Banning of unregulated deposits

Banning of unregulated deposits Ordinance

Banning of unregulated deposits Ordinance

The Banning of Unregulated Deposit Schemes Ordinance, 2019

MINISTRY OF LAW AND JUSTICE

(Legislative department)

 

New Delhi, the 21st February, 2019/Phalguna 2, 1940 (Saka)

THE BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019

No. 7 of 2019

Promulgated by the President in the Seventieth Year of the Republic of India.

An Ordinance to provide for a comprehensive mechanism to ban the unregulated deposit schemes and to protect the interest of depositors and for matters connected therewith or incidental thereto.

WHEREAS the Banning of Unregulated Deposit Schemes Bill, 2019 was passed on the 13th day of February, 2019 in the House of the People ;

AND WHEREAS the said Bill could not be taken up for consideration and passing in the Council of States;

AND WHEREAS Parliament is not session and the President is satisfied that Circumstances exist which render it necessary for him to take immediate action;

NOW, THEREFORE, in exercise of the powers conferred by clause (1) of article 123 of the Constitution, the President is pleased to promulgate the following Ordinance:-

 

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Banning of unregulated deposits Ordinance