Section 2(4)(l) in Banning of Unregulated Deposit Schemes Act, 2019

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Union of India - Subsection

Section 2(4)(l) in Banning of Unregulated Deposit Schemes Act, 2019

(l)an amount received in the course of, or for the purpose of, business and bearing a genuine connection to such business including -

(i)payment, advance or part payment for the supply or hire of goods or provision of services and is repayable in the event the goods or services are not in fact sold, hired or otherwise provided;

(ii)advance received in connection with consideration of an immovable property under an agreement or arrangement subject to the condition that such advance is adjusted against such immovable property as specified in terms of the agreement or arrangement;

(iii)security or dealership deposited for the performance of the contract for supply of goods or provision of services; or

(iv)an advance under the long-term projects for supply of capital goods except those specified in item (ii):

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Union of India - Subsection

Section 2(4)(l) in Banning of Unregulated Deposit Schemes Act, 2019