‘Deposits ordinance does not cover gold schemes’

Tax experts have said that the Banning of Unregulated Deposit Schemes Ordinance, 2019 does not cover gold schemes. There has been a lack of clarity on whether deposits taken by jewellers from customers falls under the ambit of the ordinance. Several gold jewellers across India run monthly deposit schemes to improve liquidity for working capital… Continue reading ‘Deposits ordinance does not cover gold schemes’

Ordinance to curb Ponzi schemes gets a nod

The Union Cabinet has approved the Promulgation of Unregulated Deposit Schemes Ordinance, 2019. The ordinance is in regard to the Banning of Unregulated Deposit Schemes Bill, 2018. It seeks to tackle the problem of illicit deposit taking activities in India and protect the interests of depositors. It provides for complete prohibition on promoting, operating, issuing… Continue reading Ordinance to curb Ponzi schemes gets a nod