Banning of Unregulated Deposit Schemes Act, 2019
by KIRAN S. JAVALICONTENTS
| Bharat? | 5 |
| Foreword by Hon'ble Mr. Justice Aravind Kumar Supreme Court of India | 7 |
| Preface | 9 |
| Abbreviations | 15 |
| Banning of Unregulated Deposit Schemes Act, 2019:Statement of Objects and Reasons | 19 |
| Table of Cases | 23 |
Banning of Unregulated Deposit Schemes Act, 2019
CHAPTER I
PRELIMINARY
| 1. Short title, extent and commencement | 8 |
| 2. Definitions | 10 |
CHAPTER II
CBANNING OF UNREGULATED DEPOSIT SCHEMES
| 3. Banning of Unregulated Deposit Scheme | 44 |
| 4. Fraudulent default in Regulated Deposit Schemes | 47 |
| 5. Wrongful inducement in relation to Unregulated Deposit Schemes | 48 |
| 6. Certain Scheme to be Unregulated Deposit Scheme | 51 |
CHAPTER III
AUTHORITIES
| 7. Competent Authority | 53 |
| 8. Designated Court | 70 |
CHAPTER IV
INFORMATION ON DEPOSIT TAKERS
| 9. Central Database | 73 |
| 10. Information of business by deposit taker | 74 |
| 11. Information to be shared | 79 |
CHAPTER V
RESTITUTION TO DEPOSITORS
| 12. Priority of depositor’s claim | 83 |
| 13. Precedence of Attachment | 85 |
| 14. Application for confirmation of attachment and sale of Property | 91 |
| 15. Confirmation of Attachment by Designated Court | 94 |
| 16. Attachment of Property of malafide transferees | 109 |
| 17. Payment in lieu of attachment | 112 |
| 18. Powers of Designated Court | 113 |
| 19. Appeal to High Court | 121 |
| 20. Power of Supreme Court to transfer cases | 123 |
CHAPTER VI
OFFENCES AND PUNISHMENTS
| 21. Punishment for contravention of Section 3 | 126 |
| 22. Punishment for contravention of Section 4 | 131 |
| 23. Punishment for contravention of Section 5 | 132 |
| 24. Punishment for repeat offenders | 134 |
| 25. Offences by deposit takers other than individuals | 135 |
| 26. Punishment for contravention of Section 10 | 139 |
| 27. Cognizance of offences | 140 |
CHAPTER VII
INVESTIGATION, SEARCH AND SEIZURE
| 28. Offences to be cognizable and non-bailable | 141 |
| 29. Competent Authority to be informed of offences | 141 |
| 30. Investigation of offences by Central Bureau of Investigation | 142 |
| 31. Power to enter, search and seize without warrant | 144 |
| 32. Application of Code of Criminal Procedure, 1973 (2 of 1974), to proceedings before Designated Court | 153 |
CHAPTER VIII
MISCELLANEOUS
| 33. Publication of advertisement of Unregulated Deposit Scheme | 155 |
| 34. Act to have overriding effect | 156 |
| 35. Application of other laws not barred | 158 |
| 36. Protection of action taken in good faith | 158 |
| 37. Power of Central Government to make Rules | 159 |
| 38. Power of State Government, etc., to make rules | 161 |
| 39. Laying of rules | 163 |
| 40. Power to amend First Schedule | 165 |
| 41. Act not to apply certain deposits | 166 |
| 42. Amendment to certain enactments | 166 |
| 43. Power to remove difficulties | 166 |
| 44. Repeal and saving | 168 |
| The First Schedule Regulated Deposit Schemes | 170 |
| The Second Schedule Amendments to Certain Enactments | 174 |
| Appendix 1 Banning of Unregulated Deposit Schemes Rules, 2020 | 177 |
| Appendix 2 State Rules | 183 |
| 1. The Arunachal Pradesh Banning of Unregulated Deposit Schemes Rules, 2023 | 183 |
| 2. The Assam Banning of Unregulated Deposit Schemes Rules, 2022 | 193 |
| 3. The Bihar Banning of Unregulated Deposit Schemes Rules, 2023 | 209 |
| 4. The Delhi Banning of Unregulated Deposit Schemes Rules, 2024 | 219 |
| 5. The Goa Banning of Unregulated Deposit Schemes Rules, 2022 | 227 |
| 6. The Haryana Banning of Unregulated Deposit Schemes Rules, 2023 | 235 |
| 7. The Jammu and Kashmir Banning of Unregulated Deposit Schemes Rules, 2022 | 242 |
| 8. The Karnataka Banning of Unregulated Deposit Schemes Rules, 2020 | 250 |
| 9. The Kerala Banning of Unregulated Deposit Schemes Rules, 2021 | 258 |
| 10. The Manipur Banning of Unregulated Deposit Schemes Rules, 2021 | 267 |
| 11. The Nagaland Banning of Unregulated Deposit Schemes Rules, 2023 | 275 |
| 12. The Puducherry Banning of Unregulated Deposit Schemes Rules, 2023 | 283 |
| 13. The Punjab Banning of Unregulated Deposit Schemes Rules, 2023 | 296 |
| 14. Rajasthan Banning of Unregulated Deposit Schemes Rules, 2022 | 307 |
| 15. The Sikkim Banning of Unregulated Deposit Schemes Rules, 2025 | 310 |
| 16. The Tamil Nadu Banning of Unregulated Deposit Schemes Rules, 2023 | 319 |
| 17. The Uttarakhand Banning of Unregulated Deposit Schemes Rules, 2021 | 323 |
About the Author
KIRAN S. JAVALI
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