AMN / NEW DELHI
The Union Cabinet last evening approved the proposal for Official Amendments to Banning of Unregulated Deposit Schemes Bill, 2018.
Briefing media after meeting of the Cabinet, Union Minister Ravi Shankar Prasad said, the amendments will further strengthen the Bill in its objective to effectively tackle the menace of illicit deposit-taking activities, and prevent such schemes from duping poor.
Mr Prasad said The Bill provides for severe punishment and heavy pecuniary fines to act as the deterrent. He said the bill has adequate provisions for repayment of deposits in cases where such schemes nonetheless manage to raise deposits illegally.
The Bill was sent to the Standing Committee on Finance for scrutiny.
Finance Minister in his budget speech in 2016-17 had announced of central legislation to deal with the menace.
