{"id":86581,"date":"2016-11-19T12:15:40","date_gmt":"2016-11-19T06:45:40","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=86581"},"modified":"2016-11-19T11:34:58","modified_gmt":"2016-11-19T06:04:58","slug":"comments-invited-on-draft-bill-on-banning-of-unregulated-deposit-schemes-and-protection-of-depositors-interests-bill-2016","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/19\/comments-invited-on-draft-bill-on-banning-of-unregulated-deposit-schemes-and-protection-of-depositors-interests-bill-2016\/","title":{"rendered":"Comments invited on Draft Bill on Banning of Unregulated Deposit Schemes and Protection of Depositors\u2019 Interests Bill, 2016"},"content":{"rendered":"<p style=\"text-align: justify;\">The revised Draft \u201cBanning of Unregulated Deposit Schemes and Protection of Depositors\u2019 Interests Bill, 2016\u201d (Version 2.0), has been uploaded on the website of the Department of Financial Services (financialservices.gov.in) on 17th November, 2016 for public comments. Comments \/ inputs \/ suggestions on the Draft Bill, have been invited up to 17th December 2016.<\/p>\n<p style=\"text-align: justify;\">Earlier, a copy of the \u201cBanning of Unregulated Deposit Schemes and Protection of Depositors\u2019 Interests Bill, 2015\u201d, along with the Report of the Inter-Ministerial Group (IMG) for identifying gaps in the existing regulatory framework for deposit-taking activities\u00a0and to suggest administrative\/ legislative measures including formulation of a new law to cover all relevant aspects of \u2018deposit-taking\u2019, was placed on the website of the Department of Financial Services (DFS) in March, 2016 for eliciting public comments.<\/p>\n<p style=\"text-align: justify;\">Based on the comments received and further consultations with the stakeholders, the Draft Bill has been modified which now again has been uploaded on Department of Financial Services website for public comments.<\/p>\n<p style=\"text-align: right;\">Ministry of Finance<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The revised Draft \u201cBanning of Unregulated Deposit Schemes and Protection of Depositors\u2019 Interests Bill, 2016\u201d (Version 2.0), has been uploaded on the <\/p>\n","protected":false},"author":91,"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":[],"class_list":["post-86581","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-statutes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Comments invited on Draft Bill on Banning of Unregulated Deposit Schemes and Protection of Depositors\u2019 Interests Bill, 2016 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, 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Passes &#8212; Banning of Unregulated Deposit Schemes Bill, 2019; Ponzi Schemes to be under radar","author":"Bhumika Indulia","date":"July 30, 2019","format":false,"excerpt":"Rajya Sabha passed the Banning of Unregulated Deposit Schemes Bill, 2019 yesterday, i.e. 29-07-2019, which would now replace the Ordinance promulgated on 21-02-2019. The Bill \"seeks to provide for a comprehensive mechanism to ban the unregulated deposit schemes other than deposits taken in the ordinary course of businesses and to\u2026","rel":"","context":"In &quot;Foreign Legislation&quot;","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":216728,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/11\/cabinet-approves-the-banning-of-unregulated-deposit-schemes-bill-2019\/","url_meta":{"origin":86581,"position":1},"title":"Cabinet approves the Banning of Unregulated Deposit Schemes Bill, 2019\u00a0","author":"Bhumika Indulia","date":"July 11, 2019","format":false,"excerpt":"The Union Cabinet has approved the banning of Unregulated Deposit Schemes Bill, 2019. It will replace the banning of Unregulated Deposit Schemes Ordinance, 2019. The banning of Unregulated Deposit Schemes Bill, 2019 will replace the Ordinance promulgated on 21-02-2019, which will otherwise cease to operate after six weeks after re-assembly\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":191324,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/02\/21\/cabinet-approves-new-bill-ban-unregulated-deposit-schemes-chit-funds-amendment-bill-2018\/","url_meta":{"origin":86581,"position":2},"title":"Cabinet approves new Bill to Ban Unregulated Deposit Schemes and the Chit Funds (Amendment) Bill, 2018","author":"Saba","date":"February 21, 2018","format":false,"excerpt":"In a major policy initiative to protect the savings of the investors, the Union Cabinet has given its approval to introduce the following Bills in Parliament: (a) Banning of Unregulated Deposit Schemes Bill, 2018 (b) Chit Funds (Amendment) Bill, 2018 The Banning of Unregulated Deposit Schemes Bill, 2018 The Union\u2026","rel":"","context":"In &quot;Cabinet Decisions&quot;","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":210764,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/24\/taking-of-entries-government-mulls-action-banning-of-unregulated-deposit-schemes-ordinance-2019\/","url_meta":{"origin":86581,"position":3},"title":"&#8220;Taking of entries&#8221; &#8212; Government mulls action |Banning of Unregulated Deposit Schemes Ordinance, 2019","author":"Bhumika Indulia","date":"February 24, 2019","format":false,"excerpt":"The Banning of Unregulated Deposit Schemes Ordinance, 2019 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\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":225599,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/13\/the-banning-of-unregulated-deposit-schemes-rules-2020-notified-by-centre\/","url_meta":{"origin":86581,"position":4},"title":"The Banning of Unregulated Deposit Schemes Rules, 2020 &#8212; Notified by Centre","author":"Bhumika Indulia","date":"February 13, 2020","format":false,"excerpt":"Central Government makes the Banning of Unregulated Deposit Schemes Rules, 2020\u00a0 -- in the exercise of the powers conferred by it under Section 37 of the Banning of Unregulated Deposit Schemes Act, 2019. Following are the heads under which the Rules have been laid down: Definitions Information and particulars to\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":210511,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/21\/president-promulgates-four-ordinances\/","url_meta":{"origin":86581,"position":5},"title":"President promulgates four Ordinances","author":"Bhumika Indulia","date":"February 21, 2019","format":false,"excerpt":"The President of India on the 21-02-2019 has promulgated the following four Ordinances, namely:\u2013\u2013 1. The Muslim Women (Protection of Rights on Marriage) Second Ordinance, 2019 (Ord. 4 of 2019). 2. The Indian Medical Council (Amendment) Second Ordinance, 2019 (Ord. 5 of 2019). 3. 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