{"id":579,"date":"2019-02-14T17:54:10","date_gmt":"2019-02-14T12:24:10","guid":{"rendered":"http:\/\/factly.forumias.com\/?p=579"},"modified":"2019-02-14T17:54:10","modified_gmt":"2019-02-14T12:24:10","slug":"chit-fund-bill-govt-breaches-oppn-unity","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/chit-fund-bill-govt-breaches-oppn-unity\/","title":{"rendered":"Chit Fund Bill: govt. breaches Oppn. Unity"},"content":{"rendered":"\n<ol class=\"wp-block-list\"><li>The government has passed the Banning of\nUnregulated Deposit Schemes Bill, 2018. The bill was has been passed after\namendments based on the recommendations of Standing Committee on Finance (SCF).\nThe bill comes in the backdrop of menace of illicit deposit schemes duping\ngeneral public over last few years in India.<\/li><li>The bill aims to effectively tackle the problem of\nillicit deposit taking activities in India and protect the interests of\ndepositors.<\/li><li>According to the bill, a scheme is unregulated if\nit is not registered with the regulators listed in the Bill. There are several regulators;\nFor example: a) Reserve Bank of India (RBI) regulates deposits accepted by\nnon-banking financial companies, b) Securities and Exchange Board of India\n(SEBI) regulates collective Investment Schemes, c) Ministry of Corporate\nAffairs regulate deposit taking activities by companies other than NBFCs and d)\nstate and union territory governments regulate chit funds and money Circulation\nSchemes.<\/li><li>The bill creates three different types of\noffences- a) running of unregulated deposit schemes, b) fraudulent default in\nregulated deposit schemes, and c) wrongful inducement in relation to\nunregulated deposit schemes.<\/li><li>The Bill provides for complete prohibition on promoting,\noperating, issuing advertisements or accepting deposits in any Unregulated\nDeposit Scheme. It bans the unregulated deposit-taking activities&nbsp;by\nmaking the offence ex-ante i.e. based on assumption and prediction.<\/li><li>It also provides for a Competent Authority by\nthe State Government to ensure repayment of deposits in the event of default by\na deposit taking establishment<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"<p>The government has passed the Banning of Unregulated Deposit Schemes Bill, 2018. The bill was has been passed after amendments based on the recommendations of Standing Committee on Finance (SCF). The bill comes in the backdrop of menace of illicit deposit schemes duping general public over last few years in India. The bill aims to&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/chit-fund-bill-govt-breaches-oppn-unity\/\">Continue reading <span class=\"screen-reader-text\">Chit Fund Bill: govt. breaches Oppn. Unity<\/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":[3127],"tags":[3148],"class_list":["post-579","post","type-post","status-publish","format-standard","hentry","category-economy","tag-banning-of-unregulated-deposit-schemes-bill","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704886115},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/579","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=579"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/579\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}