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Cabinet approves New Bill to ban Unregulated Deposit Schemes and Chit Funds (Amendment) Bill, 2018

Cabinet approves New Bill to ban Unregulated Deposit Schemes and Chit Funds (Amendment) Bill, 2018

India Blooms News Service | @indiablooms | 20 Feb 2018, 07:59 pm

New Delhi, Feb 20 (IBNS): In a major policy initiative to protect the savings of the investors, Union Cabinet chaired by Prime Minister Narendra Modi has given its approval to introduce the following bills in the Parliament:-

(a) Banning of Unregulated Deposit Schemes Bill, 2018 in parliament &

(b) Chit Funds (Amendment) Bill, 2018

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given approval to introduce the banning of Unregulated Deposit Schemes Bill, 2018 in Parliament. The bill is aimed at tackling the menace of illicit deposit taking activities in the country.

"Companies/ institutions running such schemes exploit existing regulatory gaps and lack of strict administrative measures to dupe poor and gullible people of their hard-earned savings," read a government statement.