UNREGULATED DEPOSIT
Priya Kashyap (Student) (7053 Points)
26 February 2019
what is meant by no ban on funds received for business purposes?
2 Replies
CA CS Chirag
(Practicing CA)
(834 Points)
Replied 26 February 2019
Banning of Unregulated Deposit Ordinance-2019, exempts Individual, Firm, Companies & LLP etc. for taking any loan and deposit for their course of business as per section 2(4) e,f,l and other provisions.
The Banning of Unregulated Deposit Ordinance puts a check only on illicit deposit schemes that dupes gullible investors but it does not prohibit those regulated by law like chit funds.
Priya Kashyap
(Student)
(7053 Points)
Replied 26 February 2019
which kind of offences come under this ordinance ?
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