Business News
Home > Business News
Bill to ban Ponzi schemes, protect depositors passed by LS
TIWN
TIWN
PHOTO : TIWN
New Delhi, July 24 (TIWN) A Bill to protect depositors from Ponzi schemes and put in place a mechanism by which the investors can be compensated was passed by the Lok Sabha on Wednesday by voice vote.
The Banning of Unregulated Deposit Schemes Bill, 2019, which would replace the ordinance on the same, seeks to tackle the menace of illicit deposit-taking, being done by exploiting regulatory gaps and due to lack of strict administrative measures. The Bill also provides for 1-10 years punishment and Rs 2 lakh to Rs 50 crore fines to deter any such act.
Add your Comment
Comments (0)
More Business News
- IMF expects India to rev up global growth as China falters, backs Modi government's economic policies
- realme set to shake up market: Launching fastest entry-level 5G smartphone 'C65' under Rs 10k
- India's industrial production accelerates to 5.7pc in Feb
- India records 17 pc jump to become 4th largest exporter of digital services: WTO report
- 300 pc rise in market cap to Rs 400 lakh crore in last 10 years driven by strong economic fundamentals