A "deposit" under the Banning of Unregulated Deposit Schemes Act, 2019 involves a promise to return:
Section 2(4) covers money received with a promise to return it "either in cash or in kind or in the form of a specified service", whether after a specified period or…
Choose your answer
A "deposit" under the Banning of Unregulated Deposit Schemes Act, 2019 involves a promise to return:
Answer and explanation
Correct answer C
Section 2(4) covers money received with a promise to return it "either in cash or in kind or in the form of a specified service", whether after a specified period or otherwise. No fixed term or fixed rate of interest is required.