NEW DELHI: A bill seeking to ban unregulated deposit schemes with a view to curb defrauding of gullible investors through chit funds, was moved for introduction (rpt moved for introduction) in the Lok Sabha today.
The Banning of Unregulated Deposit Schemes Bill, 2018 was moved for introduction by Minister of State for Finance Shiv Pratap Shukla amid slogan shouting members of various parties on several issues.
The bill is aimed at tackling the menace of illicit deposit-taking activities in the country.
Companies and institutions running such schemes exploit the existing regulatory gaps and lack of strict administrative measures to dupe the poor and gullible people of their hard- earned savings, says the bill.