Under the Banning of Unregulated Deposit Schemes Act, 2019, an "Unregulated Deposit Scheme" means a…
Section 2(17) defines an Unregulated Deposit Scheme as a scheme or arrangement under which deposits are accepted or solicited by any deposit taker "by way of business" and…
Choose your answer
Under the Banning of Unregulated Deposit Schemes Act, 2019, an "Unregulated Deposit Scheme" means a scheme or arrangement under which deposits are:
Answer and explanation
Correct answer A
Section 2(17) defines an Unregulated Deposit Scheme as a scheme or arrangement under which deposits are accepted or solicited by any deposit taker "by way of business" and which is not a Regulated Deposit Scheme. A scheme listed in the First Schedule is regulated and so falls outside the definition.