Raj govt will bring ordinance to check frauds

Rajasthan government will bring an ordinance to check frauds committed by non-banking finance companies in the state.
Rajasthan Protection of Interest of depositors (in financial establishments) ordinance was given in-principle nod in a Cabinet meeting here chaired by Chief Minister Vasundhara Raje.
"The decision was taken to protect the interests of depositors. People invest their hard earned money in such companies and there comes complaint about fraud and non-payment," Parliamentary Affairs Minister Rajendra Rathore told reporters after the Cabinet meeting.
He informed that provision of imprisonment from three to seven years and penalty from Rs two to five lakh has been made for the fraud.

The cabinet also reviewed the working of the Rajasthan Public Service Commission and appreciated its fast-paced functioning.
(Reopens NRG14)

Provision has also been made regarding attachment of properties on default of return of deposit.
If the District Magistrate concerned is satisfied that financial establishment is not likely to return the deposits or make payment of interest and other benefits to the depositor after giving an opportunity of hearing to the establishment, he can issue an order for attaching the money, property or assets belonging to or acquired by them, he said.
The District Magistrate can appoint a competent authority not below the rank of Assistant Collector to exercise control over the money, properties and assets attached.

The state government with the concurrence of the Rajasthan High Court will also designate a District and Sessions Court to complete the hearing and take decision within a year.
The Minister informed that with the objective of promoting private investment in higher education sector the state cabinet gave approval to the proposal of establishing Nirwan University on 34 acres of land at Jhar Bassi near Jaipur by Shri Nirwan Charitable Trust, Sri Ganganagar.
The decision will pave way to bring investment of worth Rs 250 crore and provide direct employment to 1,000 people.
The cabinet also gave nod to the proposal regarding allotment of 700 sq mt of land free of cost to Ex-servicemen Contributory Health Scheme Poly Clinic.