Banning of Unregulated Deposit Schemes Act, 2019 MCQs - Part-II

Multiple Choice Questions (MCQs) Part-II on the Banning of Unregulated Deposit Schemes Act, 2019 especially compiled for Madhya Pradesh Assistant District Prosecution Officers (ADPO) Examination. 

1. Powers of officer appointed under Section 7(2) does not include:

a) Assisting the Competent Authority
b) Attachment of deposits which are in contravention of Section 3
c) Retaining in his custody any record produced before him in any proceedings for a period exceeding three months
d) Both (b) and (c)

2. Who shall preside over the Designated Court under Section 8 of the Banning of Unregulated Deposit Scheme Act, 2019?

a) Judge not below the rank of a Chief Judicial Magistrate
b) Judge not below the rank of a District and Sessions Judge
c) Judge not below the rank of an Assistant District and Sessions Judge
d) Judge not below the rank of a Judicial Magistrate First Class

3. Under which section of the Banning of Unregulated Deposit Scheme Act, 2019, the Central Government may designate an authority to maintain an online database for information on deposit takers operating in India?

a) Section 7
b) Section 8
c) Section 9
d) Section 10

4. According to which Section of the Banning of Unregulated Deposit Scheme Act, 2019, every deposit taker is obliged to intimate about its business to the authority designated by the Central Government?

a) Section 9
b) Section 10
c) Section 11
d) Section 12

5. According to which Section of the Banning of Unregulated Deposit Schemes Act, 2019, an order of provisional attachment passed by the Competent Authority, shall have precedence and priority, to the extent of the claims of the depositors, over any other attachment by any authority competent to attach property for repayment of any debt?

a) Section 12
b) Section 13
c) Section 14
d) Section 15

6. The Competent Authority shall, within a period of _________, which may extend up to _________, for reasons to be recorded in writing, from the date of the order of provisional attachment, file an application before the Designated Court for making the provisional attachment absolute.

a) 30 days, 60 days
b) 60 days, 90 days
c) 45 days, 90 days
d) 60 days, 120 days

7. In how many days the deposit taker has to show cause as to the notice issued under Section 15 of the Banning of Unregulated Deposit Schemes Act, 2019? 

a) 15 days
b) 30 days
c) 45 days
d) 60 days

8. Under Section 15 of the Banning of Unregulated Deposit Schemes Act, 2019, the Designated Court shall issue notice to:

a) Deposit taker
b) Any person whose property is attached under Section 14
c) All other persons represented to claim any interest or title in the property
d) All the above

9. The Designated Court shall endeavour to complete the proceedings under Section 15 of the Banning of Unregulated Deposit Schemes Act, 2019, within ________ from the date of receipt of the application.

a) 60 days
b) 90 days
c) 120 days
d) 180 days

10. Under which Section of the Banning of Unregulated Deposit Schemes Act, 2019, the deposit taker whose property is provisionally attached under the Act, may, at any time before the confirmation of attachment, apply to the Designated Court for permission to deposit the fair value of the property in lieu of attachment?

a) Section 17
b) Section 18
c) Section 19
d) Section 20

Answers

Question No.	Answer
1	c
2	b
3	c
4	b
5	b
6	a
7	b
8	d
9	d
10	a

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