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 Trinamool seeks blanket ban on chit funds
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Trinamool seeks blanket ban on chit funds

Agency News

New Delhi, Jul 24 : All India Trinamool Congress member Kalyan Banerjee in Lok Sabha on Wednesday demanded from the Government a blanket ban on entire chit funds running in the country.

Taking part in the debate on the Banning of Unregulated Deposit Schemes Bill, 2019, the AITC member asserted, 'Ban entire Chit fund. It is our opinion.''How common people will differentiate between chit fund and ponzi schemes? ' he questioned.
Congress floor leader Adhir Ranjan Chowdhury said regulation in Banking sector is not seamless.

He said people in Bengal have been allegedly cheated in the state by Chit fund companies.

How many fraudulent companies have been punished and that in how many states there are ponzi schemes?, Mr Chowdhary asked.

The Congress member said there is a need to bring more stringent law to tackle the menace of illicit deposit-taking activities and ponzi schemes in the country.Earlier, the Bill was moved by Minister of State for Finance Anurag Thakur for consideration and passing. The Bill seeks to replace the banning of Unregulated Deposit Schemes Ordinance, 2019.

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.

It will help to 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)