Section 1 - Short title, extent and commencement. - Banning of Unregulated Deposit Schemes Act, 2019

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 31st July, 2019/Shravana 9, 1941 (Saka) The following Act of Parliament received the assent of the President on the 31st July, 2019, and is hereby published for general information:- THE BANNING OF UNREGULATED DEPOSIT SCHEMES ACT, 2019 NO. 21 OF 2019 [ 31st July, 2019.] An Act to provide for a comprehensive mechanism to ban the unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Seventieth Year of the Republic of India as follows:- CHAPTER I PRELIMINARY Short title, extent and commencement. 1. (1) This Act may be called the Banning of Unregulated Deposit Schemes Act, 2019. (2) It extends to the whole of India except the State of Jammu and Kashmir. (3) It shall be deemed to have come into force on the 21st day of February, 2019.