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Union of India - Section

Section 3 in Banning of Unregulated Deposit Schemes Act, 2019

3. Banning of Unregulated Deposit Schemes.

- On and from the date of commencement of this Act, -
(a)the Unregulated Deposit Schemes shall be banned; and
(b)no deposit taker shall, directly or indirectly, promote, operate, issue any advertisement soliciting participation or enrolment in or accept deposits in pursuance of an Unregulated Deposit Scheme.