Date ordinance banning unregulated deposits effect
This query is : Resolved
31 August 2019
FROM WHICH DATE ORDINANCE BANNING UNREGULATED DEPOSITS COMES INTO EFFECT
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https://www.prsindia.org/sites/default/files/bill_files/Banning%20of%20Unregulated%20Deposit%20Schemes%20Ordinance%2C%202019.pdf
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https://www.prsindia.org/sites/default/files/bill_files/Banning%20of%20Unregulated%20Deposit%20Schemes%20Ordinance%2C%202019.pdf
27 May 2020
The Banning of Unregulated Deposit Schemes Ordinance, 2019 has been promulgated by the President of India on 21st February, 2019. The same is applicable “at once” i.e., from 21st February, 2019 itself.
It has been brought with intension to ban the illicit deposit schemes / ponzi schemes etc. to save the depositors from being defrauded.
In this regard, an issue is being discussed in public at large that whether it is also applicable to the deposits, unsecured loans etc. accepted / taken for the normal trading, manufacturing etc. activities or for personal needs.
According to the author it is ample clear from the language of the Ordinance itself as well as from the various other related material e.g., Budget Speech, Press Releases etc. that the same is not applicable to the deposits etc. for normal business etc. In this article an attempt has been made to discuss various reasons / basis which support the above view.
It has been brought with intension to ban the illicit deposit schemes / ponzi schemes etc. to save the depositors from being defrauded.
In this regard, an issue is being discussed in public at large that whether it is also applicable to the deposits, unsecured loans etc. accepted / taken for the normal trading, manufacturing etc. activities or for personal needs.
According to the author it is ample clear from the language of the Ordinance itself as well as from the various other related material e.g., Budget Speech, Press Releases etc. that the same is not applicable to the deposits etc. for normal business etc. In this article an attempt has been made to discuss various reasons / basis which support the above view.
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