Vocabs

Contempt: disrespect, disregard, disobey

Stifle: suffocate, suppress, stop

Dissenting: Having different opinion, disagree

Explicit: stated clearly

Outright: completely, altogether

Unilateral: performed by one person or group without agreement of others.

Suo Motu: an act of authority taken without formal prompting from another party

Contemnor:  A person or entity who is guilty of contempt before a judicial or legislative body
Imply: suggest, involve

Moot: Subject to debate, uncertainty

Umbrage: offence or annoyance

Adverse: harmful

Shrug off: get rid of, ignore

Summarily: immediately, at once

Curb: hold back, check, restraint

Compelling: evoking interest in powerful way

Sparingly: in a restricted manner

Lenience: being merciful

Dire: serious

Accompany: provide

Unregulated deposit schemes

1. Deposit schemes like Ponzi and fake deposit schemes or schemes not registered under government are unregulated deposit schemes.

2. President Ram Nath Kovind promulgated the 'Banning of Unregulated Deposit Schemes Ordinance 2019'.

3. This ordinance states that any deposit scheme not registered with the government would be treated as an unregulated deposit scheme and would, as such, be banned.

4. This extends to the entire country except Jammu and Kashmir and is to come into force immediately.

5. The ordinance has also put in place a mechanism that will penalise the operation and advertisement of such unregulated schemes with jail time as well as monetary fines.

source: https://www.thehindu.com/business/Industry/centre-bans-ponzi-schemes/article26358251.ece


Vocabs:
affluent:  wealthy
promulgate: promote