The requirement of intimation under Section 10(1) of the Banning of Unregulated Deposit Schemes Act,…

Clause (a) of the Explanation to section 10 makes the intimation requirement apply to deposit takers accepting or soliciting deposits "as defined in clause (4) of section 2". Banks are outside the definition of deposit taker, and loans from relatives and amounts taken by political parties under section 29B are outside the definition of deposit.