Published on: February 20, 2019 1:56 PM
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The Union Cabinet has approved promulgating an ordinance with regard to the Banning of Unregulated Deposit Schemes Bill, to protect investors from Ponzi schemes.
Lok Sabha had passed the bill but it couldn’t make through the Rajya Sabha.
Thus, the cabinet has requested the President of India for promulgation of the Unregulated Deposit Schemes Ordinance 2019.
The route of ordinance is taken when the upper house or Rajya Sabha don’t pass it.
It will altogether ban unregulated deposit taking schemes, and the law has adequate provisions for punishment and disgorgement or repayment of deposits in cases where such schemes nonetheless manage to raise deposits illegally.
The Bill sought to put in place a mechanism by which such depositors can be compensated.
The law provides for severe punishment and heavy pecuniary fines to act as deterrent.
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