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06
February 2019
 |
Unregulated Deposit Schemes
Bill (The Total Investment & Insurance Solutions)
The Union Cabinet Wednesday approved
proposals to amend the Banning of Unregulated Deposit Schemes Bill, 2018.
This will further strengthen the bill in its
objective to effectively tackle the menace of illicit deposit taking
activities, and prevent such schemes from duping the poor, Law Minister Ravi
Shankar Prasad said while briefing the media after the Cabinet meeting here.
The bill provides for severe punishment and
heavy pecuniary fines to act as deterrent, he said. It has adequate provisions
for disgorgement or repayment of deposits in cases where such schemes
nonetheless manage to raise deposits illegally, Prasad added.
The CBI has lodged about 166 cases in the
last four years in chit funds and multi-crore scams, with the maximum in West
Bengal and Odisha, he said. The Total
Investment & Insurance Solutions
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