Ministry of Finance notifies the Banning of Unregulated Deposit Schemes Rules, 2020

Feb 13, 2020 | by Avantis RegTech Legal Research Team

Finance & Taxation Compliance

The Ministry of Finance on February 12, 2020, notifies the Banning of Unregulated Deposit Schemes Rules, 2020.

The Rules includes:

Ø  Information and particulars to be considered Competent Authority for provisionally attaching the property of the deposit taker;

Ø  Manner of provisional attachment and administration of provisionally attached property

Ø  Impounding and retention of records;

Ø  The designated authority shall operate a portal accessible to the public, containing information relating to deposit takers;

Ø  Form and manner of intimation submitted by every deposit taker commencing business;

Ø  Application for confirmation of provisional attachment to be file by the Competent Authority before the Designated Court;

Ø  Procedure to be adopted by Designated Court;

Ø  Authorisation to the officer-in-charge of a police station for search and seizure;

Ø  Retraction of advertisement.

These rules will come into force on the date of their publication in the Official Gazette (February 13, 2020).

[Notification No. S.O. 663 (E)]


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