The Institute of Chartered Accountants of India (ICAI) has been playing a notable role towards empowering/capacity building of professionals by updating the member’s knowledge and skill sets on the provisions of existing as well as upcoming laws to enable them to render professional and consultancy services to stake holders in dynamic economic and commercial scenario. The ‘Banning of Unregulated Deposit Schemes Ordinance, 2019’ is the government’s endeavor to bridge the regulatory gap in the wake of difficulties faced in investigating of ponzi-schemes, and the ordinance has been promulgated with an objective to completely ban unregulated deposit schemes; prohibit solicitation or acceptance of deposits outside the Regulated Deposit Scheme. It will also enable creation of an online central database for information on deposit takers.
The Ordinance provides for a mechanism to completely ban unregulated deposit schemes to protect the interests of depositors and provides for stringent penalties for the offences involving wrongful inducement, solicitation or acceptance of deposits under an unregulated deposit schemes as well as fraudulent default in repayment or return under a Regulated Deposit Scheme. The Ordinance also seeks to amend three laws, i.e., the Reserve Bank of India Act, 1934, the Securities and Exchange Board of India Act, 1992 and the Multi-State Co-operative Societies Act, 2002. The objective of this publication is to recommend the parameters to be followed by the Chartered Accountants while rendering consultancy and services to stake holders in economic and commercial field
- What is the need of the Ordinance?
- What is the objective of this Ordinance?
- When has this Ordinance come into force?
- What is appropriate government under the Ordinance?
- What is deposit?
- What are specific exclusions from the definition of deposits?
- Whether amounts received from relatives are considered as ‘deposits’?
- Are advances from customers for the purpose of business excluded from the definition of deposits?
- Whether the Deposit received by a Political party covered by this Ordinance?
- What is the meaning of ‘depositor’ assigned under the Ordinance?
and many more queries answered by the experts
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