{"id":28894,"date":"2018-10-24T15:31:20","date_gmt":"2018-10-24T10:01:20","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=28894"},"modified":"2018-10-24T15:31:20","modified_gmt":"2018-10-24T10:01:20","slug":"averting-ponzi-schemes","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/averting-ponzi-schemes\/","title":{"rendered":"Averting Ponzi schemes"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/opinion\/op-ed\/averting-ponzi-schemes\/article24106860.ece\">Averting Ponzi schemes<\/a><\/p>\n<p>Ponzi schemes, bills<\/p>\n<p><strong><u>News:<\/u><\/strong><\/p>\n<ul>\n<li>The <strong>Banning of Unregulated Deposit Schemes Bill, 2018 <\/strong>was approved by the Union Cabinet.<\/li>\n<\/ul>\n<p><strong><u>Important facts:<\/u><\/strong><\/p>\n<ul>\n<li><strong><u>Objectives:<\/u><\/strong><\/li>\n<li>To provide comprehensive legislation to deal with <strong>illicit deposit schemes<\/strong> in the country.<\/li>\n<li>To <strong>protect the<\/strong> <strong>savings of the investors.<\/strong><\/li>\n<li>The bill is aimed at <strong>tackling the menace of illicit deposit<\/strong> taking activities in the country.<\/li>\n<\/ul>\n<p><strong><u>Key features of the Bill:<\/u><\/strong><\/p>\n<ul>\n<li><strong><u>Unregulated deposit: <\/u><\/strong>The Bill imposes complete prohibition of unregulated deposit taking activity.<\/li>\n<li><strong><u>Penalty: <\/u><\/strong>It provides for deterrent punishment for promoting or operating an unregulated deposit taking scheme, <strong>stringent punishment for fraudulent default<\/strong> in repayment to depositors.<\/li>\n<li>The Bill has adequate provisions for <strong>disgorgement or repayment of deposits<\/strong> in cases where such schemes nonetheless manage to raise deposits illegally.<\/li>\n<li>The Bill provides for <strong>attachment of properties\/assets<\/strong> by the competent authority and subsequent realization of assets for repayment to depositors.<\/li>\n<li><strong>Clear-cut time lines<\/strong> have been provided for attachment of property and restitution of depositors.<\/li>\n<li>The Bill enables creation of a <strong>central online database<\/strong>, for collection and sharing of information on deposit taking activities in the country.<\/li>\n<li>The Bill defines the \u201c<strong>deposit taker\u201d and \u201cdeposit\u201d<\/strong><\/li>\n<li>The primary responsibility of implementing the provisions of the proposed legislation lies with the State governments.<\/li>\n<li>The Bill contains a <strong>substantive banning clause <\/strong>which bans deposit takers from promoting, operating, issuing advertisements or accepting deposits in any <strong>Unregulated Deposit Scheme.<\/strong><\/li>\n<\/ul>\n<p><strong><u> Types of offences:<\/u><\/strong><\/p>\n<ul>\n<li>Running of Unregulated Deposit Schemes<\/li>\n<li>Fraudulent default in Regulated Deposit Schemes<\/li>\n<li>Wrongful inducement in relation to Unregulated Deposit Schemes.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Averting Ponzi schemes Ponzi schemes, bills News: The Banning of Unregulated Deposit Schemes Bill, 2018 was approved by the Union Cabinet. Important facts: Objectives: To provide comprehensive legislation to deal with illicit deposit schemes in the country. To protect the savings of the investors. The bill is aimed at tackling the menace of illicit deposit&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/averting-ponzi-schemes\/\">Continue reading <span class=\"screen-reader-text\">Averting Ponzi schemes<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-28894","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704937902},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=28894"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28894\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=28894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=28894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=28894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}