BANNING OF UNREGULATED DEPOSIT SCHEMES RULES, 2020

Banning of Unregulated Deposit Schemes Rules, 2020

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Ministry of Finance (Central Government) vide notification / Gazette id No. CG-DL-E-13022020-216125 issued  dated 12^rd February 2020, has published Banning of Unregulated Deposit Schemes Rules, 2020 on 13^th February, 2020, In exercise of the powers conferred by section 37 of the Banning of Unregulated Deposit Schemes Act, 2019 (21 of 2019).

Ø    Applicability:

These rules shall come into force on the date of their publication in the Official Gazette.

Ø    Highlights of Banning of Unregulated Deposit Schemes Rules, 2020

1.      Definitions

2.      Information and particulars to be considered

3.      Manner of provisional attachment and administration of provisionally attached property

4.      Impounding and retention of records

5.      Central Database

6.      Form and manner of intimation

7.      Application for confirmation of provisional attachment

8.      Procedure to be adopted by Designated Court

9.      Authorisation for search and seizure

10.  Retraction of advertisement

11.  Format under Rule 7: Intimation To Be Submitted To The Authority

Ø    Kindly read full text of the Banning of Unregulated Deposit Schemes Rules, 2020 at:

Link: http://egazette.nic.in/WriteReadData/2020/216125.pdf

Disclaimer:

IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION.