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Some Salient Features which I could notice from “The Banning Of Unregulated Deposit Schemes Ordinance, 2018 “promulgated on 21/02/2019…
(1) It extends to the whole of India except J& K..It shall be regulated by the concerning State Governments/ UTs..
(2) It shall come into force with the immediate effect..
(3) It is aimed only to ban Unregulated Deposit Schemes..
(4) Deposit would NOT include (i)loan from scheduled banks or Co- operative Banks;(ii) loan from Public Financial Institutions ;(iii) loan from Government;(iv)Loans from foreign Banks or foreign Governments (v)PARTNERS CAPITAL (vi) amount payable on purchase of any goods or immovable property and very importantly (vii) ANY AMOUNT RECEIVED , geuinenely, IN THE COURSE OF OR FOR THE PURPOSE OF BUSINESS .. Thus, the loans taken during the course of business are not covered by this Ordinance..
(5) It will apply only and only with prospective effect and that too in respect of deposits taken under the Unregulated Deposit Schemes either by way of advertisement or otherwise..
So no need to any hue n cry..
(6)The Government shall appoint an authority n a Designated Court . The details of deposits taken would be required to be furnished n the Court shall be competent to attach
the properties acquired through such Unregulated Deposit
(7) Any violation may attract imprisonment for a term of 1 to 10 years with fine ..
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