Moving to cease illicit deposit taking activities, FinMin introduces bill to tackle menace of ponzi schemes

New Delhi, July 19: Viewing to tackle the menace of illicit deposit taking activities in the country, Finance Minister Nirmala Sitharaman in the lower house today introduced the Banning of Unregulated Deposit Schemes Bill, 2019 replacing the ordinance amid loud thumping.

 

“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”, Sitharaman said.

 

“The proposed legislation will have adequate provisions for punishment and repayment of deposits in cases where such schemes nonetheless manage to raise deposits illegally”, she added while the oppositions continued to protest over the Karnataka issue.

 

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.