For purposes of Section 21 of the Banning of Unregulated Deposit Schemes Act, 2019, the expression…
The Explanation to section 21 gives "fraudulently" the meaning assigned to it in section 25 of the Indian Penal Code, that is, doing a thing with intent to defraud. Section…
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For purposes of Section 21 of the Banning of Unregulated Deposit Schemes Act, 2019, the expression "fraudulently" has the same meaning as assigned in:
Answer and explanation
Correct answer B
The Explanation to section 21 gives "fraudulently" the meaning assigned to it in section 25 of the Indian Penal Code, that is, doing a thing with intent to defraud. Section 24 of the Code defines "dishonestly", and section 17 of the Contract Act defines fraud only for contracts.
Current law: the Indian Penal Code has been replaced by the Bharatiya Nyaya Sanhita, 2023, which keeps the same definition of "fraudulently".