If amounts under items (i) to (iv) of Section 2(4)(l) of the Banning of Unregulated Deposit Schemes…
The first proviso to BUDS s.2(4)(l) deems amounts under items (i) to (iv) to be deposits on expiry of fifteen days from the date they become due for refund, not 7, 10 or 30…
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If amounts under items (i) to (iv) of Section 2(4)(l) of the Banning of Unregulated Deposit Schemes Act, 2019 become refundable, they shall be deemed deposits after:
Answer and explanation
Correct answer C
The first proviso to BUDS s.2(4)(l) deems amounts under items (i) to (iv) to be deposits on expiry of fifteen days from the date they become due for refund, not 7, 10 or 30 days.