Seeking to curb the menace of Ponzi schemes, the Narendra Modi Government gave its approval to the Banning of Unregulated Deposit Schemes Bill, 2019, in the Union Cabinet meeting on Wednesday.
The proposed law would address the issue of illicit deposit-taking activities as it provides for strict action against such activities.
The proposed legislation will have adequate provisions for punishment and disgorgement/repayment of deposits in cases where such schemes nonetheless manage to raise deposits illegally.
Addressing the media after the Cabinet meeting, Union Environment and Information and Broadcasting Minister Prakash Javadekar said the Union Cabinet also approved the proposed Code on Occupational Safety, Health and Working Conditions Bill, 2019, that seeks to merge 13 Central labour laws into a single code which would apply on all establishments employing 10 or more workers.
The proposed code enhances the coverage of workers manifold as it would be applicable to all establishments employing 10 or more workers, where any industry, trade, business, manufacture or occupation is carried on, including IT establishments or establishments of service sector, the release said. The Bill also has rules framed for women working in night shifts. The Union Cabinet also approved Inter-State River Water Disputes (Amendment) Bill, 2019, to streamline the adjudication of inter-State river water disputes and make the present institutional architecture robust.
The Cabinet approves Bill to have a single tribunal for water disputes and the decisions have to be taken in two years. Now there are nine tribunals and these will become one.
The Cabinet also approved a proposal to grant of Organised Group ‘A’ status to Indian Railway Protection Force (RPF) Service. This will end stagnation, improve career progression of the officers and keep up their motivational level.