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The Banning of Unregulated Deposit Schemes Act, 2019

[Act No. 21 of 2019]

[31st July, 2019.]

Title The Banning of Unregulated Deposit Schemes Act, 2019
Sections ptericulars
Chapter I Preliminary
1. Short title, extent and commencement
2. Definitions
Chapter II Banning of Unregulated Deposit Schemes
3. Banning of Unregulated Deposit Schemes
4. Fraudulent default in Regulated Deposit Schemes
5. Wrongful inducement in relation to Unregulated Deposit Schemes
6. Certain scheme to be Unregulated Deposit Scheme
Chapter III Authorities
7. Competent Authority
8. Designated Court
Chapter IV Information on Deposit Takers
9. Central database
10. Information of business by deposit taker
11. Information to be shared
Chapter V Restitution to Depositors
12. Priority of depositors' claim
13. Precedence of attachment
14. Application for confirmation of attachment and sale of property
15. Confirmation of attachment by Designated Court
16. Attachment of property of mala fide transferees
17. Payment in lieu of attachment
18. Powers of Designated Court
19. Appeal to High Court
20. Power of Supreme Court to transfer cases
Chapter VI Offences and Punishments
21. Punishment for contravention of section
22. Punishment for contravention of section 4
23. Punishment for contravention of section 5
24. Punishment for repeat offenders
25. Offences by deposit takers other than individuals
26. Punishment for contravention of section 10
27. Cognizance of offences
Chapter VII Investigation, Search and Seizure
28. Offences to be cognizable and non-bailable
29. Competent Authority to be informed of offences
30. Investigation of offences by Central Bureau of Investigation
31. Power to enter, search and seize without warran
32. Application of Code of Criminal Procedure, 1973 to proceedings before Designated Court
Chapter VII Miscellaneous
33. Publication of advertisement of Unregulated Deposit Scheme
34. Act to have overriding effect
35. Application of other laws not barred
36. Protection of action taken in good faith
37. Power of Central Government to make rules
38. Power of State Government, etc., to make rules
39. Laying of rules
40. Power to amend First Schedule
41. Act not to apply certain deposits
42. Amendment to certain enactments
43. Power to remove difficulties
44. Repeal and saving
The Schedules
Schedule I Regulated Deposit Schemes
Schedule II Amendments to Certain Enactments

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