Government Proposes Bill To Check Ponzi Schemes

in #news2 years ago

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 .images.jpg


Congratulations @vijaysingh! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :

Award for the number of comments

Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word STOP

To support your work, I also upvoted your post!

Do not miss the last post from @steemitboard:
SteemitBoard World Cup Contest - The results, the winners and the prizes

Do you like SteemitBoard's project? Then Vote for its witness and get one more award!

@vijaysingh good work.keep it up

thanks for comment me , i am trying my best.

@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

Posted using Partiko Android

@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

Coin Marketplace

STEEM 0.18
TRX 0.03
JST 0.028
BTC 36935.72
ETH 1255.31
USDT 1.00
SBD 3.22