Section 3 | Banning of Unregulated Deposit Schemes
Section 3: Banning of Unregulated Deposit Schemes.
On and from the date of commencement of this Act,— (a) the Unregulated Deposit Schemes shall be banned; and (b) no deposit taker shall, directly or indirectly, promote, operate, issue any advertisement soliciting participation or enrolment in or accept deposits in pursuance of an Unregulated Deposit Scheme.