The proviso to clause (l) of the definition of "deposit" in the Banning of Unregulated Deposit Schemes…
The proviso to BUDS s.2(4)(l) applies once a refund of amounts under items (i) to (iv) becomes due and remains unpaid, deeming it a deposit after fifteen days; it is not…
Choose your answer
The proviso to clause (l) of the definition of "deposit" in the Banning of Unregulated Deposit Schemes Act, 2019 applies when:
Answer and explanation
Correct answer A
The proviso to BUDS s.2(4)(l) applies once a refund of amounts under items (i) to (iv) becomes due and remains unpaid, deeming it a deposit after fifteen days; it is not triggered by business closure or unpaid interest.