What the Bill to curb Ponzi schemes says

The Rajya Sabha has passed the Banning of Unregulated Deposit Schemes Bill, 2019. It seeks to tackle the problem of illicit deposit taking activities in India and protect the interests of depositors. According to the bill, a scheme is unregulated if it is not registered with the regulators listed in the Bill. There are several… Continue reading What the Bill to curb Ponzi schemes says

Parliament passes law banning unregulated deposit schemes

Parliament has passed the Banning of Unregulated Deposit Schemes Bill 2019. The bill provides for a comprehensive mechanism to ban unregulated deposit schemes and to protect the interests of depositors. The bill defines regulated deposits as all deposit-taking schemes which are overseen and regulated by regulators like (a)Reserve Bank of India (RBI) (b)Securities and Exchange… Continue reading Parliament passes law banning unregulated deposit schemes

Lok Sabha passes Bill to tackle illicit deposit schemes

The Lok Sabha has passed the Banning of Unregulated Deposit Scheme Bill, 2019. The bill provides for a comprehensive mechanism to ban unregulated deposit schemes and to protect the interests of depositors. The bill has amended three legislations namely (a)Reserve Bank of India Act,1934 (b)Securities and Exchange Board of India Act,1992 and (c)Multi-State Co-operative Societies… Continue reading Lok Sabha passes Bill to tackle illicit deposit schemes

Cabinet approves bill to put brakes on chit funds

The Union Cabinet has approved the Banning of Unregulated Deposit Schemes Bill.The bill aims to tackle the menace of illicit deposit- taking activities in the country. The bill defines regulated deposits as all deposit-taking schemes which are overseen and regulated by regulators like (a)Reserve Bank of India (RBI) (b)Securities and Exchange Board of India (SEBI)… Continue reading Cabinet approves bill to put brakes on chit funds

Chit Fund Bill: govt. breaches Oppn. Unity

The government has passed the Banning of Unregulated Deposit Schemes Bill, 2018. The bill was has been passed after amendments based on the recommendations of Standing Committee on Finance (SCF). The bill comes in the backdrop of menace of illicit deposit schemes duping general public over last few years in India. The bill aims to… Continue reading Chit Fund Bill: govt. breaches Oppn. Unity