The Government has issued The Banning of Unregulated Deposit Schemes Ordinance 2019 on 21.02.2019.

 

 

 Pursuant to this ordinance now any Individual or group of individuals can’t take any deposit or loan from any person other than relatives and Partnership firm can take deposit or loan from relatives or partner or partners only.

 

 

Question is raised on the applicability on type of persons , the transactions prohibited and transaction which are allowed by this law under the ordinance.

 

Here is a standing committee on finance repor on Ordinance issued by Government on Banning of unregulated deposits – Individual or group of individuals can’t take any deposit or loan from any person.

 

 

It will be very useful in concluding that intention of the law is not to debar in general.