India banned unregulated deposit schemes through an Act passed in the year ______.
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 2019.
- The Banning of Unregulated Deposit Schemes Act, 2019 was notified on 21 February 2019, for providing a comprehensive mechanism to ban unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors.
- An Act to provide for a comprehensive mechanism to ban the unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors and for matters connected therewith or incidental thereto.