The Economic Offences Wing (EOW), formed to deal with economic offences, despite being constituted, is yet to start functioning. This is because of the fact that an inspector is yet to be appointed to run the wing as a separate entity. Meanwhile, the economic offences are being dealt with by the CID.
These information came to be revealed in course of the state coordination committee (SCC) meeting convened at the behest of the chief secretary Shatrughan Singh in the secretariat on Monday. The officials of the finance and law enforcement agencies who attended the meeting drew the CS’s attention to the matter. Taking note of things, CS instructed the department concerned to appoint the inspector other than a finance officer and personnel.
The officials disclosed that with the state government having drafted consumer protection act, the details are being uploaded in state government’s website. They said they were taking action against those involved in tempting the people with alluring offers to dupe them of money as per the RBI guidelines.
As per the RBI guidelines, while all kinds of commercial and cooperative banks can receive money the non- banking financial companies can receive money for a certain period. Similarly, a few housing finance companies can receive or deposit public money with things being regulated by the national housing bank. Other companies are functioning under the ministry of corporate affairs. Besides, the cooperative credit societies can deposit their member’s money. They function as per the norms of registrar cooperative societies. Similarly, in case of multi- state cooperative societies, they can deposit their members’ money while functioning under the central registrar of cooperative societies. To save people from being duped by fake companies, RBI has launched its website known as Sachet so that people can procure information by visiting the site.
The meeting was attended among others by secretary Finance Amit Negi, secretary Home Vinod Sharma, additional secretary Sridhar Babu Adyanki, RBI GM, NABARD CGM and SEBI GM.