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

Sunday, 2 October 2022

Banning of Unregulated Deposit Schemes Act 2019 MCQs

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

1. The Banning of Unregulated Deposit Schemes Act, 2019 came into force on:

a) 21^st day of January, 2019
b) 21^st day of February, 2019
c) 11^th day of December, 2018
d) 31^st day of July, 2019

2. The Banning of Unregulated Deposit Schemes Act, 2019 is divided into:

a) Chapters 8, Sections 44
b) Chapters 9, Sections 42
c) Chapters 8, Sections 45
d) Chapters 10, Sections 40

3. The Banning of Unregulated Deposit Schemes Act, 2019 extends to:

a) The whole of India
b) The whole of India except the State of Jammu and Kashmir
c) The whole of India except Delhi
d) The whole of India except Sikkim

4. Which of the following is the correct answer?

(i) Banning of Unregulated Deposit Schemes Act, 2019 is an act to ban the unregulated deposit schemes
(ii) Banning of Unregulated Deposit Schemes Act, 2019 is an act to protect the interest of depositors
(iii) Banning of Unregulated Deposit Schemes Act, 2019 bans unregulated deposits taken in the ordinary course of business

Choose the correct answer:

a) Only (i) is correct
b) Only (ii) is correct
c) Both (i) and (ii) are correct
d) All are correct

5. ‘Deposit’ has been defined under which section of the Banning of Unregulated Deposit Schemes Act, 2019?

a) Section 2(2)
b) Section 2(4)
c) Section 2(8)
d) Section 2(9)

6. ‘Deposit’ does not include:

a) Amount of money received by way of an advance by any deposit taker in cash
b) Amount of money received by way of a loan by any deposit taker with a promise to return after a specified period
c) Amount of money received by way of a loan by any deposit taker with a promise to return without any benefit in the form of interest
d) Amount received from foreign Governments subject to the provisions of the Foreign Exchange Management Act, 1999

7. ‘Deposit’ under the Banning of Unregulated Deposit Schemes Act, 2019 include:

a) Amounts received by way of contributions towards the capital by partners of any partnership firm or a limited liability partnership
b) Amounts received as credit by a buyer from a seller on the sale of any immovable property
c) Amounts received as loan from a scheduled bank
d) Amounts received by way of advance by any deposit taker with a promise to return after a specified period

8. “Unregulated Deposit Scheme” includes:

a) Scheme under which deposits are accepted by any deposit taker by way of business which is not a Regulated Deposit Scheme
b) Schemes as specified under column (3) of the First Schedule
c) Both (a) and (b)
d) Neither (a) nor (b)

9. Chapter II of the Banning of Unregulated Deposit Schemes Act, 2019 deals with:

a) Banning of Unregulated Deposit Schemes
b) Authorities
c) Information on Deposit Takers
d) Restitution to Depositors

10. The appropriate Government shall appoint one or more officers not below the rank of ____________ to that Government, as the Competent Authority for the purpose of Banning of Unregulated Deposit Act, 2019.

a) Cabinet Secretary
b) Secretary
c) Joint Secretary
d) Assistant Secretary