PSU Watch logo

| CIL’s coal supplies under e-auction log 31% growth during Apr-Dec’21 |   | Mauritius Police Force to use HAL made Advanced Light Helicopter (ALH); signs export contract |   | Special CBM Bid Round: Bidding for 15 CBM blocks to start on Feb 15, says DGH |   | Bribery case: GAIL suspends Director (Marketing) ES Ranganathan after CBI arrest |   | SJVN earns Rs 34.40 crore as incentive from its hydro-power stations |   | Cabinet approves equity infusion of Rs 1,500 crore in IREDA |  

Bill to ban illicit deposit-taking schemes approved by Cabinet

The Bill will help tackle the menace of illicit deposit taking activities in the country which dupe poor and gullible people of their hard earned money
New Delhi: The Cabinet gave its nod to Banning of Unregulated Deposit Schemes Bill on Wednesday. The bill aims to tackle the issue of illicit deposit-taking activities in the country. It will replace the Banning of Unregulated Deposit Schemes Ordinance, 2019.

What is the legislation going to do?

“The proposed legislation will have adequate provisions for punishment and disgorgement/ repayment of deposits in cases where such schemes nonetheless manage to raise deposits illegally,” an official press release said. “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 poor and gullible people of their hard-earned money,” it added. Speaking to the press after the Cabinet meeting, Information and Broadcasting Minister Prakash Javadekar said that the bill will help address the issue of chit fund scams.