Bills to check illicit deposits, empowerment of transgenders introduced in Lok Sabha

The Banning of Unregulated Deposit Schemes Bill, 2019 was introduced by Finance Minister Nirmala Sitharaman.

Published: 20th July 2019 12:29 AM  |   Last Updated: 20th July 2019 12:29 AM   |  A+A-

Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman (File Photo | PTI)


NEW DELHI: A Bill to tackle menace of illicit deposits and another that provides a mechanism for social, economic and educational empowerment of transgenders were introduced in Lok Sabha on Friday.

The Banning of Unregulated Deposit Schemes Bill, 2019 was introduced by Finance Minister Nirmala Sitharaman.

The Bill will replace the Banning of Unregulated Deposit Schemes Ordinance, 2019 and seeks to help tackle the menace of illicit deposit-taking activities in the country, which have been exploiting regulatory gaps and duping people of their hard earned money.

It has provisions for punishment and payment of deposits in cases where such schemes manage to raise deposits illegally.

The Bill was passed earlier this year by the previous Lok Sabha but could not be passed by the Rajya Sabha.

The Transgender Persons (Protection of Rights) Bill, 2019 was introduced by Social Justice and Empowerment Minister Thawar Chand Gehlot.

The Bill intends to benefit transgender persons, mitigate the stigma, discrimination and abuse against the marginalised section and bring them into the mainstream of the society.

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