)
Seeking to rein in chit fund companies operating in the state, the West Bengal government today passed the West Bengal Protection of Interest of Depositors in Financial Establishments Bill, 2013.
The state government also withdrew the old Bill brought in by the Left Front in 2009.
In the new Bill, the 'Competent Authority' to handle chit fund scams has been redefined. The new Bill has made it clear that the matter would be handled by the Director of Economic Offences, or by notification, it could also appoint a person to assist the authority.
The earlier Bill had defined "Competent Authority" as the Kolkata police commissioner for cases involving financial establishments based in the city and the respective district collectors for cases that happen in other places.
However, the new Bill doesn't have the much-debated "retrospective clause", which would have brought current and old scams under its ambit. It will only be applicable to future crimes and scams. Therefore, the Saradha scam will not come under this.
The new Bill has a clause, though, to say it could override other laws. The new Bill also provides for search, seizure and confiscation of property and its management.
The Trinamool Congress government has been under pressure to crack down on chit fund companies after many of its members were linked to such companies.
The Left Front, however, felt that new Bill will not stop companies from making dubious claims. Opposition leader Surjya Kanta Mishra said the Left Front wanted to change two articles, but lost out in the voting process in the assembly. "The new Bill is not strong enough. Companies doing all sorts of wrong things can still get away," he said.
Meanwhile, the newly-found Commission headed by Shyamal Sen started gathering data from the depositors and agents of Saradha. Chief Minister Mamata Banerjee has also urged the depositors to communicate their issues to the Commission so that it becomes easier for the government to return the money.
