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Lok Sabha passes bill to ban unregulated deposit schemes

Updated : February 13, 2019 02:10 PM IST

The Banning of Unregulated Deposit Schemes Bill, 2018, seeks to put in place a mechanism by which such depositors can be compensated. It has incorporated recommendations of the Standing Committee on Finance.
Replying to a discussion on the bill, Goyal said out of the total 978 cases of unauthorised deposit schemes, 326 are from West Bengal, which is more than one-third of the total such schemes.
The government expects the bill will effectively tackle the menace of illicit deposit-taking activities, and prevent such schemes from duping the poor and gullible people of their hard earned savings.
Lok Sabha passes bill to ban unregulated deposit schemes
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