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Banning of Unregulated Deposit Schemes Bill, 2018

Banning of Unregulated Deposit Schemes Bill, 2018

The Union Cabinet on February 6 approved the proposal to amend Banning of Unregulated Deposit Schemes Bill, 2018.

It is aimed to put an end to the hazard of illicit deposit schemes and prevent such schemes from duping the poor and gullible.

According to the Bill, a deposit-taking scheme will be considered unregulated if it is not registered with regulators such as Ministry of Corporate Affairs (MCA), RBI, SEBI, among others.

According to the Bill, there will be three different types of offences:

  1. Running of unregulated deposit schemes
  2. Fraudulent default in regulated deposit schemes
  3. Wrongful inducement in relation to unregulated deposit schemes

The banning of Unregulated Deposit Schemes Bill, 2018 was introduced in Parliament on 18th July, 2018 and was referred to the Standing Committee of Finance, which submitted its report to the Parliament on January 3.

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