Srinagar: The Jammu and Kashmir Administrative Council, which met under the chairmanship of Lieutenant Governor Manoj Sinha on Friday, approved the Jammu and Kashmir Banning of Unregulated Deposit Schemes Rules, 2022 under the Banning of Unregulated Deposit Schemes Act, 2019.
The Act provides a comprehensive mechanism to ban unregulated deposits to protect the interests of depositors.
“The Banning of Unregulated Deposit Schemes Act, 2019 puts a ban on the promotion, operation and advertisement of unregulated deposit schemes which lead to fraudulent default in the repayment/ return of deposit amount on maturity. A prize chit or a money circulation scheme is also banned under the provisions of the Act,” an official statement said.
“The J&K Banning of Unregulated Deposit Schemes Rules lay out the provisions and scope of powers and duties of the competent authority under the Act; powers vested while conducting investigation or inquiry; powers relating to absconding persons; power to seize properties; power to appoint legal practitioner and others; power of government to empanel agencies for forensic or digital audit, valuation or sale of assets; valuation reports to be obtained while releasing properties attached; and ceiling for Self Help Groups,” it added.
–IANS