Under Section 2(4) of the Banning of Unregulated Deposit Schemes Act, 2019, "deposit" includes money…
Section 2(4) defines "deposit" as an amount of money received "by way of an advance or loan or in any other form" by a deposit taker with a promise to return it. The mode of…
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Under Section 2(4) of the Banning of Unregulated Deposit Schemes Act, 2019, "deposit" includes money received:
Answer and explanation
Correct answer C
Section 2(4) defines "deposit" as an amount of money received "by way of an advance or loan or in any other form" by a deposit taker with a promise to return it. The mode of payment and the use of a bank account do not matter, and the return may be after a specified period "or otherwise".