Logo

Logo

Bill to ban unregulated deposit schemes introduced in LS

A bill seeking to ban unregulated deposit schemes with a view to curbing defrauding of gullible investors through chit funds…

Bill to ban unregulated deposit schemes introduced in LS

Union Minister of State for Finance Shiv Pratap Shukla (Photo: Facebook)

A bill seeking to ban unregulated deposit schemes with a view to curbing defrauding of gullible investors through chit funds was introduced in the Lok Sabha on Tuesday amid the din.

The Banning of Unregulated Deposit Schemes Bill, 2018 was introduced by Minister of State for Finance Shiv Pratap Shukla amid slogan shouting members of various parties on several issues.

The bill is aimed at tackling the menace of illicit deposit-taking activities in the country.

Advertisement

Companies and institutions running such schemes exploit the existing regulatory gaps and lack of strict administrative measures to dupe the poor and gullible people of their hard- earned savings, says the bill.

Advertisement