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In force

The Banning of Unregulated Deposit Schemes Act, 2019

44 sections · As amended up to 2026-08

Sections

  1. I — PRELIMINARY
  2. 1Short title, extent and commencement
  3. 2Definitions
  4. II — BANNING OF UNREGULATED DEPOSIT SCHEMES
  5. 3Banning of Unregulated Deposit Schemes
  6. 4Fraudulent default in Regulated Deposit Schemes
  7. 5Wrongful inducement in relation to Unregulated Deposit Schemes
  8. 6Certain scheme to be Unregulated Deposit Scheme
  9. III — AUTHORITIES
  10. 7Competent Authority
  11. 8Designated Court
  12. IV — INFORMATION ON DEPOSIT TAKERS
  13. 9Central database
  14. 10Information of business by deposit taker
  15. 11Information to be shared
  16. V — RESTITUTION TO DEPOSITORS
  17. 12Priority of depositors' claim
  18. 13Precedence of attachment
  19. 14Application for confirmation of attachment and sale of property
  20. 15Confirmation of attachment by Designated Court
  21. 16Attachment of property of
  22. 17Payment in lieu of attachment
  23. 18Powers of Designated Court
  24. 19Appeal to High Court
  25. 20Power of Supreme Court to transfer cases
  26. VI — OFFENCES AND PUNISHMENTS
  27. 21Punishment for contravention of section 3
  28. 22Punishment for contravention of section 4
  29. 23Punishment for contravention of section 5
  30. 24Punishment for repeat offenders
  31. 25Offences by deposit takers other than individuals
  32. 26Punishment for contravention of section 10
  33. 27Cognizance of offences
  34. VII — INVESTIGATION, SEARCH AND SEIZURE
  35. 28Offences to be cognizable and non-bailable
  36. 29Competent Authority to be informed of offences
  37. 30Investigation of offences by Central Bureau of Investigation
  38. 31Power to enter, search and seize without warrant
  39. 32Application of Code of Criminal Procedure, 1973 to proceedings before Designated Court
  40. VIII — MISCELLANEOUS
  41. 33Publication of advertisement of Unregulated Deposit Scheme
  42. 34Act to have overriding effect
  43. 35Application of other laws not barred
  44. 36Protection of action taken in good faith
  45. 37Power of Central Government to make rules
  46. 38Power of State Government, etc., to make rules
  47. 39Laying of rules
  48. 40Power to amend First Schedule
  49. 41Act not to apply certain deposits
  50. 42Amendment to certain enactments
  51. 43Power to remove difficulties
  52. 44Repeal and saving