Bill to curb ponzi schemes introduced in Rajya Sabha

Bill to curb ponzi schemes introduced in Rajya Sabha

Agency News

New Delhi, Jul 29 : The Government on Monday moved the Banning of Unregulated Deposit Schemes Bill 2019 in the Rajya Sabha by Minister of State Anurag Thakur.This Bill is aimed to curb ponzi schemes and to save gullible investors and to replace the Ordinance promulgated on same in February.This legislation was unanimously passed by the Lok Sabha on July 24.

Soon after the Bill was introduced in the House, the Congress lawmaker T. Subburami Reddy said that the Non- Banking Financial Companies (NBFC) have been crossing through the bad phase and the Government needs to re-define the laws for the NBFC as there has been an ambiguity.“The NBFC have been contributing to our economy and it is not true that all NBFC are bad, some of them are doing good business as per the law and their interests must be protected by the Government,” Mr Reddy said.

BJP member Suresh Prabhu said that deposit mobilization are being happened but the Government has to ensure that no one is taken for a ride. He says those who are in this space will be brought under this comprehensive legislation.“There are adequate provisions to safeguard the interests of gullible investors from ponzi schemes”, Mr Prabhu said.The All India Trinamul Congress member Derek O Brien while speaking on the Bill, said that this was a good and watertight Bill because this was introduced in the House after parliamentary scrutiny.

Making a reference of the Pearl Group scam, Mr Brien said that over 49 thousand crore scam had cheated over half million people in the country.Samajwadi Party Member Vishambhar Prasad Nishad said that people operating unregulated deposits are present throughout the country. Money belonging to the poor is affected by this practice.“The Government should prepare a list of all frauds made by these companies and their promoters after 1947”, Mr Nishad urged.UNI