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Unregulated deposits


Aravind (Qualified)     04 March 2019

Aravind
Qualified 
 28 points

| My Other Post

Does the Unregulated Deposit Scheme apply to trusts in respect of refundable deposits accepted by trusts from tenants in connection with an Old Age Home run by the Trust? 

avater

Sahil Jain (FAFD, DISA, CA) (Practicing Chartered Accountant )     04 March 2019

Sahil Jain (FAFD, DISA, CA)
Practicing Chartered Accountant  
 181 likes  2404 points

View Profile | My Other Post

Yes

Sec 2(6) of the Ordinance provides for definition of Deposit Taker and it includes Trust.

However if your trust is regulated by an authority and it is an Regulated Deposit Scheme, then this ordinance shall not applied to it.

Check out my article on same 

https://www.caclubindia.com/articles/glimpse-on-the-banning-of-unregulated-deposit-schemes-ordinance-2019-35952.asp


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