Fine for accepting deposits in contravention of Section 3 of the Banning of Unregulated Deposit Schemes…
Under section 21(2) of the BUDS Act, a deposit taker who accepts deposits in contravention of section 3 faces a fine not less than three lakh rupees, extendable to ten lakh…
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Fine for accepting deposits in contravention of Section 3 of the Banning of Unregulated Deposit Schemes Act, 2019 shall not be less than:
Answer and explanation
Correct answer B
Under section 21(2) of the BUDS Act, a deposit taker who accepts deposits in contravention of section 3 faces a fine not less than three lakh rupees, extendable to ten lakh rupees, higher than the two lakh minimum set for merely soliciting deposits.