Under Section 40(1) of the Banning of Unregulated Deposit Schemes Act, 2019, the Central Government may…
Section 40(1) permits the Central Government to change the First Schedule by notification, thereby changing regulated-scheme status. Competent Authorities and Designated…
Choose your answer
Under Section 40(1) of the Banning of Unregulated Deposit Schemes Act, 2019, the Central Government may by notification:
Answer and explanation
Correct answer B
Section 40(1) permits the Central Government to change the First Schedule by notification, thereby changing regulated-scheme status. Competent Authorities and Designated Courts are constituted by the appropriate Government under sections 7 and 8, rather than by this Schedule-amendment power. Punishments are fixed by the Act.