Cabinet approves amendments to Banning of Unregulated Deposit Schemes Bill
The Union Cabinet Wednesday approved proposals to amend the Banning of Unregulated Deposit Schemes Bill, 2018.
This will further strengthen the bill in its objective to effectively tackle the menace of illicit deposit-taking activities, and prevent such schemes from duping the poor, Law Minister Ravi Shankar Prasad said while briefing the media after the Cabinet meeting here.
The bill provides for severe punishment and heavy pecuniary fines to act as deterrent, he said.
It has adequate provisions for disgorgement or repayment of deposits in cases where such schemes nonetheless manage to raise deposits illegally, Prasad added.
The CBI has lodged about 166 cases in the last four years in chit funds and multi-crore scams, with the maximum in West Bengal and Odisha, he said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.