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?
Sahil Jain (FAFD, DISA, CA)
(Practicing Chartered Accountant )
(2476 Points)
Replied 04 March 2019
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.
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