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.
"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.
buy prelone online https://gaetzpharmacy.com/prelone.html no prescription
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.