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President promulgates Ordinance to pin down unregulated deposit schemes

March 1, 2019[2019] 102 taxmann.com 429 (Article)
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Acceptance of deposits by unincorporated bodies was always prohibited under Chapter IIIC of RBI Act, 1934. In 2015 Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2015 was introduced along with Report of the Inter-Ministerial Group (IMG) for identifying gaps in the existing regulatory framework for deposit-taking activities and to suggest administrative/ legislative measures including formulation of a new law to cover all relevant aspects of ‘deposit-taking’.
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