, and to protect the interest of depositors. This Banning of Unregulated Deposit Schemes Act has been promulgated by Parliament of India in the year 2019 with an aim to provide for a comprehensive mechanism to ban the unregulated deposit schemes. Banning of Unregulated Deposit Schemes Rules, 2020 - S.O. In order to deter the illegal operators from running such deposit schemes luring deposits, and to regulate them, the government brought in the ‘Banning of Unregulated Deposit Schemes Bill, 2018’ in the Parliament.However, the same could not be passed in Rajya Sabha. Cabinet approves — Medical Termination of Pregnancy (Amendment) Bill, 2020 The Ministry of Finance vide notification dated 12th February 2020, has published the Banning of Unregulated Deposit Schemes Rules, 2020 which provides for a comprehensive mechanism to tackle illicit deposit taking activities and various provisions related to information and particulars to be considered, manner of provisional attachment and administration of provisionally attached property. UDS Ordinance is … Madhya Pradesh Civil Services (Conduct) Rules, 1965 Narcotic Drugs and Psychotropic Substances (NDPS) Act,1985 (HINDI) Civil Procedure Code (CPC) 1908 in Hindi (Part 1) 2 the gazette of india : extraordinary [part ii—sec. Central Government makes the Banning of Unregulated Deposit Schemes Rules, 2020 — in the exercise of the powers conferred by it under Section 37 of the Banning of Unregulated Deposit Schemes Act, 2019.. 663 (E) - Indian Law X X X X Extracts X X X X and fair retraction, unequivocally withdrawing any offer, promotion or inducement made earlier in any advertisement, statement or information to any person to become a member of any Unregulated Deposit Scheme. MoF notifies rules for Banning of Unregulated Deposit Scheme. 604] new delhi, wednesday , february 12, 2020/magha 23, 1941 सी.जी.-डी.एल.-अ.-13022020-216125 cg-dl-e-13022020-216125. President Ram Nath Kovind on Thursday promulgated the Banning of Unregulated Deposit Schemes ... On National Education Policy 2020 ... New rules on unregulated deposit schemes … Similarly, the Banning of Unregulated Deposit Schemes Ordinance, 2019 does not ban small and medium enterprises (SMEs) from receiving loans in the … Notification of the banning of unregulated deposit Schemes Act 2019 Section 8(1) ORDER DATE 25-01-2020 Central Government makes the Banning of Unregulated Deposit Schemes Rules, 2020 — in the exercise of the powers conferred by it under Section 37 of the Banning of Unregulated Deposit Schemes Act, 2019. no. India, has in the recent times witnessed a glut of financial frauds in forms of ponzi schemes, chit fund scams etc. 372 Views. Following are the heads under which the Rules have been laid down: Definitions; Information and particulars to be considered March 3, 2020.
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