With its ongoing mission to curb the unregulated deposit & Ponzi scheme and to protect the savings of the investors, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to introduce the “Banning the Unregulated Deposit Scheme Bill 2018” (“ Bill ”). The Bill is aimed at tackling the menace of illicit deposit taking activities in the country. Companies/ institutions running such schemes exploit existing regulatory gaps and lack of strict administrative measures to dupe poor and gullible people of their hard-earned savings. The Bill may cover: complete prohibition of unregulated deposit taking activity; deterrent punishment for promoting or operating an unregulated deposit taking scheme; stringent punishment for fraudulent default in repayment to depositors; designation of a Competent Authority by the State Government to ensure repayment of deposits in the event of default by a deposit taking establishment;
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