33. Publication of advertisement of Unregulated Deposit Scheme. — Where any newspaper or
other publication of any nature, contains any statement, information or advertisement promoting,
soliciting deposits for, or inducing any person to become a member of any Unregulated Deposit Scheme,
the appropriate Government may direct such newspaper or publication to publish a full and fair retraction,
free of cost, in the same manner and in the same position in such newspaper or publication as may be
prescribed.
34. Act to have overriding effect.— Save as otherwise expressly provided in this Act, the provisions
of this Act shall have effect notwithstanding anything contained in any other law for the time being in
force, including any law made by any State or Union territory.
35. Application of other laws not barred. — The provisions of this Act shall be in addition to, and
not in derogation of, the provisions of any other law for the time being in force.
36. Protection of action taken in good faith. —No suit, prosecution or other legal proceedings shall
lie against the appropriate Government or the Competent Authority or any officer of the appropriate
Government for anything which is in good faith done or intended to be done under this Act or the rules
made thereunder.
37. Power of Central Government to make rules. — (1) The Central Government may, by
notification, make rules for carrying out the provisions of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such rules may provide
for all or any of the following matters, namely:—
(a) the information and other particulars to be taken into consideration before issuing an order, and
the manner of attachment, under sub-section (3) of section 7;
(b) the information to be shared under sub-section (2) of section 9;
(c) the form and manner in which and the time within which the intimation shall be given under
sub-section (1) of section 10;
(d) the particulars contained in the application to be filed by the Competent Authority before the
Designated Court under sub-section (1) of section 14;
(e) the procedure to be adopted by the Designated Court before issuing an order under sub-section
(3) of section 15;
(f) rules under sub-section (1) of section 31;
(g) the manner of publication of advertisement under section 33; and
(h) any other matter which is required to be, or may be, prescribed.
38. Power of State Government, etc., to make rules. — (1) The State Government or Union territory
Government, as the case may be, in consultation with the Central Government, by notification, make rules
for carrying out the provisions of this Act.
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(2) In particular and without prejudice to the generality of the foregoing power, such rules may provide
for all or any of the following matters, namely:—
(a) ceiling for self-help groups under clause (j) of sub-section (4) of section 2;
(b) purpose and ceiling under clause (k) of sub-section (4) of section 2;
(c) the manner of provisional attachment of property by the Competent Authority under sub-section
(3) of section 7;
(d) other matters under clause (f) of sub-section (4) of section 7;
(e) the rules relating to impounding and custody of records under sub-section (8) of section 7; and
(f) any other matter which is required to be, or may be, prescribed.
39. Laying of rules. — (1) Every rule made by the Central Government under this Act shall be laid, as
soon as may be after it is made, before each House of Parliament, while it is in session, for a total period
of thirty days which may be comprised in one session, or in two or more successive sessions, and if,
before the expiry of the session immediately following the session or the successive sessions aforesaid,
both Houses agree in making any modification in the rule, or both Houses agree that the rule should not
be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case
may be; so, however, that any such modification or annulment shall be without prejudice to the validity of
anything previously done under that rule.
(2) Every rule made by a State Government or the Union territory Government, as the case may be,
shall be laid, as soon as may be after it is made, before each House of the State Legislature or the Union
territory Legislature, as the case may be, where it consists of two Houses, or where such Legislature
consists of one House, before that House.
40. Power to amend First Schedule. — (1) The Central Government may, having regard to the
objects of this Act, and if it considers necessary or expedient so to do, by notification, add to, or as the
case may be, omit from the First Schedule, any scheme or arrangement, and on such addition, or
omission, such scheme or arrangement shall become, or cease to be, a Regulated Deposit Scheme, as the
case may be.
(2) A copy of every notification issued under this section shall, as soon as may be after it has been
issued, be laid before each House of Parliament.
41. Act not to apply certain deposits. —The provisions of this Act shall not apply to deposits taken
in the ordinary course of business.
42. Amendment to certain enactments. —The enactments specified in the Second Schedule shall be
amended in the manner specified therein.
43. Power to remove difficulties. — (1) If any difficulty arises in giving effect to the provisions of
this Act, the Central Government may, by order published in the Official Gazette, make such provisions,
not inconsistent with the provisions of this Act, as may appear to it to be necessary for removing the
difficulty:
Provided that no such order shall be made under this section after the expiry of three years from the
commencement of this Act.
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(2) Every order made under this section shall be laid, as soon as may be after it is made, before each
House of Parliament.
44. Repeal and saving. — (1) The Banning of Unregulated Deposit Schemes Ordinance, 2019, is
hereby repealed.
(2) Notwithstanding such repeal, anything done or any action taken under the said Ordinance, shall be
deemed to have been done or taken under this Act.