Section 12, Banning of Unregulated Deposit Schemes Act, 2019 [S29-8FE]

As at 6 September 2026. In force from 4 June 2019.

In Banning of Unregulated Deposit Schemes Act, 2019 [A11-PAS]. This text from 4 June 2019. No other text held.

Synthetic. The words of this section are generated by the register; the title, number and year of the Act are real.

Cite: Section 12, Banning of Unregulated Deposit Schemes Act, 2019 [S29-8FE]. Machine: S29-8FE.

12. Prohibition of the borrowing of money without licence.—No person shall undertake the borrowing of money except under and in accordance with the conditions of a licence granted under section 13: Provided that nothing in this section shall apply to the borrowing of money undertaken by or on behalf of the Central Government or a State Government.

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