Bill to check ponzi schemes introduced in Lok Sabha

By: |
Published: July 19, 2019 3:45:50 PM

The bill was introduced by Finance Minister Nirmala Sitharaman amid noisy protests by Congress members over the ongoing political crisis in Karnataka.

ponzi schemes, lok sabha, ponzi scheme bill, illicit deposit, Nirmala Sitharaman, Unregulated Deposit Scheme Bill, Lok SabhaThe proposed legislation will have adequate provisions for punishment and disgorgement/repayment of deposits in cases where such schemes nonetheless manage to raise deposits illegally.

A Bill which seeks to tackle the menace of illicit deposit-taking activities in the country was introduced in Lok Sabha Friday. The Banning of Unregulated Deposit Schemes Bill, 2019 will replace the Banning of Unregulated Deposit Schemes Ordinance, 2019. The bill seeks to 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, according to the government.

The bill was introduced by Finance Minister Nirmala Sitharaman amid noisy protests by Congress members over the ongoing political crisis in Karnataka. 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.

Also read: Priyanka Gandhi detained in Mirzapur on way to Sonbhadra to meet shootout victims’ families

The banning of Unregulated Deposit Scheme Bill, 2018 was considered by the Lok Sabha in February and after discussion, the same was passed. However, before the same could be considered and passed in the Rajya Sabha, the House was adjourned sine die on the same day.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1After NCERT syllabus, Yogi Adityanath government announces NCC, Scouts training for madrassa students
2IMA scam: Mohammed Mansoor Khan arrested in Delhi, being questioned by ED
3Karnataka floor test highlights: No trust vote today, speaker adjourns Assembly till Monday