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Cabinet clears draft law to curb ponzi schemes
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SME Times News Bureau | 10 Jul, 2019
Seeking to curb the menace of
ponzi schemes, the Union Cabinet, chaired by Prime Minister Narendra
Modi, on Wednesday gave its approval to the Banning of Unregulated
Deposit Schemes Bill, 2019.
The proposed law would address the
issue of illicit deposit-taking activities, as it provides for strict
action against such activities.
"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 savings," an official statement said after the Cabinet
meeting.
The new Bill will replace the Ordinance promulgated in
February this year which will otherwise cease to operate after six weeks
of re-assembling of the Parliament.
The draft law has been
brought in the wake of alleged duping of lakhs of financially illiterate
people by Saradha and Rose Valley chit funds in West Bengal, Odisha and
other states. Investigating agency CBI has filed several cases in the
alleged scam.
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