In a bid to save gullible investors from ponzi schemes, the Government Friday introduced the Banning of Unregulated Deposit Schemes Bill, 2019 in the Lok Sabha that seeks to put in place a mechanism by which such depositors can be compensated.
The Banning of Unregulated Deposit Schemes Bill, 2019 will replace the Ordinance on the same.
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, according to the Government.
The bill was introduced by Finance Minister Nirmala Sitharaman in the Lower House amid noisy protests by Congress members over the ongoing political crisis in Karnataka.
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.