The Banning of Unregulated Deposit Schemes Act, 2019

The Banning of Unregulated Deposit Schemes Act, 2019 is a law enacted by the Indian Parliament to prevent unregulated deposit schemes and protect the interests of depositors. The act prohibits any individual or group from promoting, operating, or accepting deposits in any unregulated deposit scheme. It provides for severe penalties, including imprisonment, for those found guilty of contravening the provisions of the act. The act also establishes competent authorities to oversee the implementation of the provisions of the act and to investigate and prosecute any contraventions of the act. The act applies to all deposit-taking entities, including individuals, firms, and companies, and provides for the attachment and sale of the properties of deposit-taking entities that contravene the provisions of the act.