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National News

Jul 30, 2019

Parliament passes bill to ban unregulated deposit schemes

Parliament has passed the Banning of Unregulated Deposit Schemes Bill 2019 with the Rajya Sabha approving it unanimously today. The Lok Sabha has already passed the bill. 

The bill seeks to provide for a comprehensive mechanism to ban the unregulated deposit schemes other than deposits taken in the ordinary course of businesses and to protect the interest of depositors.

Responding to the debate on the bill, Minister of State for Finance Anurag Thakur said the bill after becoming an act will work as a crackdown on Ponzi schemes. 

Mr Thakur said the bill will help protect the interests of poor people and their hard-earned money. He said depositors have been given a top priority in the bill. The Minister said, the problem of Ponzi schemes is across the country, therefore, this bill will ensure no one can run after taking the money of poor people. He also thanked the members of the House for supporting the bill.  

Earlier speaking on the bill,  Suresh Prabhu of the BJP said the government has to ensure that no one is taken for a ride.

Supporting the Bill, Derek O’ Brien of the TMC said the bill will bring an end to the loot of people’s hard-earned money done through Ponzi schemes.      

Manoj Kumar Jha of the RJD called the bill as a good move to deal with the Ponzi schemes. He said, there should a mechanism to put an end on such schemes initially itself.

T Subbarami Reddy of the Congress applauded the Bill saying it will ensure the action against those who indulge in the wrong practice of running Ponzi schemes.

The Banning of Unregulated Deposit Schemes Bill provides for attachment of properties or assets and subsequent realisation of assets for repayment to depositors. The bill also proposes adequate provisions for repayment of deposits in cases where such schemes nonetheless manage to raise deposits illegally. 

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