New Delhi, March 20, 2018

The bill is aimed at tackling the menace of illicit deposit-taking activities in the country

A bill seeking to ban unregulated deposit schemes with a view to curb defrauding of gullible investors through chit funds, was introduced in the Lok Sabha on Tuesday amid din.

The Banning of Unregulated Deposit Schemes Bill, 2018 was introduced 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

[The Business Standard]