The 'Banning of Unregulated Deposit Schemes Bill, 2018', introduced by Minister of State for Finance Pon Radhakrishnan, provides for punishment for fraudulent default in repayment to depositors and attachment of assets of entities engaged in such activities.
"The Bill seeks to put in place a mechanism by which the depositors can be repaid without delay by attaching the assets of the defaulting establishments," said the Statement of Objects and Reasons of the bill.
Non-banking entities are allowed to raise deposits from the public under various laws enacted by the central as well as state governments.
However, the regulatory framework for deposit taking activities in the country is not seamless as regulators operate in well defined areas within the financial sector by regulating particular kind of entities or activities.A bill proposing ban on unregulated deposits and up to 10-year jail term for perpetrators of ponzi schemes was introduced in the Lok Sabha .
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Thanks
@vijaysingh good work.keep it up
thanks for comment me , i am trying my best.
NicE
@vijaysingh government will keep on checking only.. they will never understand these things..
thanks bro for comment on post , what you think about next hearing ?
Nice post
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@ishan bro , you done good work.
The very right decision is that the government schemes which run such frauds should be punished by more than 10 years, according to me, it is absolutely right.
yes nice blog
thanks bro