LS approves Bill to tackle illicit deposits

New Delhi, July 24

The Lok Sabha on Wednesday passed the Banning of Unregulated Deposit Schemes Bill, 2019, to save gullible investors from ponzi schemes.

Following the reply to the debate by Minister of State for Finance Anurag Thakur, the Bill was passed unanimously by a voice vote. The Bill seeks to help tackle the menace of illicit deposit taking activities in the country, which at present are exploiting regulatory gaps and lack of strict administrative measures to dupe poor and gullible people of their hard earned money.

Leader of the Congress in the House Adhir Ranjan Chowdhury supported the need for the Bill. He, however, questioned the government for bringing an ordinance to this effect, saying its tendency to bring law through an executive order is “deleterious to the ethos and fabric of democracy”. Thakur said the Bill was passed by the previous LS in February but could not be taken up in the RS, causing it to lapse. That is why the government promulgated an ordinance, he said. — TNS