The Banning of Unregulated Deposit Scheme 2019
Authored by CA Saturday
Professional Development
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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
1. An amount received in the course of, or for the purpose of, business and bearing a genuine connection to such business shall be deemed to be deposits on the expiry of
(a) 30 days
(b) 15 days
(c) Immediately
(d) None of the above
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
2. Due to the deposit taker not obtaining necessary permission or approval under the law for the time being in force, wherever required, to deal in the goods or properties or services for which money is taken, such amounts shall be deemed to be deposits on expiry of
(a) 30 days
(b) 15 days
(c) Immediately
(d) None of the above
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
3. Which one of the following is not covered in the definition of deposit taker under this Act?
(a) A co-operative society or a multi-State co-operative society
(b) A trust
(c) A partnership firm
(d) A banking company
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
4. On which of the following this Act is applicable?
(a) Loans received from banks
(b) contributions by partners of a partnership firm or LLP
(c) Prize chits or money circulation scheme
(d) Loans received by an individual from his relatives
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
5. Who shall create, maintain and operate an online database?
(a) Central government
(b) Competent Authority (section 7)
(c) Regulators
(d) Authority designated by CG (section 9)
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
6. What is the timeline of the procedural compliance under the Act after provisional attachment by the Competent authority?
(a) 30 days
(b) 15 days which may extend upto 30 days
(c) 30 days which may extend 60 days
(d) 60 days
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
7. What is the timeline for Designated Court to complete the proceedings under Section 15 of the Act?
(a) 30 days from the receipt of the application for confirmation of attachment
(b) 180 days from the receipt of the application for confirmation of attachment
(c) 60 days from the date of final order of the Designated Court
(d) 180 days from the date of final order of the Designated Court
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