1(The Banning of Unregulated Deposit Schemes Bill, 2019)

Question 1

Ministry

Answer 1

Mo Finance

Question 2

WHy?

Answer 2

The Bill provides for a mechanism to ban unregulated deposit schemes and protect the interests of depositors.

Question 3

Who is the Competant authority

Answer 3

The Bill provides for the appointment of one or more government officers, not below the rank of Secretary to the state or central government, as the Competent Authority.

Question 4

What are power of competant authirity

Answer 4

(i) provisionally attach the property of the deposit taker, as well as all deposits received,
(ii) summon and examine any person it considers necessary for the purpose of obtaining evidence, and (iii) order the production of records and evidence.

The Competent Authority will have powers similar to those vested in a civil court.

Question 5

Who will head the Designated Courts

Answer 5

judge not below the rank of a district and sessions judge, or additional district and sessions judge.