{"id":85817,"date":"2019-03-28T16:44:42","date_gmt":"2019-03-28T11:14:42","guid":{"rendered":"http:\/\/factly.forumias.com\/?p=3088"},"modified":"2019-03-28T16:44:42","modified_gmt":"2019-03-28T11:14:42","slug":"deposits-ordinance-does-not-cover-gold-schemes-2","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/deposits-ordinance-does-not-cover-gold-schemes-2\/","title":{"rendered":"\u2018Deposits ordinance does not cover gold schemes\u2019"},"content":{"rendered":"\n<ol class=\"wp-block-list\"><li>Tax experts have said that the Banning of Unregulated\nDeposit Schemes Ordinance, 2019 does not cover gold schemes. There has been a\nlack of clarity on whether deposits taken by jewellers from customers falls\nunder the ambit of the ordinance.<\/li><li>Several gold jewellers across India run monthly\ndeposit schemes to improve liquidity for working capital and facilitate\ncustomers\u2019 redemption for jewellery purchase on maturity.<\/li><li>In February 2019, the Union Cabinet had approved\nthe promulgation of the Banning of Unregulated Deposit Schemes Ordinance, 2019.\nThe ordinance is in regard to the Banning of Unregulated Deposit Schemes Bill,\n2018. The Lok Sabha had passed the bill, however, the bill could not get\napproval from the Rajya Sabha.<\/li><li>The ordinance seeks to tackle the problem of\nillicit deposit taking activities in India and protect the interests of\ndepositors. It provides for complete prohibition on promoting, operating,\nissuing advertisements or accepting deposits in any Unregulated Deposit Scheme.<\/li><li>It bans the unregulated deposit-taking\nactivities by making the offence ex-ante i.e. based on assumption and\nprediction.<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Tax experts have said that the Banning of Unregulated Deposit Schemes Ordinance, 2019 does not cover gold schemes. There has been a lack of clarity on whether deposits taken by jewellers from customers falls under the ambit of the ordinance. Several gold jewellers across India run monthly deposit schemes to improve liquidity for working capital&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/deposits-ordinance-does-not-cover-gold-schemes-2\/\">Continue reading <span class=\"screen-reader-text\">\u2018Deposits ordinance does not cover gold schemes\u2019<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3127],"tags":[3160],"class_list":["post-85817","post","type-post","status-publish","format-standard","hentry","category-economy","tag-promulgation-of-unregulated-deposit-schemes-ordinance","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704808934},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/85817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=85817"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/85817\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=85817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=85817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=85817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}