Under Section 6 of the 2019 Central Act on deposit schemes, a prize chit banned under the Prize Chits…
Under section 6 of the BUDS Act, a prize chit banned under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 is deemed to be an Unregulated Deposit Scheme,…
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Under Section 6 of the 2019 Central Act on deposit schemes, a prize chit banned under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 shall be deemed to be:
Answer and explanation
Correct answer B
Under section 6 of the BUDS Act, a prize chit banned under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 is deemed to be an Unregulated Deposit Scheme, not a Regulated Deposit Scheme, a valid chit fund or banking activity.