1.

The Union government has released a revised Draft titled ‘Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2016’. With reference to it, consider the following statements and choose the correct option.

A. The revised bill proposes to establish an online database of information on deposit taking activity in the country.
B. This bill deprives depositors of taking first charge on any asset created from the deposits.
C. Prison term between 1 year and 15 years has been prescribed for various offences committed under this act in addition to a fine of up to Rs 20 crore.
D. None of these
Answer» B. This bill deprives depositors of taking first charge on any asset created from the deposits.


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