The Lok Sabha on Wednesday took up the Banning of Unregulated Deposit Schemes Bill, 2019, for discussion with Union Minister Anurag Thakur pitching for its passage, saying the proposed law is comprehensive and will protect small depositors’ interest by giving primacy.
Leader of the Congress in the House Adhir Ranjan Chowdhury supported the need for this bill to save gullible investors from ponzi schemes.
He, however, questioned the Government for bringing an ordinance to this effect, saying its tendency to bring law through an executive order is “deleterious to the ethos and fabric of democracy”.
Thakur, the minister of state for finance, said the bill was passed by the previous Lok Sabha in February this year but could not be taken up in Rajya Sabha due to paucity of time, causing it to lapse.
That is why the Union Government promulgated an ordinance, he said.
“It’s a comprehensive bill that gives first right to depositors. It also gives states powers to frame rules,” he told the House, adding that it has incorporated suggestions of parliamentary panels. Speaking on the bill, Chowdhury said he supports the intent behind the bill .