Cabinet approves the Banning of Unregulated Deposit Schemes Bill 2019

Cabinet approves the Banning of Unregulated Deposit Schemes Bill 2019

Cabinet approves the Banning of Unregulated Deposit Schemes Bill 2019

The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved the banning of Unregulated Deposit Schemes Bill, 2019. It will replace the banning of Unregulated Deposit Schemes Ordinance, 2019.

The banning of Unregulated Deposit Schemes Bill, 2019 will replace the Ordinance promulgated on 21st February, 2019, which will otherwise cease to operate after six weeks after reassembly of Parliament.

Impact

The Bill will 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 savings.