LS passes bill to tackle illicit deposit schemes

July 24, 2019 20:49

Lok Sabha on Wednesday approved a bill to save gullible investors from ponzi schemes.

The Banning of Unregulated Deposit Schemes Bill, 2019 was passed unanimously by a voice vote.

Once passed by Parliament, it will replace an Ordinance.

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. -- PTI

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