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Cabinet clears amendments to Banning of Unregulated Deposit
- The Banning of Unregulated Deposit Schemes Bill 2018 was introduced in Parliament on July 18, 2018 which bans unregulated deposit scheme not registered with the government.
- The bill will effectively tackle the menace of illicit deposit-taking activities and prevent such schemes from duping poor and gullible people.
- The principle is that the bill will consider unregulated deposit scheme as an offence based on forecast rather than the existing legislative-cum-regulatory framework that only comes into effect post event with considerable time lags.
- The Bill creates three different types of offences: (i) running of unregulated deposit schemes, (ii) fraudulent default in regulated deposit schemes, and (iii) wrongful inducement.
- It also seeks to amend three laws, including the Reserve Bank of India Act, 1934 and the Securities and Exchange Board of India Act, 1992
- Bill provides for attachment of properties/assets and subsequent repayment to depositors.
with severe punishment and heavy pecuniary fines .
