The Menace of Unregulated Deposits

On 29 July the Banning of Unregulated Deposit Schemes Bill, 2019 has been passed by the parliament. The Bill seeks to prevent unregulated entities from collecting deposits and duping the poor and the gullible of their hard earned savings. It seeks to amend three laws, namely, the Reserve Bank of India Act, 1934, the Securities and Exchange Board of India Act, 1992 and the Multi-State Co-operative Societies Act, 2002.

Need of the Bill

  • There is widespread prevalence of illicit deposit taking activities through ponzi schemes which are running across the country. These schemes attract gullible investors and dupe them with ....
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