{"id":210764,"date":"2019-02-24T12:14:58","date_gmt":"2019-02-24T06:44:58","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=210764"},"modified":"2019-02-24T12:14:58","modified_gmt":"2019-02-24T06:44:58","slug":"taking-of-entries-government-mulls-action-banning-of-unregulated-deposit-schemes-ordinance-2019","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/24\/taking-of-entries-government-mulls-action-banning-of-unregulated-deposit-schemes-ordinance-2019\/","title":{"rendered":"&#8220;Taking of entries&#8221; &#8212; Government mulls action |Banning of Unregulated Deposit Schemes Ordinance, 2019"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>The Banning of Unregulated Deposit Schemes Ordinance, 2019<\/strong> has been promulgated to have a central legislation to tackle the menace of illicit deposits taking activities in the country. Presently, non-banking entities are allowed to raise deposits from the public under the provisions of various statutes enacted by the Central Government and State Governments. However, the regulatory framework for deposit-taking activity in the country is not seamless. Despite such diverse regulatory framework, schemes and arrangements leading to unauthorised collection of money and deposits fraudulently by inducing the public to invest in uncertain schemes promising high returns or other benefits are still operating in the society.<\/p>\n<p style=\"text-align: justify;\">This Ordinance, therefore, ensures a comprehensive ban on unregulated deposit-taking activity and for its effective enforcement. It aims to prevent such unregulated deposit schemes or arrangements at their inception and at the same time makes soliciting, inviting or accepting deposits pursuant to an unregulated deposited scheme as a punishable offence. The said Ordinance also seeks to put in place a mechanism by which the depositors can be repaid without delay by attaching the assets of the defaulting establishments.<\/p>\n<p><strong><span style=\"color: #800080;\">Please follow the link:<\/span><\/strong>\u00a0<a href=\"http:\/\/egazette.nic.in\/WriteReadData\/2019\/198285.pdf\"><strong>Banning of Unregulated Deposit Schemes Ordinance, 2019<\/strong><\/a><\/p>\n<p>[Source: PIB]<\/p>\n<p style=\"text-align: right;\">Ministry of Law and Justice<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Banning of Unregulated Deposit Schemes Ordinance, 2019 has been promulgated to have a central legislation to tackle the menace of illicit <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[33976],"class_list":["post-210764","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-statutes","tag-banning-of-unregulated-deposit-schemes-ordinance-2019"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>&quot;Taking of entries&quot; 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