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.
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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.