Section 6 of the Banning of Unregulated Deposit Schemes Act, 2019 creates:
Section 6 uses deeming language: banned prize chits and money circulation schemes "shall be deemed to be" Unregulated Deposit Schemes. A deeming provision is a legal…
Choose your answer
Section 6 of the Banning of Unregulated Deposit Schemes Act, 2019 creates:
Answer and explanation
Correct answer B
Section 6 uses deeming language: banned prize chits and money circulation schemes "shall be deemed to be" Unregulated Deposit Schemes. A deeming provision is a legal fiction, not a presumption the operator can rebut, and it creates no exemption or licensing system.