CM’s nod for 2 courts in each dist to deal with unregulated deposit scheme matters

New Delhi: Chief Minister Arvind Kejriwal has approved a proposal to constitute two designated courts of the additional sessions judge in each judicial district of Delhi to deal with matters of unregulated deposit schemes.

The proposal was approved with the concurrence of the chief justice of the Delhi High Court under section 8 of the Banning of Unregulated Deposit Schemes Act, 2019 passed by the Parliament of India, a statement from the chief minister’s office said.

The file has now been sent by the chief minister to the Lieutenant Governor’s office for issuance of a notification.

The Banning of Unregulated Deposit Schemes Act, 2019 provides a comprehensive mechanism to ban unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors and for matters connected therewith or incidental thereto.

This has been done to protect the interest of the gullible depositors.

According to the Act, “deposit” means an amount of money received by way of an advance or loan or in any other form, by any deposit taker with a promise to return whether after a specified period or otherwise, either in cash or in kind or the form of a specified service, with or without any benefit in the form of interest, bonus, profit or in any other form.

No court other than the designated court shall have jurisdiction in respect of

any matter to which the provisions of this Act apply, according to the Act.