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Bill to ban unregulated deposit schemes introduced in LS
National

Bill to ban unregulated deposit schemes introduced in LS

Agency News

New Delhi, Jul 19: A Bill which seeks to tackle the menace of illicit deposit-taking activities and ponzi schemes in the country was introduced in the Lok Sabha on Friday.

The bill will replace the banning of Unregulated Deposit Schemes Ordinance, 2019. The Banning of Unregulated Deposit Schemes Bill, 2019 was introduced by Finance Minister Nirmala Sitharaman.

The proposed law seeks to help tackle the menace of illicit deposit-taking activities in the country, which at present are exploiting regulatory gaps and lack of strict administrative measures to dupe gullible people of their hard-earned savings. The bill provides for comprehensive mechanism to ban unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors and for matters connected.

The bill will help tackle the menace of illicit deposit-taking activities in the country, which at present are exploiting regulatory gaps and lack of strict administrative measures to dupe gullible people of their hard-earned savings. (UNI)