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Chapter II

Banning of Unregulated Deposit Schemes

3. Banning of Unregulated Deposit Schemes.-

On and from the date of commencement of this Act,-

(a) the Unregulated Deposit Schemes shall be banned; and

(b) no deposit taker shall, directly or indirectly, promote, operate, issue any advertisement soliciting participation or enrolment in or accept deposits in pursuance of an Unregulated Deposit Scheme.

Banning of Unregulated Deposit Schemes Act, 2019 Back

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