A deposit taker soliciting deposits in contravention of Section 3 of the Banning of Unregulated Deposit…
Under section 21(1) of the BUDS Act, a deposit taker who solicits deposits in contravention of section 3 is punishable with imprisonment of not less than one year but which…
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A deposit taker soliciting deposits in contravention of Section 3 of the Banning of Unregulated Deposit Schemes Act, 2019 shall be punished with imprisonment:
Answer and explanation
Correct answer B
Under section 21(1) of the BUDS Act, a deposit taker who solicits deposits in contravention of section 3 is punishable with imprisonment of not less than one year but which may extend to five years, not the higher terms fixed for accepting deposits or fraudulent default.