Question ID :
37998
Banning of Unregulated Deposit Scheme
Do this deposit scheme covers the loans taken by business entities e.g partnership firms running steel business taken loan from individuals for his business
Posted by
VIPIN GUPTA
on
Feb 23, 2019
Filed Under
MISC.
NO. As per Section 2(17) , the unregulated deposit scheme is defined as any scheme or arrangement accepting deposits by way of Business. Therefore it covers the business who itself to accept deposit like ponzi schems, chit fund co. etc
Posted by
SANDEEP KAPOOR on
Feb 25, 2019
Answer ID :
76321
In my Opinion this Scheme covers your case and those loans are no longer permitted,
Posted by
Ashish Kumar Goyal on
Feb 28, 2019
Answer ID :
76326
The circular has a prospective application not retrospective. Hence erstwhile taken are not covered but from now onwards go as per the circular.
Posted by
CA. JHA SHANKAR KUMAR on
Feb 28, 2019